Monkeypox treatment involves the management of symptoms caused by monkeypox virus infection. The most common treatments include vaccination, antiviral medicines, treatment for secondary bacterial infections and pain relievers. A recent surge in monkeypox cases globally is driving increased demand for treatment and control measures. The World Health Organization (WHO) declared monkeypox a public health emergency of international concern in July 2022 following a spike in cases across more than 70 countries where it is not endemic.
The global monkeypox treatment market is estimated to be valued at US$ 82.86 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising global cases of monkeypox infection is a major driver for the monkeypox treatment market. According to WHO, as of August 2022 there have been over 35,000 confirmed cases across 92 countries where monkeypox is not endemic. The high transmissibility of the virus and lack of herd immunity has contributed to the ongoing outbreak. Existing vaccines and antiviral treatments are being administered on emergency basis to control the spread. However, limited availability of vaccines and treatments highlight the need for focused research and development to cater to growing demand.
SWOT Analysis
Strength: The monkeypox treatment market is driven by increasing research and development along with rising government support. New treatment drugs and vaccines are being developed at a fast pace to address the ongoing outbreak. Early diagnosis and treatment can help contain further spread of the virus.
Weakness: However, limited data available on the effectiveness of existing medicines against monkeypox poses challenges. Additionally, high costs associated with treatment and lack of awareness in developing nations can hamper market growth.
Opportunity: At the same time, growing incidence rates worldwide presents opportunities for key players. Partnerships between drug makers and public health organizations to boost supply of drugs and vaccines will aid the market expansion. Moreover, emergency usage approvals can accelerate commercialization of promising therapies.
Threats: But uncertainties surrounding the outbreak including route of transmission and severity levels act as threats. Mutations in the virus may reduce effectiveness of vaccines and drugs over time requiring ongoing R&D for upgrades. Supply chain disruptions due to pandemic can temporarily delay supplies as well.
Key Takeaways
The Global Monkeypox Treatment Market Size is expected to witness high growth. Regional analysis related content comprises Regional analysis related content North America currently dominates the global monkeypox treatment market and is expected to continue its dominance during the forecast period of 2023-2030. This is attributed to factors such as rising prevalence, increasing R&D activities by key players for treatment of monkeypox virus along with availability of advanced healthcare infrastructure in the region. For instance, in July 2022, the U.S. Department of Health and Human Services announced awards totaling US$288.5 million to expand production of SIGA Technologies’ Tecovirimat.
Europe region is anticipated to witness the fastest CAGR over the forecast period owing to growing government support for development of vaccines and drugs. For instance, in July 2022, Bavarian Nordic secured an advance purchase agreement with an undisclosed European country for its monkeypox vaccine, JYNNEOS.
Key players related content comprises Key players operating in the monkeypox treatment market are SIGA Technologies Inc., Chimerix, Inc., Bavarian Nordic, Sanofi SA., Emcure Pharma, Jinan Jinda Pharmaceutical Chemistry Co., Ltd. SIGA Technologies Inc. is one of the leading players in the global monkeypox treatment market. The company offers oral and intravenous antiviral drug Tecovirimat under the brand name TPOXX for treatment of monkeypox and smallpox. It has emergency use approval from the U.S FDA as well as approvals in several other countries.
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