by The 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 Overview:
Monkeypox is a rare viral zoonotic infection that is caused by the monkeypox virus. The disease spreads through close contact with infected persons or animals. It causes pimple-like rash or blisters on the skin that can later turn into scabs. While the disease is rarely fatal, the ongoing outbreak has raised concern worldwide. Currently, there are no specific treatment options available for monkeypox. The existing treatment focuses on relieving symptoms and involves supportive care.
Market Dynamics:
One of the key drivers propelling the monkeypox treatment market growth is the ongoing global outbreak of monkeypox virus that started in May 2022. As per WHO, as of September 2022, over 60,000 confirmed cases have been reported from over 100 countries worldwide. This has raised widespread awareness about the disease and its zoonotic potential. Many countries and health agencies are investing in developing effective treatment options and vaccines to curb the further spread. Additionally, rising R&D activities focused on developing targeted therapeutics such as tecovirimat, cidofovir, and vaccinia immune globulin are also contributing to the market growth.
Segment Analysis
The global monkeypox treatment market is dominated by the smallpox vaccine segment which is expected to have a market share of over 55% by 2030. Smallpox vaccines help provide protection against monkeypox as the two viruses are genetically similar. The most commonly used smallpox vaccines are ACAM2000 and JYNNEOS, both of which have demonstrated efficacy in preventing monkeypox infections.
PEST Analysis
Political: Various governments across the world are implementing policies to expand access to monkeypox vaccines and treatments. For instance, the US has made additional vaccine doses available and also declared monkeypox a public health emergency.
Economic: The rising incidence of monkeypox cases globally is expected to boost spending on monkeypox treatment drugs and vaccines. This will drive the market during the forecast period.
Social: Increased public awareness about monkeypox transmission and prevention measures are encouraging more people to seek medical help if experiencing relevant symptoms.
Technological: Researchers are conducting trials to develop third generation smallpox vaccines with better safety profiles and cross-protection against monkeypox. Some innovative diagnostic tests are also in the pipeline.
Key Takeaways
The Global Monkeypox Treatment Market Size is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing global incidence of monkeypox cases. The market size for 2023 is estimated to be US$ 82.86 Mn.
Regional analysis: North America dominated the global monkeypox treatment market in 2023 and is expected to continue its dominance during the forecast period. This can be attributed to early detection of monkeypox cases and strong healthcare infrastructure in the region.
Key players: 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. Major players are focused on vaccine development and supply expansion to tap the high growth opportunities.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
