How the Infectious Disease Diagnostics M...
Posted in Healthcare Services by Adolf on Oct 17,2022 719
In the year 2003, monkeypox caused a commotion because it spread quickly and the number of affected patients exceeded 40 in a matter of weeks. Although the disease spread was relatively well-controlled, the recent outbreak of infection and rapidly increasing cases pose a threat for another possible pandemic. Hence, the demand for effective treatment, vaccination, and other rare disease therapeutics are expected to support the growth of the global monkeypox therapeutics market.
Monkeypox is a viral infection that spreads like a highly communicable disease through mere touch and use of infected patient's material. The virus is related to smallpox, and the vaccination and drugs used to control smallpox are also somewhat effective against monkeypox diseases. Although no specific vaccine or treatment drug has yet been commercialised, research is still ongoing. Patients with compromised immunity, those suffering from chronic disease, certain skin conditions such as eczema, those recovering from a recent pandemic and those suffering from other anti-viral infections are all at high risk of contracting the monkeypox.
According to the World Health Organization (WHO), the illness has a 3-6% death rate and causes fever, excruciating headaches, swollen lymph nodes and other symptoms. Through close contact with respiratory secretions and skin lesions, the disease can be transferred from one person to another. Generally, prolonged face-to-face contact is necessary for the transmission of respiratory droplet particles, putting health workers, household members and other close contacts of active cases at risk.
The rapid spread of monkeypox is boosting the market's growth by driving the demand for emergency medications for timely and efficient treatment. Additionally, researchers are constantly working to create pharmaceuticals in large quantities so that more patients can avail them. To enable the development of new drugs to stop the spread of monkeypox around the world, research and development operations need to make significant expenditures on cutting-edge machinery and technologies.
Some of the primary growth-inducing elements for the monkeypox treatments market are the expanding infrastructure and the simple accessibility to healthcare facilities. Additionally, the necessity to get tested if experiencing any symptoms is driven by the public's growing knowledge of the monkeypox virus. This increases the need for hospitals or clinics to provide quality medical care.
Global Monkeypox Therapeutics Market is projected to register growth at a significant CAGR during the forecast period, 2023-2027. The market growth can be attributed to the sudden outburst of the viral infection among the population across Europe and United States. With no specific treatment or defined pharmaceutical for the disease, the symptomatic treatment is possible and an increase in demand for pain and itch relief due to boils and rashes are positively influencing the growth of the global monkeypox therapeutics market.
Growing demand for timely vaccines and potential disease treatments may support the growth of the global monkeypox therapeutics market. Governments are actively investing in the research and development of effective vaccines and drugs to control disease spread and treat affected patients. In addition, the government is taking steps to promote drug development using genetic engineering tools in order to provide vaccination in the event that the virus evolves and affects a larger portion of the population.
Genomic sequencing for the virus would elucidate the specific infection-causing sequences, which could aid in the early diagnosis of the viral infection and the development of effective vaccines for the population at risk of infection in the coming years. Furthermore, rising healthcare expenditures by the population is fuelling growing investments for the developmen to new vaccines, which is likely to aid the global monkeypox therapeutics market in the next 5 years.
The global monkeypox therapeutics market segmentation is based on treatment, end user, regional distribution, and competitive landscape. Based on treatment, the market is divided into smallpox vaccine, antivirals, and vaccinia immune globulin (VIG). The smallpox vaccine segment is anticipated to hold the largest share in the global monkeypox therapeutics market due to the rising number of cases of monkeypox.
Key players operating in the global monkeypox therapeutics market are Chimerix Inc., SIGA Technologies, Inc., Emergent BioSolutions Inc., Bavarian Nordic A/S, Hetero Drugs Limited, Mylan N.V., Piramal Enterprises Limited, Olon S.p.A., Teva Pharmaceutical Industries Limited, CIDIC Company Limited, among others.