The global market for monkeypox vaccines and treatments is anticipated to expand at a compound annual growth rate (CAGR) of 11% during the forecast period of 2023 to 2030. The market is anticipated to be driven by factors such as the increasing incidence of monkeypox infection across the globe and the rising demand for treatment and prevention methods. Bavarian Nordic A/S, for example, announced in July 2023 that it had received an additional order for 2.5 million doses of JYNNEOS from the U.S. BARDA. In addition, a surge in product approvals and expanding government initiatives to fund research related to monkeypox infection are anticipated to drive market expansion. According to the CDC, as of September 8, 2023, 56,609 cases and 18 deaths had been reported worldwide. The United States and Europe have the most reported cases. Increasing incidence rates in these regions encourage market participants to develop novel treatments to alleviate the disease burden in their respective regions. To increase their market share, key players are adopting strategies such as new product development, mergers & acquisitions, and partnerships. Japan, for example, approved the LC16 KMB vaccine for monkeypox disease in August 2023. Key players in the market include SIGA Technologies, Inc., Chimerix, Inc., Bavarian Nordic, Sanofi SA, Emcure Pharma, Jinan Jinda Pharmaceutical Chemistry Co., Ltd.
Increase In the Incidence of Monkeypox Disease to Fuel the Growth
The rising incidence of monkeypox is anticipated to increase the demand for new drugs and vaccines to treat this disease. This is anticipated to drive the growth of the global monkeypox treatment market over the forecast period. According to data published by the Centers for Disease Control and Prevention, there are 31,800 confirmed cases of monkeypox worldwide as of August 9, 2023, of which 31,425 are in countries that have never previously reported monkeypox. While 375 in countries where monkeypox has historically been reported. In addition, according to a study published in the New England Journal of Medicine, between April and June 2023, 98% of monkeypox infections in 16 countries around the world occurred in men who have sex with other men and in LGBT communities. During the forecast period, the market is projected to expand at a rate that is proportional to the incidence of infection and demand for immunization. As of 8 September 2023, the world had reported 56,609 new cases of monkeypox infection, and the number is rising. In addition, according to CDC data, as of September 6, 2023, the U.S. had administered 461 049 vaccine doses in the country.
Increasing Demand for Vaccines and New Treatments for Monkeypox
On August 4, 2023, the United States Department of Health and Human Services declared the outbreak of monkeypox a public health emergency. Due to this, the demand for vaccines and improved treatments for monkeypox has increased. In addition, according to the Centres for Disease Control and Prevention, the demand for the vaccine exceeds the vaccine supply in the United States. Consequently, the enormous demand for vaccines and treatments for monkeypox is anticipated to propel the global monkeypox treatment market.
Government Initiatives to Promote Market Growth
In addition, various government initiatives for the supply, distribution, and availability of anti-infective vaccines are expected to foster market expansion in the coming years. For example, the Department of Health and Human Services announced in July 2023 that it would increase the availability of vaccines by acquiring an additional 144,000 doses of the JYNNEOS vaccine for the treatment of monkeypox infection. In addition, the Health Resources and Services Administration allocated funds to expedite the distribution of JYNNEOS to the Ryan White HIV/AIDS Program (RWHAP) in order to increase the vaccination rate among the high-risk population.
In addition, government initiatives such as the U.S. Monkeypox Research Priorities, which aim to boost R&D and raise public awareness of monkeypox, are anticipated to boost growth. In addition, the United States government and its international partners are intensifying their efforts to advance monkeypox research. Infection-related research activities supported by the government include, among others, clinical and epidemiologic observational modeling and vaccine and therapeutic clinical trials. Such initiatives are anticipated to exponentially increase the demand for vaccinations in the coming years.
Active Role of FDA Motivating the Market Growth
In addition, the U.S. FDA announced in September 2023 additional measures to increase testing capacity and accessibility in response to the current outbreak. Under this initiative, the FDA is anticipated to recommend EUA requests for diagnostic tests for monkeypox and to promote diagnosis. Consequently, such initiatives are anticipated to drive market growth during the forecast period.
Ongoing regulatory approvals and EUAs contribute to market growth. For instance, in August 2023, the U.S. FDA approved emergency use authorization for the intradermal injectable JYNNEOS vaccine for healthcare professionals 18 years and older who were determined to be at a higher risk of monkeypox infection. This approval permits two intradermal injections of JYNNEOS four weeks apart.
