Smallpox Treatment Market Growth Accelerated by Expansion of Targeted Therapies
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Smallpox Treatment Market |
Smallpox, also known as variola,
is a highly contagious and life-threatening infectious disease. Smallpox
treatment involves a combination of antiviral medications and supportive care
that helps address symptoms and boosts recovery. Current antiviral drugs that
show promise for treating smallpox include tecovirimat, cidofovir, and
brincidofovir. The emergence of smallpox as a potential bioterror threat has
led governments worldwide to stockpile therapeutics and support development of
newer treatment options.
The global smallpox treatment
market is estimated to be valued at US$
79.15 Mn in 2023 and is expected to exhibit a CAGR of 27% over the forecast period 2024 to 2031, as highlighted
in a new report published by Coherent Market Insights.
Market Dynamics:
The global smallpox treatment
market is primarily driven by rising government support for development of
therapeutics to combat potential bioterror threats. For instance, the U.S.
Department of Health and Human Services awardedSIGA Technologies, the owner of
tecovirimat, a contract worth up to $2.8 billion for supply of oral antiviral
drug in case of a smallpox outbreak. Furthermore, growing awareness about
rising cases of monkeypox outbreaks is also contributing to increased
investments in smallpox treatment R&D. According to the WHO, over 16,000
monkeypox cases have been reported from 75 countries as of August 2022.
However, high costs of drug development and limited outbreaks are expected to
slightly hamper market growth over the forecast period.
SWOT Analysis
Strength: The global smallpox
treatment market has limited competition currently as it has recently emerged.
The existing players have established distribution networks and supply chains.
Research and development expenditure is high among leading companies to develop
new and improved treatment options.
Weakness: The market is highly
dependent on government funding for research. Any changes in research funding
policies can impact market growth. Further, recurring outbreaks are scarce which
limits clinical trials and data availability on long term efficacy and safety
of treatment options.
Opportunity: Emerging economies
present lucrative growth opportunities owing to improving healthcare
infrastructure and increasing healthcare spending. Further, ongoing government
support for development of smallpox preparedness measures is encouraging
collaborations between private and public entities.
Threats: High costs associated
with drug development and regulation approvals poses significant challenges.
Further, the threat of bioterrorism using smallpox virus remains, which
increases regulatory hurdles. Intellectual property disputes between market
players can impact availability of affordable treatment options.
Key Takeaways
The Global
Smallpox Treatment Market Growth is expected to witness high growth
over the forecast period.
Regional analysis: The Asia Pacific region is anticipated to
register the highest CAGR during the forecast period. This is attributed to
improving healthcare infrastructure, increasing healthcare spending, and a
large patient pool in densely populated countries such as India and China.
Additionally, governments are undertaking initiatives and enacting regulations
to ramp up preparedness against deliberate smallpox virus release by
terrorists.
Key players: Key players operating in the smallpox treatment market
are 42 Degrees Company, ScaldoPack, Heat Food & Drink Ltd, Luxfer Magtech
Inc., HeatGen, LLC., LMK Thermosafe, Kemira Inc, Ontech operations Inc.,
Com-Pac International. These companies are focused on developing innovative
diagnostic tools, vaccines, and therapies through collaborative research
initiatives.
Get More Insights Here
https://www.newsstatix.com/smallpox-treatment-market-size-share-growth-outlook-2023/
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