Monkepox Treatment is Estimated to Witness High Growth Owing to Significant Government Initiatives12/17/2023 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 Monkeypox Treatment Market Size is expected to witness high growth owing to the ongoing multi-country outbreak. North America currently dominates the market due to the large number of cases. However, central and western African regions where the virus is endemic will continue growing at a steady pace over the forecast period. Regional analysis indicates that the US market holds the highest share currently with increasing government funding to fast track vaccine and therapeutic research and approvals. Europe is also a major region experiencing high growth. 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 is a leading player with an approved therapeutic called TPOXX indicated for both smallpox and monkeypox. Chimerix's brincidofovir is under review for monkeypox. Bavarian Nordic's Jynneos and MVA-BN are the only approved vaccines globally for monkeypox prevention. Get more insights on this topic: https://www.marketwebjournal.com/monkeypox-treatment-market-demand-forecast/
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