by Monkeypox treatment involves the use of vaccinations, antiviral medicines, isolation, and other supportive care to treat symptoms during illness. Vaccines help prevent the spread of the virus while antiviral medicines are prescribed to those already infected to reduce their symptoms. With rising number of monkeypox cases globally, research initiatives have ramped up to develop tailored therapeutics and vaccines.
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 key trends:
Increased research and development activities by major players as well as government funding is one of the major trends witnessed in the global monkeypox treatment market. With rising incidence of monkeypox globally, the need for effective therapeutics and vaccines has increased. This has prompted major pharmaceutical players as well as research institutes and government bodies to invest heavily in R&D for new and improved treatment options. For instance, SIGA Technologies Inc. received funding of US$298 Mn from the U.S. government to support the manufacturing and procurement of oral antiviral drug TPOXX to treat monkeypox and smallpox. Similarly, Chimerix received funding to develop an accelerated development plan for its antiviral drug brincidofovir as a potential treatment for monkeypox and smallpox. Such increased investments in R&D are expected to fast track the development of tailored treatments to better manage the monkeypox outbreak.
SWOT Analysis
Strength: Vaccines to treat monkeypox are already available which can help contain the spread of the disease. Early diagnosis is also possible since symptoms are similar to smallpox.
Weakness: Lack of awareness about monkeypox among general public. Vaccine supply is limited currently to deal with the global spread of the virus.
Opportunity: Increased government funding and initiatives to develop more effective medicines and vaccines for monkeypox. Growing research activities from pharmaceutical companies to target this market.
Threats: Possible mutation of the virus may lead to drug resistance. Further international spread can pose serious public health challenges.
Key Takeaways
The Global Monkeypox Treatment Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 82.86 Mn in 2023 and expected to grow at a robust CAGR of 17%.
North America currently dominates the global monkeypox treatment market with the highest number of cases reported in the region. The widespread transmission of the disease and availability of advanced healthcare infrastructure are supporting market growth. Initiatives by government health agencies to facilitate vaccine access are further augmenting the regional market.
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 a leading player focused on developing smallpox antiviral drug TPOXX, which received approval for treating monkeypox in September 2022. Other major players are collaborating with health bodies and exploring opportunities to develop vaccines and therapeutics for monkeypox.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
