Monkeypox Vaccine and Treatment Market Size

Monkeypox Vaccine & Treatment Market Analysis

Over the next five years, the market for monkeypox vaccines and treatments is expected to register a CAGR of 10.1%.

At first, the COVID-19 pandemic had a big effect on the market for monkeypox vaccines and treatments.The strict lockdowns and government regulations intended to slow down the spread of COVID-19 resulted in an impact on the supply chain and research and development activities of manufacturers globally. For example, in 2021, the COVID-19 pandemic disrupted SIGA Technologies' supply chain of TPOXX (a drug used in monkeypox), causing delays in research and development activities and re-allocating funding associated with government contracts.Moreover, sales of these products have continued to be impacted by COVID-19, which restricted international travel and access to general practitioners for more routine vaccinations. Therefore, the aforementioned factors have adversely impacted the growth of the monkeypox vaccine and treatment market.

Further, the factors estimated to drive the market include an increase in the prevalence of monkeypox infection, a surge in various R&D activities, and a rise in awareness among people regarding monkeypox. In addition, government initiatives to combat outbreaks of monkeypox across the globe are among the major factors driving the growth of the studied market. Further, the increasing incidence of infection and growing demand for vaccination across the globe are likely to boost market growth during the forecast period. For instance, since early May 2022, cases of monkeypox have been reported at very high levels in countries in Europe and the Americas. Further, as per the World Health Organization (WHO) in August 2022, monkeypox infections continue to rise globally, with more than 35,000 cases across 92 countries and territories and 12 deaths. Such factors are likely to boost the adoption of the monkeypox vaccine and treatment, thereby contributing to the studied market's growth.

Moreover, government initiatives to meet the demand for monkeypox vaccines as cases are widely spreading globally are boosting the growth of the market. For instance, in August 2022, the United States (U.S.) Department of Health and Human Services (HHS) facilitated an agreement between Bavarian Nordic and Grand River Aseptic Manufacturing (GRAM), a Michigan-based pharmaceutical contract manufacturer, to accelerate delivery of additional smallpox and monkeypox vaccines using a new United States (U.S.) production line. Therefore, the United States (U.S.) has ordered 5.5 million vials of JYNNEOS from Bavarian Nordic to be filled, finished, and delivered by the U.S. government. This is likely to drive the market during the forecast period.

In addition, high emergency use and the need for vaccines across the globe resulted in boosting market growth across the globe. For instance, as per the Secretary of the Department of Health and Human Services' estimation in August 2022, circumstances exist justifying the emergency use of vaccines. Thus, it is estimated that the FDA may issue an EUA to allow the emergency use of unapproved vaccines or unapproved uses of approved vaccines across the globe. Further, in July 2022, the Indian Council of Medical Research (ICMR) invited expressions of interest (EOI) to develop an indigenous vaccine and diagnostic kits for the monkeypox virus. This is projected to boom the monkeypox vaccine and treatment market during the forecast period.

Therefore, owing to the aforementioned factors, it is anticipated that the studied market will witness growth over the analysis period. However, side effects associated with the vaccine and treatment are likely to impede the market's growth.