Global Monkeypox Treatment Market, by Treatment Type (Prophylactic (vaccines), Therapeutics (Tecovirimat, Brincidofovir, Cidofovir)), by Route of Administration (Oral, Injectable), by Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies), and by Region (North America, Europe, Asia Pacific, Middle East, Africa, and Latin America) is estimated to be valued at US$ 70.4 Million in 2022 and projected to exhibit a CAGR of 17.7% during the forecast period (2022-2030).
Various governments’ initiative including the U.S. FDA approvals and increase in R&D by major key players like NanoViricides, Inc., is expected to offer the lucrative growth for global monkeypox treatment market.
For instance, according to report published by ACCESSWIRE, a newswire service that provide regional, national and global news, on August 4 2022, NanoViricides, Inc., a global leader in the development of highly effective antiviral therapies based on a novel nanomedicines platform, reports that it has begun drug development to combat the monkeypox virus.
The majority of the compounds the NanoViricides, Inc. Plans to screen from its library of drugs that have demonstrated broad-spectrum effectiveness against specific viruses are about to finish their synthesis. NanoViricides has also created a cell culture model to test the potency of these compounds against viruses that cause pox, including the monkeypox virus.
Moreover, according a report published by Biospace which is the digital hub for life science news and jobs, on August 4 2022, the U.S. regulators announce plans for monkeypox antiviral trial. TPOXX, an antiviral medication by SIGA Technologies, is already approved for use in humans for smallpox. However, currently the U.S. regulatory authority approves clinical trials for monkeypox.
Global Monkeypox Treatment Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has affected various industries globally. However, COVID-19 had negligible impact on global monkeypox treatment market. Key players operating in the global monkeypox treatment market are facing major challenges on various fronts due to the COVID-19 pandemic. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, the number of COVID-19 cases reported globally, as of August 12, 2022, are approximately 585,086,861 confirmed cases with 6,422,914 deaths.
The COVID-19 pandemic has affected the economy in three main ways: by directly affecting the production and demand; by creating disruptions in distribution channels; through its financial impact on firms and financial markets.
Furthermore, healthcare providers were facing challenges in terms of additional manpower, equipment, consumables, and other resources which are required to ensure safety in hospitals and provide treatment to patients with diseases other than the COVID-19. This has also impacted the overall healthcare market negatively.
One of the biggest challenges due to the COVID-19 pandemic is limited supply of raw materials required to manufacture biopharmaceuticals and other reagents due to irregularities in the transportation system.
Browse 35 Market Data Tables and 29 Figures spread through 184 Pages and in-depth TOC on “Global Monkeypox Treatment Market ” - Forecast to 2030, Global Monkeypox Treatment Market, by Treatment Type (Prophylactic (vaccines), Therapeutics (Tecovirimat, Brincidofovir, Cidofovir)), by Route of Administration (Oral, Injectable), by Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies), and by Region (North America, Europe, Asia Pacific, Middle East, Africa, and Latin America) - Forecast to 2030
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Key Takeaways of the Global Monkeypox Treatment Market:
- Global monkeypox treatment market is expected to exhibit a CAGR of 17.7% during the forecast period, owing to increasing prevalence of monkeypox. For instance, according to European Centre for Disease Prevention and Control, on 8 August 2022, since from the start of the monkeypox outbreak up till 8 August 2022, 13 912 confirmed cases of monkeypox (MPX) have been reported from 29 European Union countries.
- Among treatment type, prophylactic (vaccine) is expected to dominate the global monkeypox treatment market in the forecast period, owing to increasing availability of vaccines sourced from the Bavarian Nordic, which is a fully integrated vaccine company focused on the development, manufacturing and commercialization of life-saving vaccines. Which is expected to drive the segment growth over the forecast period.
- Major players operating in the global monkeypox treatment market include SIGA Technologies, Inc., Bavarian Nordic, Sanofi SA, and Emcure Pharma, Jinan Jinda Pharmaceutical Chemistry Co., Ltd.
