Monkeypox is an infectious disease caused by the monkeypox virus. Symptoms usually start 7-14 days after exposure and include fever, headache, muscle aches, backache, swollen lymph nodes, chills and exhaustion. A rash may also develop, often beginning on the face, then spreading to other parts of the body, including the hands and feet. The disease is usually mild and most people recover within a few weeks without treatment. However, in some individuals, the illness can be severe, requiring hospitalization or even resulting in death. Monkeypox can spread from person to person through close physical contact with an infected individual or their contaminated clothes or bedding.
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.
Currently, there are no drugs specifically approved for monkeypox treatment. However, antivirals developed for smallpox have been recommended and used to treat severe cases of monkeypox. Drugs such as tecovirimat (Tpoxx), cidofovir and brincidofovir may be effective against monkeypox. Furthermore, vaccines developed for smallpox have also proved beneficial in limiting the spread of monkeypox outbreaks. The increasing prevalence of zoonotic diseases is expected to drive demand for monkeypox therapeutics over the forecast period.
Market key trends:
One of the key trends in the monkeypox treatment market is growing research and development of novel drugs. With increasing outbreaks globally, pharmaceutical companies are ramping up efforts to develop targeted treatment options for monkeypox. For instance, Chimerix announced in May 2022 that its smallpox drug Tembexa has shown activity against monkeypox virus in pre-clinical research. If approved, Tembexa can expand treatment options beyond vaccines and antivirals approved for smallpox. Similarly, other players are also exploring novel drug candidates that can combat emerging zoonotic threats like monkeypox more effectively.
Threat of new entrants: The threat of new entrants is moderate as the biotech and pharmaceutical industry requires significant R&D investments and regulatory approvals. However, some new players are entering the market to develop new treatment options.
Bargaining power of buyers: The bargaining power of buyers is moderate given the urgent need for monkeypox treatments. However, buyers have less influence due to limited available treatment alternatives currently.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since there are a few suppliers involved in developing treatments and vaccines for monkeypox currently. Suppliers can exert some pricing pressure due to theurgent demand and scarce availability.
Threat of new substitutes: The threat of new substitutes is high as researchers are working on developing alternative treatments and second-generation vaccines with more efficacy and better safety profiles.
Competitive rivalry: The competitive rivalry is expected to intensify as established players and new entrants ramp up efforts to roll out more effective treatment regimens and vaccines.
The Global Monkeypox Treatment Market Size is expected to witness high growth over the forecast period driven by rising case incidence worldwide. North America currently dominates the market due to high demand for vaccines and treatments in the United States which is witnessing the highest monkeypox case load globally. Europe is also experiencing a widespread outbreak and emerging as another major regional market.
Regional analysis: North America is expected to retain its leading position in the monkeypox treatment market during the forecast period. This can be attributed to the increasing number of monkeypox cases reported across many states in the US. Public health agencies are undertaking initiatives to deploy vaccines to high-risk populations. Europe is also affected severely, particularly countries such as the UK, Spain, Germany and France, which are leading the regional market.
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. is a leading player with its smallpox antiviral drug TPOXX/Tecovirimat indicated for treating humans infected with monkeypox virus.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it