Monkepox Treatment is Estimated to Witness High Growth Owing to Significant Government Initiatives
Monkeypox is a viral zoonotic disease that occurs primarily in tropical rainforest areas of Central and West Africa. Monkeypox virus is transmitted to humans through close contact with an infected person or animal, or with material contaminated with the virus. The disease is characterized by a distinct skin rash and is less contagious than smallpox. Due to an increased number of recent cases being reported globally, significant research is being conducted to develop vaccines and antiviral drugs to treat the infection.
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 Opportunity
Significant initiatives by governments and health organizations to contain the spread of Monkeypox are expected to provide lucrative opportunities for players in the Monkeypox Treatment Market. For instance, governments across several countries are procuring and stockpiling vaccines and antiviral drugs. Additionally, the WHO has recommended mass vaccination programs targeting high-risk groups. The increasing awareness about the disease and availability of treatment options are likely to boost the demand for Monkeypox Treatment over the forecast period.
Porter's Analysis
Threat of new entrants: High barrier of R&D investment and regulatory hurdles pose a high threat for new players entering the market.
Bargaining power of buyers: Presence of few alternatives increases the bargaining power of buyers to some extent.
Bargaining power of suppliers: Suppliers have moderate power due to specialized inputs required for manufacturing treatments.
Threat of new substitutes: Threat is low currently due to lack of substitutes for monkeypox treatment.
Competitive rivalry: Intense due to presence of few established players and potential lucrative growth.
SWOT Analysis
Strength: Established distribution channels and R&D capabilities of major players. Growing awareness about monkeypox.
Weakness: High development and regulatory costs. Uncertainty around the outbreak and duration.
Opportunity: Increasing government support and funding. Potential for approval of new treatments.
Threats: Political and economic instability in some endemic regions. Potential mutations in the virus strain.
Key Takeaways
The Global Monkeypox Treatment Market Size is expected to witness high growth. Regional analysis related content comprises Regional analysis related content North America currently dominates the global monkeypox treatment market and is expected to continue its dominance during the forecast period of 2023-2030. This is attributed to factors such as rising prevalence, increasing R&D activities by key players for treatment of monkeypox virus along with availability of advanced healthcare infrastructure in the region. For instance, in July 2022, the U.S. Department of Health and Human Services announced awards totaling US$288.5 million to expand production of SIGA Technologies’ Tecovirimat.
Europe region is anticipated to witness the fastest CAGR over the forecast period owing to growing government support for development of vaccines and drugs. For instance, in July 2022, Bavarian Nordic secured an advance purchase agreement with an undisclosed European country for its monkeypox vaccine, JYNNEOS.
Key players related content comprises 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 one of the leading players in the global monkeypox treatment market. The company offers oral and intravenous antiviral drug Tecovirimat under the brand name TPOXX for treatment of monkeypox and smallpox. It has emergency use approval from the U.S FDA as well as approvals in several other countries.
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https://www.zupyak.com/p/3955889/t/growth-accelerated-by-rising-prevalence-of-monkeypox-infections-the-global-monkeypox-treatment-market-to-witness-increasing-growth
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