Global Monkeypox Market - 2024 - 2031

Report Overview

Global Monkeypox Market reached US$ 93.17 million in 2023 and is expected to reach US$ 264 million by 2031, growing at a CAGR of 10.16% during the forecast period 2024-2031.

Mpox, formerly known as monkeypox, is a viral disease caused by the monkeypox virus, a member of the Orthopoxvirus genus. The virus has two subclades, clade I (Ia and Ib) and clade II (Ia and IIb). Symptoms of monkeypox include a skin rash or mucosal lesions lasting 2-4 weeks, fever, headache, muscle aches, back discomfort, low energy, and enlarged lymph nodes.

Mpox can spread through personal contact with an infected person, contaminated items, or infected animals. During pregnancy, the virus can be transmitted to both the fetus and the baby after birth. Certain vaccines approved for smallpox are being approved for treating for preventing monkeypox. Several types of drugs are used for managing the disease, including antiviral drugs, antihistamines, and NSAIDs among others.

Market Dynamics: Drivers & Restraints

Increasing incidence of monkeypox cases

The increasing number of monkeypox cases is a major driver of market growth. As monkeypox cases increase worldwide, there is an urgent need for effective treatments and vaccines. This demand encourages pharmaceutical companies to spend in R&D for novel therapeutic choices, expanding the market. The increase in monkeypox cases has generated investors' interest in companies producing vaccinations and treatments.

According to the report by the World Health Organization in August 2024, it is stated that over 120 countries have reported monkeypox between January 2022 and August 2024, with over 100,000 laboratory-confirmed cases reported and over 220 deaths among confirmed cases. In May 2022, an outbreak of Mpox appeared suddenly and rapidly spread across Europe, the Americas, and then all six WHO regions. Thus, the above factors could increase the demand for the treatments and are expected to drive market growth.

High costs associated with drugs and vaccines

The high costs of monkeypox treatments and vaccines may limit access for many patients and healthcare systems, eventually affecting market expansion. The financial burden could discourage healthcare providers from investing in essential treatments and preventive measures.

For instance, according to the latest update in September 2023, the Africa Centres for Disease Control has pegged the price for Bavarian's vaccine at $100 per dose, while the World Health Organization quoted it at $141.

Market Segment Analysis

The global monkeypox market is segmented based on treatment type, route of administration, distribution channel and region.

Vaccine type segment is expected to dominate the market share

The vaccine segment is expected to hold a significant position in the market share owing to the increasing incidence of monkeypox, the increasing approvals for vaccines, and the increasing research and developments to meet emergency needs. The increasing demand for vaccines with the increasing emergency approvals for the use of the vaccine to control the outbreak has been one of the significant factors driving the segment growth.

For instance, in August 2022, the Food and Drug Administration (FDA) issued an emergency use authorization for the Jynneos monkeypox vaccine to allow intradermal injection for people 18 years and older who are at high risk for infection. The alternative approach lets healthcare providers stretch out vaccine supplies, by administering one-fifth of the Jynneos shot into the skin rather than injecting a full dose into underlying fat.

Market players are expanding their business by making the vaccines available across the globe. This could be an additional factor that could increase the segment's growth. For instance, on April 2, 2024, Bavarian Nordic A/S announced that JYNNEOS, the only FDA-approved Mpox vaccine, is commercially available in the U.S., marking a significant expansion for access to JYNNEOS by establishing additional pathways for vaccine procurement, distribution, and reimbursement by both public and private payers.

Market Geographical Analysis

North America is expected to hold a significant position in the monkeypox market share

North America is expected to hold a significant position in the global monkeypox market during the forecast period due to increased disease prevalence, the presence of major market players, increasing strategies by the players and increasing awareness about vaccination. The rising incidence of the disease is encouraging market players to create new treatments, propelling the monkeypox vaccination and treatment market in the country.

For instance, according to the report by the Centers for Disease Control & Prevention in 2022, it is stated that from May 17 to July 22, 2022, a total of 2,891 U.S. monkeypox cases were reported by 43 states, Puerto Rico, and DC. The number of reported cases increased rapidly during this period. As of May 10, 2023, a total of 30,395 cases and 42 Mpox-associated deaths were reported to CDC.

North America has experienced significant expansion in the monkeypox market throughout the projection period due to rising healthcare expenditure and favorable reimbursement policies for immunoglobulin. Thus, the above factors are expected to hold the region in the dominant position in the market share.

Market Segmentation

By Treatment

By Vaccine Type

JYNNEOS (Imvanex)

LC16-KMB

ACAM2000

OrthopoxVac

Others

By Drug Type

Antiviral Drugs

Tecovirimat

Cidofovir

Brincidofovir

Vaccinia Immuneglobulin

Trifluridine

Antihistamine Drugs

Benadryl

Others

NSAIDs

Ibuprofen (Advil, Motrin)

Naproxen (Aleve)

Others

Topical Anesthetics

Lidocaine

Benzocaine

Others

Others

By Route of Administration

Oral

Topical

Parenteral

By Distribution Channel

Hospital Pharmacies

Retail Pharmacies

Online Pharmacies

Others

By Region

North America

The U.S.

Canada

Mexico

Europe

Germany

UK

France

Italy

Spain

Rest of Europe

South America

Brazil

Argentina

Rest of South America

Asia-Pacific

China

India

Japan

South Korea

Rest of Asia-Pacific

Middle East and Africa

Market Competitive Landscape

The major global players in the market include Bavarian Nordic A/S, Emergent BioSolutions Inc., SIGA Technologies, Inc., BASF Corporation, Wellona Pharma, Zuche Pharmaceuticals Private Limited, Sambria Pharmaceuticals, Sun Pharmaceutical Industries Ltd., Pfizer Inc. and Teva Pharmaceuticals USA, Inc. among others.

Key Developments

In March 2024, a new vaccine trial for Mpox is being launched in the UK to secure public health, the National Institute for Health and Care Research (NIHR) has announced. Delivered by the NIHR Clinical Research Network, the mPower clinical trial will investigate the efficacy of an mRNA mpox vaccine.

On August 27, 2024, Siemens Healthineers received the Central Drugs Standard Control Organisation's (CDSCO) approval to manufacture the Monkeypox detection RT-PCR kit.

Why Purchase the Report?

To visualize the global monkeypox market segmentation based on treatment type, route of administration, distribution channel, and region as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel data sheet with numerous data points of monkeypox market-level with all segments.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping available as Excel consisting of key products of all the major players.

The global monkeypox market report would provide approximately 53 tables, 47 figures, and 176 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies