The Monkeypox Vaccine And Treatment Market Size is valued at 85.86 Million in 2023 and is predicted to reach 212.34 Million by the year 2031 at an 12.39 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Increase in the prevalence of monkeypox is driving the monkeypox vaccine and treatment market.
- Increasing in the demand for vaccines as well as new treatment for monkeypox is driving the monkeypox vaccine and treatment market.
- North America dominated the market and accounted for a global revenue share in 2023.
- The key challenges for the monkeypox vaccine and treatment market are the need for rapid development and approval of vaccines and treatments.
Humans can contract monkeypox by coming into intimate contact with an animal or person with the disease and by contact with contaminated objects. A viral zoonotic illness called monkeypox primarily affects tropical rainforest regions. It frequently manifests clinically as a rash, fever, and swollen lymph nodes and can cause various health issues. The monkeypox vaccines employed in the smallpox eradication operation also offered protection from that disease. One of the more recent vaccinations created is licensed to prevent monkeypox. The market is expected to be driven by elements like the rising incidence of monkeypox infection worldwide and the rising demand for treatment and prevention strategies. In addition, a surge in product approvals and rising government efforts to fund research into monkeypox infection are anticipated to propel market expansion. As of September 8, 2022, 56,609 cases had been reported worldwide, with 18 fatalities, according to CDC data. Most cases have been reported in the United States and Europe.
Market participants are encouraged by the rising incidence rates in these places to create cutting-edge drugs to lessen the disease burden there. Additionally, it is projected that several government programs for the supply, distribution, and availability of vaccinations to prevent infection will promote market growth in the years to come. The EUA and ongoing regulatory approvals both help the market grow. The market is anticipated to be driven by increased R&D and the smallpox vaccine as an off-label product for vaccination against monkeypox.
Competitive Landscape
Some major key players in the Monkeypox Vaccine And Treatment Market:
- Bavarian Noric;
- SIGA Technologies;
- Chimerix;
- EMERGENT;
- Gilead Sciences, Inc.
- Other Market Players
Market Segmentation:
The Monkeypox Vaccine And Treatment market is segmented on the product, route of administration and end-use. Based on product, the market is segmented into Vaccines (JYNNEOS/ Imvanex, Smallpox Vaccine, Others), Drugs (Tecovirimat, Brincidofovir, Cidofovir, Others) and Vaccinia Immune Globulin (VIG). Based on gender, Monkeypox Vaccine And Treatment market is segmented into males, females and Others. Based on the route of administration, the Monkeypox Vaccine And Treatment market is segmented into Oral and Injectable. Based on end-use, the Monkeypox Vaccine And Treatment market is segmented into Hospitals, Specialty Clinics and Others.
Based On Product, The Drugs Segment Is Accounted As A Significant Contributor To The Monkeypox Vaccine And Treatment Market.
The market's leading segment was drugs. Some of the main drivers of the expansion include an expanding patient population for monkeypox disease, an increase in the use of antiviral drugs, and high treatment costs for the symptomatic management of the illness. However, the vaccine segment is anticipated to grow significantly. Increased use of vaccines against monkeypox infection, greater public awareness of vaccination, and intensive R&D efforts to create novel medicines are all predicted to boost category expansion. Additionally, several government measures to increase vaccine accessibility are projected to support category growth.
The Hospital Segment Witnessed Growth At A Rapid Rate.
Hospitals grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. Growth is anticipated to be fueled by an increase in hospitalizations brought on by the monkeypox outbreak and a rise in the demand for therapeutic items used for symptomatic treatment in hospitals. Additionally, several initiatives launched by governmental organizations like the American Hospital Association and the Department of Health and Human Services to enhance the care and ongoing surveillance of patients with monkeypox infections are growing the hospital's patient base.
The North American Monkeypox Vaccine And Treatment Market Hold A Significant Revenue Share In The Region.
The North American Monkeypox Vaccine And Treatment market is expected to register the highest market share in revenue in the near future due to numerous key individuals and the numerous strategic efforts they have made. Additionally, it is anticipated that increased vaccination awareness and an increase in illness prevalence will encourage regional market growth. Furthermore, it is projected that solid government backing and increased R&D spending will create profitable growth prospects for the North American region. In addition, Asia Pacific is projected to grow rapidly in the global Monkeypox Vaccine And Treatment market. Monkeypox infections are arising, and research and development funds are being spent to establish preventative and therapeutic measures. As infection rates rise in countries around the Asia Pacific, including Australia, Singapore, and India, the market is expected to grow.
Recent Developments:
- In Aug 2022, Gilead Sciences allocated a maximum of $5 million in grant funding to assist in tackling the monkeypox virus (MPV) epidemic. Gilead has partnered with GLAAD, the National Black Justice Coalition (NBJC), the Human Rights Campaign (HRC), the National Center for Lesbian Rights, and NMAC to respond to the outbreak, which had a greater impact on the LGBTQ+ community, specifically men who have sex with men and individuals living with HIV.
Monkeypox Vaccine And Treatment Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 85.86 Million |
|
Revenue Forecast In 2031 |
USD 212.34 Million |
|
Growth Rate CAGR |
CAGR of 12.39 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Product, Gender, Route of Administration, End-Use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Bavarian Noric; SIGA Technologies; Chimerix; EMERGENT; Gilead Sciences, Inc.Enthoven, Pulviver, Wulro Bv, and Venky’s(India) Limited |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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