High Cost of Treatment: A Significant Restraint for Monkeypox Vaccine And Treatment Market Expansion

Triveni Triveni
Published on Apr 20, 2023

The Monkeypox Vaccine And Treatment Market experienced robust growth in 2021 and is projected to exhibit a rapid revenue CAGR during the forecast period, primarily due to the increase in monkeypox cases globally.

Monkeypox is a rare, yet serious disease caused by the monkeypox virus. The disease is communicable and can spread through infected individuals, animals, or contaminated materials. The virus causes skin rash and lesions all over the body of the infected person. The first reported human case of monkeypox occurred in 2003, with more than 40 cases per week reported during the outbreak. Although the 2003 outbreak was relatively controlled, recent outbreaks have spread more rapidly. According to a report by the World Health Organization dated July 21, 2022, global cases of monkeypox have exceeded 14,000, with six new countries reporting their first case. The symptoms of monkeypox include fever, swollen lymph nodes, muscle aches, and chills. The monkeypox rash typically appears one to three days after the initial symptom of fever. Monkeypox virus is from the same family as the smallpox virus; therefore, the current treatment for smallpox is used for monkeypox. While anyone can be infected with the virus, according to a report by the Centers for Disease Control and Prevention (CDC), the majority of cases in the US have occurred in transgender individuals.

The monkeypox market experienced robust growth in 2021 and is projected to register rapid revenue CAGR in the forecast period, primarily driven by the global rise in monkeypox cases. The increasing demand for monkeypox treatment and research for specific medication have created vast opportunities in the sector. Governments are actively investing in research and development for effective drugs and vaccines, and promoting genetic engineering for vaccine development while running campaigns to raise awareness about the disease and its prevention. The growth in healthcare expenditure for the development of monkeypox therapeutics is expected to drive the market growth in the forecast period.

North America emerged as the largest regional market for monkeypox, with the highest revenue share attributed to rising healthcare expenditure, increasing awareness, and the growing incidence of monkeypox in the region. The Asia Pacific monkeypox market is expected to register the fastest growth in the forecast period due to the rising number of patients with monkeypox, government initiatives to promote awareness, and the growing demand for treatment. The presence of a large population is also expected to positively impact the monkeypox market growth.

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Major companies in Monkeypox Vaccine And Treatment Market:

  • Chimerix
  • SIGA Technologies
  • Bavarian Nordic
  • Hetero
  • Piramal Pharma Solutions
  • Olon S.p.A
  • Teva Pharmaceutical Industries Ltd.
  • CIDIC Co., Ltd.

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Driving Factors in Monkeypox Vaccine And Treatment Market:

  1. Rising incidence of monkeypox cases globally
  2. Growing demand for effective monkeypox treatment options
  3. Government investments in research and development of monkeypox drugs and vaccines
  4. Promotion of genetic engineering for vaccine development
  5. Increasing healthcare expenditure for development of monkeypox therapeutics

Restraints in Monkeypox Vaccine And Treatment Market:

  1. Limited awareness and understanding of monkeypox among the general population, which may lead to delayed diagnosis and treatment.
  2. High cost of monkeypox treatment and lack of insurance coverage for some patients.
  3. Limited availability of effective drugs and vaccines for the treatment of monkeypox, which can hinder the overall growth of the market.
  4. Stringent regulatory requirements for the approval of monkeypox treatment drugs and vaccines, which can delay the development and launch of new products.
  5. Challenges in developing effective monkeypox treatments due to the complex nature of the virus and the lack of established treatment protocols.

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Notable Innovations in Monkeypox Vaccine And Treatment Market:

  1. Development of novel vaccines: Researchers are exploring the development of vaccines to prevent monkeypox, including the use of DNA-based vaccines, inactivated vaccines, and live-attenuated vaccines.
  2. Gene editing technologies: Advances in gene editing technologies, such as CRISPR-Cas9, are being explored to develop more effective treatments for monkeypox.
  3. Monoclonal antibody therapies: Researchers are investigating the use of monoclonal antibodies to treat monkeypox, which can potentially reduce the severity of the disease and improve outcomes.
  4. Improved diagnostic tests: The development of more accurate and efficient diagnostic tests can aid in the early detection and treatment of monkeypox, improving patient outcomes.
  5. Telemedicine: Telemedicine technologies can provide remote access to healthcare services, including the diagnosis and treatment of monkeypox, particularly in areas where healthcare resources are limited or inaccessible.

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