Monkeypox Vaccine And Treatment Market Size to Exceed USD 228.51 Mn by 2033
The monkeypox vaccine and treatment market size was exhibited at USD 86.75 million in 2023 and is projected to hit around USD 228.51 million by 2033, growing at a CAGR of 10.17% during the forecast period 2024 to 2033.
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Key Takeaways:
Factors such as the increasing incidence of monkeypox infection across the globe and the rising demand for treatment and prevention methods are anticipated to drive the market. For instance, in July 2023, Bavarian Nordic A/S announced that the company received an additional order for 2.5 million doses of JYNNEOS from the U.S. BARDA. Moreover, a surge in product approvals and increasing government initiatives to support research related to monkeypox infection are expected to fuel market growth. According to the CDC data, as of 8th September 2023, 56,609 cases were reported across the globe with 18 deaths. The U.S. and Europe have the highest number of registered cases. Increasing incidence rate in these regions is encouraging market players to develop novel treatments to manage the burden of disease in their regions.
The increasing incidence of infection and growing demand for vaccination across the globe are likely to boost the market growth during the forecast period. For instance, the world has reported 56,609 new cases of monkeypox infection till 8 September 2023 and the number is increasing. Moreover, according to the data published by the CDC, the U.S. has administered 461,049 vaccine dosages in the country till September 6, 2023.
Moreover, various government initiatives for the supply, distribution, and availability of vaccines to prevent infection are anticipated to facilitate market growth in the coming years. For instance, in July 2023, the Department of Health and Human Services announced to increase the availability of vaccines by procuring additional 144,000 doses of JYNNEOS vaccine for the management of monkeypox infection. In addition, the Health Resources and Services Administration received an allotment for rapid distribution of JYNNEOS to the Ryan White HIV/AIDS Program (RWHAP) to increase the vaccination rate among the high-risk population.
Furthermore, the government initiatives such as the U.S. Monkeypox Research Priorities to boost R&D and increase awareness among people regarding monkeypox are expected to boost growth. Moreover, the U.S. government along with its international partners are boosting their efforts to promote monkeypox research. Some of the government-supported research activities for infection include conducting clinical and epidemiologic observational modeling and conducting vaccine and therapeutic clinical trials, among others. Such initiatives are expected to increase the demand for vaccination at an exponential rate in the coming years.
In addition, in September 2023, the U.S. FDA announced further steps to boost monkeypox testing capacity and accessibility in response to the current outbreak. Under this initiative, the FDA is expected to recommend EUA requests for monkeypox diagnostic tests and promote diagnosis. Thus, such initiatives are expected to propel the market forward during the forecast period.
The ongoing regulatory approvals and EUA are contributing to market expansion. For instance, in August 2023, the U.S. FDA approved emergency use authorization for JYNNEOS vaccine intradermal injectable for healthcare professionals over 18 years of age and older determined to be at higher risk of monkeypox infection. This approval allows two doses of JYNNEOS by intradermal injection four weeks apart.
In addition, in July 2023, EMA’s human medicines committee recommended an extension of the indication of the smallpox vaccine IMVANEX to protect people from monkeypox infection. IMVANEX has been approved since 2013 but has been considered a useful vaccine because of the similarities between smallpox and monkeypox. Moreover, increasing R&D and usage of the smallpox vaccine as an off-label product for vaccination against monkeypox are expected to drive the market across the globe.
Monkeypox Vaccine And Treatment Market By Product Insights
The drugs segment led the market in 2023 with a share of over 70.0%. Increasing patient base of monkeypox disease, increasing usage of antiviral drugs, and high treatment cost for the symptomatic treatment of the disease are some key factors fueling the growth. For instance, in July 2023, the U.K. approved SIGA’s tecovirimat (oral) for the treatment of monkeypox and other indications in adults and children with body weights above 13 kg. The drug also has approval in other European countries for the treatment of monkeypox disease.
Monkeypox Vaccine And Treatment Market By Gender Insights
The male segment dominated the market in 2023 with a revenue share of over 90.0%. The higher prevalence of monkeypox among men as compared to women is the major factor driving the segment demand. For instance, according to the CDC, the virus affected almost 13,826 males. Thus, the higher prevalence of infection in men than women is likely to augment segment growth.
Monkeypox Vaccine And Treatment Market By End-use Insights
Hospitals captured the largest revenue share of over 75.0% in 2023 and are projected to maintain their position during the projected period. Higher hospitalizations owing to the monkeypox outbreak and increased demand for therapeutic products in hospitals for symptomatic treatment are expected to fuel growth. Moreover, various initiatives undertaken by government bodies such as the American Hospital Association and the Department of Health and Human Services to improve the treatment and continuous monitoring of patients’ health having monkeypox infections are increasing the patient base in the hospital.
Monkeypox Vaccine And Treatment Market By Route Of Administration Insights
In 2023, the oral segment held the largest market share of over 66.0%. The higher demand for oral route therapeutics, ease of administration, and cost-effectiveness of oral products are some of the factors contributing to the segment expansion. Moreover, most common drugs such as tecovirimat and brincidofovir are administered orally.
Monkeypox Vaccine And Treatment Market By Regional Insights
North America dominated the market with a revenue share of over 41.0% in 2023 due to the presence of a large number of leading players, coupled with various strategic initiatives undertaken by them. Moreover, the increase in disease prevalence and rising awareness among people regarding vaccination are expected to spur regional market expansion. In addition, favorable support from the government and higher R&D investments are anticipated to provide lucrative growth opportunities for the North American region.
Asia Pacific is projected to witness the fastest growth over the forecast period. The increasing number of monkeypox infections and increasing R&D for developing prevention and therapeutic options are some of the primary factors driving the market. Increasing prevalence of infection in Asia Pacific countries such as Australia, Singapore, and India is expected to fuel the market growth.
Some of the prominent players in the Monkeypox vaccine and treatment market include:
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Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the monkeypox vaccine and treatment market
Product
Gender
Route of Administration
End-use
Regional
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