The anti venom market comprises anti venom sera or immunoglobulin used to treat venomous snake, spider, and scorpion bites and stings. Anti venoms are developed from plasma containing antibodies obtained from immunized horses, sheep, or goats. They work by binding to the toxins in the venom, thereby neutralizing the harmful effects. The increasing incidence of snake and spider bites worldwide has boosted the demand for anti venoms. As per the World Health Organization, about 100,000 deaths are reported each year due to snakebites globally. Moreover, anti venoms provide an effective treatment for potentially lethal snake and insect envenomations and aid in saving thousands of lives every year.
The global anti venom market is estimated to be valued at US$ 9229.16 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the anti venom market are Bharat Serums and Vaccines Limited (BSV), Boehringer Ingelheim International GmbH, Boston Scientific Corporation, CSL Limited, Haffkine Bio-Pharmaceutical Corporation Limited, Incepta Pharmaceuticals Limited, Merck & Co. Inc., Merck KGaA, MicroPharm Limited, Pfizer Inc., and Rare Disease Therapeutics Inc.
A number of opportunities lie within the global anti venom market. Increasing healthcare expenditure in emerging economies is anticipated to boost demand for anti venom drugs. In addition, significant unmet needs in low-income countries lacking appropriate anti venom treatment offer lucrative growth prospects.
The major players in the anti venom market are focused on expanding their global footprint by tapping opportunities in developing markets, especially Asia Pacific and Latin America. Favorable regulatory environment in these regions is prompting companies to set up manufacturing sites and collaborate with local players. regional anti venom production via technology transfer initiatives and joint ventures.
Market Drivers
High incidence of snake bites : As per WHO, about 5.4 million snake bites occur every year resulting in 2.7 million cases of envenomings. The rising prevalence of snakebites worldwide is majorly driving the anti venom market.
Increasing healthcare expenditure: Growing healthcare spending in developing nations has increased affordability and access to anti venom treatments, thereby fueling market growth.
Market Restraints
Delayed Access to Anti-Venom : In low-income regions, lack of adequate public health infrastructure leads to delayed receipt of anti-venom treatment, negatively impacting market revenue.
High Cost of Anti-Venoms: The cost of anti-venom production and short product shelf life add to their high price, posing affordability challenges, especially in underdeveloped and rural areas.
Segment Analysis
Snake antivenom accounts for around 60% share of the overall anti-venom market. This is the dominating segment as snake bites account for a majority of envenomings globally. According to the WHO, there are around 5 million snakebites each year, of which around 1.8 to 2.7 million cases develop clinical manifestations of envenoming and up to 138,000 deaths. Several other segments include scorpion antivenom and spider antivenom which contributes nearly 20% and 15% share respectively in the global anti-venom market. Scorpion antivenom is gaining traction as scorpion stings can also cause life threatening conditions in parts of Africa, Asia, Southern Europe and Latin America.
Regional Analysis
North America dominates the anti-venom market with around 30% share owing to a sizeable research funding for anti-venom development in the US. However, Asia Pacific is expected to witness the highest growth during the forecast period attributed to rising incidence of snakebites in the region. Countries like India accounts for a maximum number of annual snakebites globally. The Asia Pacific anti-venom market is expected to expand at a CAGR of 8.2% during 2023 - 2030 on back of increasing government focus on manufacturing affordable native anti-venoms coupled with growing healthcare infrastructure in emerging nations like India and China. Latin America holds around 20% share in the global anti-venom market driven by prevalence of snakebites and scorpion stings cases in Brazil and Mexico.
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