Enhanced global surveillance systems, including AI-driven tools and expanded genomic sequencing across over 110 countries, represent the main factor supporting the 81.5% market-implied odds against a new pandemic before 2028. Post-COVID investments like the WHO Pandemic Agreement and Pandemic Fund have bolstered early detection, laboratory networks, and coordinated response capacity, while no zoonotic respiratory virus has yet demonstrated sustained human-to-human transmission at scale. Recent localized outbreaks, such as Bundibugyo ebolavirus and hantavirus incidents, underscore persistent threats but also highlight improved monitoring that limits escalation. Traders weigh these developments against inherent uncertainties in viral evolution and funding trends, anticipating that the roughly 18-month window favors containment over emergence of a novel pathogen capable of meeting pandemic criteria.