Global Monkeypox Treatment Market to reach US$ 249 million by 2033, Tecovirimat to account for 61% of all Therapeutic Approaches: FMI
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. As per the findings, a valuation of US$ 249 million is expected for the market by the end of the said forecast period. 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.
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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.
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.
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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.
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
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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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global monkeypox treatment market, providing historical data for 2018-2022 and forecast statistics from 2023-2033.
To understand opportunities in the Monkeypox treatment market, the market is segmented on the basis of treatment (Prophylactic – Vaccines, Therapeutic- Tecovirimat, Brincidofovir, Cidofovir) by route of administration (oral, injectables) by distribution channel (retail pharmacies, hospital pharmacies online pharmacies) by region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa)
About the Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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