by 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 Overview:
Monkeypox treatment aims to relieve symptoms by treating secondary infections and side effects. The main treatment options include antiviral medications such as Tecovirimat, Brincidofovir and Cidofovir. Smallpox vaccines are also being used off-label to control the spread of Monkeypox. A need for prompt diagnosis and effective treatment has grown due to increasing cases worldwide.
Market key trends:
One of the key trends in the Monkeypox treatment market is rising focus on vaccination programs. Several countries are expanding their monkeypox vaccination efforts to limit the spread. The U.S for instance has ramped up its vaccination program, making over 1.1 million doses available. Additionally, the research on newer vaccination for monkeypox is also gaining momentum. Companies are investing in R&D for more targeted and effective vaccination options to cater to the growing needs.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand identity of existing players make the threat from new entrants low in this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the treatment options are limited. However, increased awareness may lead buyers to demand bettervalue.
Bargaining power of suppliers: The bargaining power of suppliers is high due to limited treatment options and suppliers ability to control prices.
Threat of new substitutes: Threat from new substitutes is low as limited treatment alternatives exist for monkeypox currently.
Competitive rivalry: High as major players compete for market share and face pressure to maintain prices from generic competitors.
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 prevalence of monkeypox infections globally. According to World Health Organisation, as of August 2022, over 46,000 confirmed cases of monkeypox have been reported from 96 countries worldwide.
Regional analysis
North America dominated the global monkeypox treatment market in 2022 and is expected to maintain its position throughout the forecast period. This is majorly attributed to increasing monkeypox cases in the US. Europe accounted for the second largest share in the monkeypox treatment market due to rising government focus on tackling public health emergencies in the UK and Germany.
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. SIGA Technologies Inc. dominates the global monkeypox treatment market with its TPOXX, which is the only FDA approved drug for monkeypox treatment. Bavarian Nordic and Chimerix are also prominent players focusing on clinical trials to develop effective vaccines and drugs against the monkeypox virus.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
