Two outbreaks of a disease resembling the pox in colonies of monkeys kept for research led to the discovery of monkeypox in 1958. The monkeypox virus is the cause of this rare viral disease. Monkeypox is a type of Zoonotic disease, which are transmitted from animals to humans. The virus that causes smallpox and monkeypox both belong to the same family of viruses. However, it is less severe as compared to smallpox. The symptoms of monkeypox are similar to smallpox symptoms, but are milder and generally non-fatal.
Central and western Africa are more prone to monkeypox. However, due to 2022 outbreak, western and European region are also susceptible to monkeypox disease.
Global monkeypox treatment market is estimated to be valued at US$ 70.4 Million in 2022 and expected to reach US$ 258.6 million by 2030, witnessing a CAGR of 17.7 % over the forecast period (2022-2030).
Figure 1. Global Monkeypox Treatment Market Share (%), By Region, 2022
Increase in the prevalence of monkeypox disease is expected to drive growth of the global monkeypox treatment market
The increasing incidence of monkeypox disease is expected to drive the demand for new drugs and vaccines for the treatment of this disease. This is further expected to drive the global monkeypox treatment market growth over the forecast period.
For instance, according to data published by Centers for Disease Control and Prevention, till 9 August 2022, there are confirmed 31,800 total cases of monkeypox, worldwide, out of which 31,425 are in countries that have not historically reported monkeypox. While, 375 in countries that have historically reported monkeypox.
Moreover, according to a study published in the New England Journal of Medicine, it was found that between April and June 2022, 98% of the monkeypox infections in 16 countries across the globe were in men who have sex with men and LGBT communities.
|Base Year:||2021||Market Size in 2022:||US$ 70.4 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||17.7%||2030 Value Projection:||US$ 258.6 Mn|
SIGA Technologies Inc., Chimerix, Inc., Bavarian Nordic, Sanofi SA., Emcure Pharma, Jinan Jinda Pharmaceutical Chemistry Co., Ltd.
|Restraints & Challenges:||
Figure 2. Global Monkeypox Treatment Market Share (%) Analysis, By Treatment Type, 2022
Increasing in the demand for vaccines and new treatment for monkeypox is expected to drive the growth of the global monkeypox treatment market.
For instance, on August 4, 2022, the U.S. Department of Health and Human Services, declared the monkeypox outbreak to be a public health emergency. Due to which there is acceleration in the demand for vaccines and better treatment for monkeypox.
Moreover, according to Centers for Disease Control and Prevention, the demand for the vaccine is outstripping the America’s vaccine supply. Thus, huge demand for vaccines and treatment for monkeypox is expected to drive the growth of global monkeypox treatment market.
Global Monkeypox Treatment Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 outbreak in December 2019, the disease has spread to over 100 countries across the globe. The corona virus (COVID 19) pandemic and consequent lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. Supply chain and manufacturing activities have been disrupted globally, due to lockdowns implemented by governments of countries, restricted movement, and other COVID-19 safety precautions. However, COVID 19 has negligible impact on monkeypox treatment market.
However, manufacturing sites, which are based in worst hit countries, have been affected severely due to severe shortage of medical resources and raw materials. This has led to global supply chain disruption.
The U.S. Food and Drug Administration (FDA) continues to monitor the supply chain. The Center for Drug Evaluation and Research (CDER) Drug Shortage Staff in 2020 asked manufacturers to evaluate their entire supply chain of various products, ethanol, EDTA (Ethylenediaminetetraacetic acid) and vaccines manufacturing equipment, etc. which in future is expected to improve the supply chain of healthcare products.
Global Monkeypox Treatment Market: Restraint
The major restraint for global monkeypox treatment market is increasing side effects related to the drugs used to treat this disease, thus, this can hinder the growth of global monkeypox treatment market.
Mild upset stomach, dry mouth, decreased concentration and dysphoria are some major side effects of drugs used to treat Monkeypox.
Major players operating in the global monkeypox treatment market include SIGA Technologies, Inc., Chimerix, Inc., Bavarian Nordic, Sanofi SA, and Emcure Pharma, Jinan Jinda Pharmaceutical Chemistry Co., Ltd.
A rare condition known as monkeypox is brought on by infection with the monkeypox virus. The smallpox virus and the monkeypox virus both belong to the same virus family. Monkey pox, however, is not as contagious as smallpox. Additionally, the illness has lesser symptoms and is typically not fatal. The major symptom of Monkeypox is rash that may be located on or near the genitals.
Two outbreaks of a condition resembling the pox that were occurring in groups of monkeys being used for research led to the discovery of monkeypox in 1958. Although, skin-to-skin contact with an infected person can sometimes spread the disease, rodent contact with infected humans accounts for the majority of its transmission. The monkeypox virus has two distinct types, one of which originated in Central Africa and the other in West Africa.
The majority of those who contracted monkeypox in the past either resided and visited specific regions of central or western Africa, or exposed to diseased animals imported from such regions. The disease has been identified in residents of several nations, including the U.S., during the 2022 outbreak.
The U.S. Department of Health and Human Services, on August 4 2022 declared monkeypox outbreak as a public health emergency. Due to which there is acceleration in the demand for vaccines and better treatment for monkeypox. Increase in the prevalence of monkeypox disease and increasing demand for vaccines and new treatment for monkeypox is expected to drive growth of the global monkeypox treatment market. For instance, in June 2022, according to the WHO, since 1 January to 22 June 2022, 3413 laboratory confirmed cases and one death have been reported to the WHO from 50 countries/territories in the five WHO Regions. Moreover, 1310 new cases have been reported in eight new countries from regions like African Region, Region of the Americas, Eastern Mediterranean Region and Western Pacific Region. One death was reported in Nigeria in the second quarter of 2022.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.