A recent Future Market Insights report on the monkeypox treatment market forecasts that demand is expected to rise at a CAGR of 10.25% from 2023 to 2033. The global monkeypox treatment market is expected to reach a valuation of US$ 93.84 million in 2023 and as per the findings, a valuation of US$ 249 million is expected for the market by the end of the said forecast period 2033. Rising products approvals in treatment of monkeypox is anticipated to propel global monkeypox treatment market during the forecast period. For instance, according to the U. S. Food and Drug Administration, on 9 August 2022, Bavarian Nordic, a fully integrated vaccine company concentrated on the development, manufacturing, and commercialization of life-saving vaccines, announced that its Jynneos vaccine received the United States Food and Drugs Administration approval as an emergency treatment option for growing monkeypox disease.
There are numerous shares of antiviral drug makers, vaccine producers, and manufacturers of protective equipment that are in demand as investors are playing on a strategy that proved to be quite beneficial during the pandemic. Currently, biotechnological company Bavarian Nordic A/S and pharmaceutical firm Siga Technologies Inc. are among the growing stocks that are in focus along with supplier of medical tools- Precision System Science Co. All these factors are expected to propel growth in the forecast period.
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The growing investments in research and development activities, rising government support for the vaccination programs, and increasing awareness is fuelling growth opportunities for the market. For instance, there are currently two vaccines that are developed which could be used for the prevention of monkeypox disease. One is JYNNEOS vaccine that is approved for the prevention of monkeypox and smallpox disease. Another one is ACAM2000 vaccine that is approved for immunization against smallpox disease. This vaccine was made available to treat patients with monkeypox under an Expanded Access Investigational New Drug protocol. This is expected to boost market growth during the forthcoming period.
Till date, only six therapeutics/ vaccines, ACAM2000®, IMVANEX® / JYNNEOS® / IMVAMUNE® and Cidofovir / Vistide, have received approval or been granted special access for the treatment / prevention of the monkeypox virus infection. In addition, more than 20 monkeypox therapeutics and vaccines are in the development pipeline which are expected to fuel growth during the forecast period. vHowever, dearth of qualified and skilled personnel who are unable to treat patients with appropriate treatments could hold back growth of the monkeypox market during the forecast period.
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Key Takeaways from the Market Study:
- North America is expected to dominate the industry while reaching market share of around 48% by end of the forecast period.
- The market in Asia-Pacific is projected to reflect fastest CAGR of 11% during the projected timeline.
- By treatment type, tecovirimat is projected to account for 61% market share by end of the forecast period.
- By route of administration, oral segment is expected to account for 70% market share by end of 2033.
“Rapid product approvals and surging investments in healthcare infrastructure will augment market growth in the forecast period,” comments an FMI Analyst
Competitive Landscape:
The global Monkeypox treatment market is extremely competitive owing to presence of large number of players and innovative product offerings. Additionally, business expansion activities through partnerships and agreements are factors projected to further increase the competition. The major players in the market are:
- SIGA Technologies Inc.
- Chimerix, Inc.
- Bavarian Nordic
- Sanofi SA
- Emcure Pharmaceuticals
- Jinan Jinda Pharmaceutical Chemistry Co., Ltd
- Emergent Pharmaceuticals
- Gilead Sciences, Inc.
- Hetero
- Piramal Pharma Solutions
Key market players are concentrating on adoption of inorganic growth strategies such as acquisition, partnerships and collaboration in order to improve its product portfolio. This is anticipated to drive the global monkeypox treatment market.
- For instance, in 2021, SIGA, a commercial-stage pharmaceutical company concentrated on the health security market, declared that it entered into a collaboration with Oxford University In the U.K. to provide ‘tecovirimat’ to treat individuals suffered from monkeypox in the Central African Republic (CAR).
- In July 2022, Bavarian Nordic A/S declared that the company received an additional order for 2.5 million doses of JYNNEOS from the U.S. BARDA.
- In August 2022, the United States FDA authorised emergency use of JYNNEOS vaccine intradermal injectable for healthcare professionals over 18 years of age and older determined to be at higher risk of monkeypox infection.
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Key Segments Profiled in the Monkeypox Treatment Industry Survey:
By Treatment Type:
- Prophylactic- Vaccines
- Therapeutic
- Tecovirimat
- Brincidofovir
- Cidofovir
By Route of Administration:
- Oral
- Injectable
By Distribution Channel:
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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