July 22, 2024
Monkeypox Treatment Market

Monkeypox Treatment Market is Expected to be Flourished by the Rising Disease Outbreak

Monkeypox is a rare viral zoonotic disease that is caused by infection with the monkeypox virus. The disease has garnered significant attention recently due to multiple outbreaks reported across multiple non-endemic countries. Symptoms of monkeypox include fever, headache, muscle aches, swollen lymph nodes, chills, and exhaustion. Within 1 to 3 days after fever onset, a rash develops, usually starting on the face and then spreading to other parts of the body. The rash changes and goes through different stages before finally forming a scab which later falls off. The global monkeypox treatment market consists of drugs such as Tecovirimat which is an antiviral medication approved for the treatment of human smallpox. Other drugs being investigated and authorized for emergency use include Brincidofovir, Cidofovir, and Vaccinia Immune Globulin Intravenous.

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 outbreak of monkeypox disease across multiple countries has emerged as a key driver fueling the growth of the global monkeypox treatment market over the forecast period. As per the World Health Organization (WHO), as of August 2022, over 40,000 confirmed cases of monkeypox have been reported from over 80 countries globally, which is unprecedented in nature. Furthermore, the increasing research and development activities focused on developing effective therapeutics such as vaccines and drugs for monkeypox treatment is also expected to boost the market growth. For instance, in July 2022, SIGA Technologies Inc. received an order of over 1.4 million doses of oral antiviral TPOXX from the U.S. for treatment of monkeypox.

Segment Analysis
The monkeypox treatment market is segmented into antiviral drugs, vaccines, and others. Among these, the antiviral drugs segment holds the largest share of over 40% owing to the rise in monkeypox cases globally. Antiviral drugs used in the treatment include Tecovirimat, Cidofovir, and Brincidofovir. Tecovirimat is dominating the segment as it is the only drug approved by the U.S. Food and Drug Administration for monkeypox treatment.

Pest Analysis
Political: Several governments across the world are increasing funding for the development of monkeypox vaccines and treatments. The WHO declared monkeypox a public health emergency of international concern which will increase focus on this market.
Economic: The outbreak has caused severe economic disruption globally due constraints imposed to limit the spread. However, the rise in funding from governments and international organisations will boost the market growth.
Social: The social stigma associated with monkeypox may discourage patients from seeking prompt medical care increasing the risk of further transmission of the virus.
Technological: Companies are developing newer antiviral drugs and vaccines with improved efficacy and safety profiles. Fast track approval mechanisms are also being implemented to expedite the availability of treatment options.

Key Takeaways
The Global Monkeypox Treatment Market Size is expected to witness high growth over the forecast period supported by initiatives from WHO and other global health bodies. The North American region currently dominates the market attributed to high prevalence of monkeypox cases in the United States.

Regional analysis: North America accounts for over 35% share of the global monkeypox treatment market led by the United States. As per latest reports, the U.S. has reported over 25,000 monkeypox cases. This has driven increased demand for vaccines and antiviral drugs 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. Bavarian Nordic’s JYNNEOS vaccine received approval for monkeypox while SIGA is the only company with approved drug Tecovirimat to treat monkeypox infections.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it