In addition, the EMA's human medicines committee recommended in July 2023 that the indication for the smallpox vaccine IMVANEX be extended to include protection against monkeypox infection. Since its approval in 2013, IMVANEX has been regarded as a useful vaccine due to the similarities between smallpox and monkeypox. In addition, increasing R&D expenditures and the use of the smallpox vaccine as an off-label product for vaccination against monkeypox are anticipated to drive the global market.
Increasing the Vaccine's Adverse Reactions to Limit the Market Expansion
The major restraint for the global monkeypox treatment market is the increasing side effects associated with the drugs used to treat this disease; consequently, this can hinder the market's growth. Major side effects of drugs used to treat monkeypox include mild stomach upset, dry mouth, diminished concentration, and depression.
Drugs Dominate the Market by Products
In 2021, the drugs segment led the market with a share of more than 70.0%. The growth is being fuelled by a number of factors, including an increase in the number of patients with monkeypox, the increased use of antiviral drugs, and the high cost of symptomatic treatment. The U.K. approved SIGA's tecovirimat (oral) in July 2023 for the treatment of monkeypox and other indications in adults and children with body weights exceeding 13 kg. The drug is also approved for the treatment of monkeypox in other European nations. Vaccines are anticipated to grow at a substantial rate over the forecast period. Increasing adoption of vaccines for monkeypox infection, rising vaccination awareness, and extensive R&D efforts to develop novel products are anticipated to contribute to the segment's growth. In addition, various government initiatives to make vaccines accessible are anticipated to stimulate segment expansion. In August 2023, for example, the HHS facilitated an agreement between Grand River Aseptic Manufacturing and Bavarian Nordic to establish the first U.S. finish and fill line for the JYNNEOS vaccine.
Male Remained the Dominant End Users
In 2021, the male segment dominated the market with a revenue share of more than 90 percent. The greater prevalence of monkeypox in men compared to women is the primary factor driving demand for this segment. According to the CDC, the virus affected approximately 13,826 males. Therefore, the higher prevalence of infection in men compared to women is likely to contribute to segment expansion. In addition, a greater number of vaccine doses administered to men has increased the segment share. Until September 6, 2023, more than 90 percent of total JYNNEOS vaccine doses are administered to males in the United States.
Hospitals Remain as the Key End Users Contributing over 75% of Market Revenues
In 2021, hospitals commanded a revenue share of over 75.0%, a position they are projected to maintain throughout the forecast period. As a result of the outbreak of monkeypox, hospitalizations are expected to increase, as will the demand for therapeutic products in hospitals for symptomatic treatment. In addition, government organizations such as the American Hospital Association and the Department of Health and Human Services are implementing initiatives to improve the treatment and continuous monitoring of patients with monkeypox infections, which is resulting in an increase in the hospital's patient population. The specialty clinics segment is anticipated to experience the highest growth rate during the forecast period. The expansion of this market segment is influenced by rising immunization awareness and high infection rates.
Oral Segment Dominated the Market by Administration Mode
In 2021, the oral segment held over 65.0% of the market share. Among the factors contributing to the expansion of the segment is the increased demand for oral route therapeutics, the ease of administration, and the cost-effectiveness of oral products. In addition, the majority of common medications, such as tecovirimat and brincidofovir, are administered orally. During the forecast period, the injectable segment is expected to grow at a double-digit rate. Increasing demand for vaccines, greater bioavailability of injectable products, rapid onset of action of treatment products, and decreased likelihood of first-pass metabolism in intravenous products are among the factors contributing to the segment's expansion. In addition, the injectable route helps to optimize the vaccine's immunogenicity and reduce adverse reactions at the injection site. JYNNEOS is an example of an injectable vaccine that is administered subcutaneously in two doses (0.5 mL) four weeks apart.
North America Remains as the Global Leader
In 2021, North America dominated the market with a revenue share of over 40.0% due to the presence of a large number of leading players and the diverse strategic initiatives they had undertaken. In addition, an increase in disease prevalence and a rise in public vaccination awareness are anticipated to stimulate regional market growth. In addition, government support and increased R&D expenditures are anticipated to generate lucrative growth opportunities for the North American region. Asia-Pacific is anticipated to experience the most rapid expansion over the forecast period. The rising incidence of monkeypox infections and the increase in research and development for the development of preventative and therapeutic options are among the primary factors driving the market. Increasing infection rates in Asia Pacific nations such as Australia, Singapore, and India are anticipated to fuel market expansion.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Monkeypox Vaccines And Treatments market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
