Smallpox, also known as variola, is a highly contagious and life-threatening infectious disease. Smallpox treatment involves a combination of antiviral medications and supportive care that helps address symptoms and boosts recovery. Current antiviral drugs that show promise for treating smallpox include tecovirimat, cidofovir, and brincidofovir. The emergence of smallpox as a potential bioterror threat has led governments worldwide to stockpile therapeutics and support development of newer treatment options.
The global smallpox treatment market is estimated to be valued at US$ 79.15 Mn in 2023 and is expected to exhibit a CAGR of 27% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global smallpox treatment market is primarily driven by rising government support for development of therapeutics to combat potential bioterror threats. For instance, the U.S. Department of Health and Human Services awardedSIGA Technologies, the owner of tecovirimat, a contract worth up to $2.8 billion for supply of oral antiviral drug in case of a smallpox outbreak. Furthermore, growing awareness about rising cases of monkeypox outbreaks is also contributing to increased investments in smallpox treatment R&D. According to the WHO, over 16,000 monkeypox cases have been reported from 75 countries as of August 2022. However, high costs of drug development and limited outbreaks are expected to slightly hamper market growth over the forecast period.
SWOT Analysis
Strength: The global smallpox treatment market has limited competition currently as it has recently emerged. The existing players have established distribution networks and supply chains. Research and development expenditure is high among leading companies to develop new and improved treatment options.
Weakness: The market is highly dependent on government funding for research. Any changes in research funding policies can impact market growth. Further, recurring outbreaks are scarce which limits clinical trials and data availability on long term efficacy and safety of treatment options.
Opportunity: Emerging economies present lucrative growth opportunities owing to improving healthcare infrastructure and increasing healthcare spending. Further, ongoing government support for development of smallpox preparedness measures is encouraging collaborations between private and public entities.
Threats: High costs associated with drug development and regulation approvals poses significant challenges. Further, the threat of bioterrorism using smallpox virus remains, which increases regulatory hurdles. Intellectual property disputes between market players can impact availability of affordable treatment options.
Key Takeaways
The Global Smallpox Treatment Market Growth is expected to witness high growth over the forecast period.
Regional analysis: The Asia Pacific region is anticipated to register the highest CAGR during the forecast period. This is attributed to improving healthcare infrastructure, increasing healthcare spending, and a large patient pool in densely populated countries such as India and China. Additionally, governments are undertaking initiatives and enacting regulations to ramp up preparedness against deliberate smallpox virus release by terrorists.
Key players: Key players operating in the smallpox treatment market are 42 Degrees Company, ScaldoPack, Heat Food & Drink Ltd, Luxfer Magtech Inc., HeatGen, LLC., LMK Thermosafe, Kemira Inc, Ontech operations Inc., Com-Pac International. These companies are focused on developing innovative diagnostic tools, vaccines, and therapies through collaborative research initiatives.
Get More Insights Here
https://www.newsstatix.com/smallpox-treatment-market-size-share-growth-outlook-2023/
