The anti venom market has grown steadily owing to increasing number of snake bite cases across the globe. Anti venoms are biotechnological products used for pre-clinical and clinical treatment of envenomation, also known as snake bites. The rising incidence of snake bites and availability of effective anti-venom treatments have augmented the demand for anti venoms over the years.
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 of 2023 to 2030.
Key Takeaways
Key players: Key players operating in the anti venom market include 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.
Growing demand: The increasing prevalence of snake bites across tropical and sub-tropical regions has significantly driven the demand for anti venoms in the last few years. As per the World Health Organization (WHO), there are an estimated 5.4 million snakebites every year, resulting in around 2.7 million cases of envenomings and around 100,000 deaths.
Technological advancements: Research organizations and leading anti venom manufacturers are focused on developing advanced anti venom production technologies. Monoclonal antibody (mAb) based anti venoms have emerged as a promising alternative to traditional anti venom production methods. Some key players have developed recombinant anti venom products to improve efficacy, safety, and availability of treatment options.
Market Trends
Increasing R&D investments: Major anti venom manufacturers are increasing their investments in R&D activities to diversify their product portfolios. Several clinical trials are being conducted to test the efficacy and safety of novel anti venom formulations.
Growing awareness: Rising awareness about snake bite prevention and the availability of effective anti venoms is positively influencing the market demand. Public health education campaigns play a crucial role in educating people about first aid treatments in case of a snake bite.
Market Opportunities
Unmet needs in developing regions: There is considerable scope for anti venom market growth in developing Asian, African and Latin American countries where snake bites continue to impose a major public health burden. Limited availability and accessibility of treatment present significant unmet needs.
New product innovations: Continuous innovations focused on extending the shelf life and stability of anti venoms as well as developing affordable and easy-to-administer formulations present lucrative opportunities for established as well as emerging market players.
Impact of COVID-19 on Anti Venom Market Growth
The COVID-19 pandemic has significantly impacted the growth of the global anti-venom market. Several factors related to supply chain disruptions, trade restrictions and economic slowdown affected the market in the initial phases of the pandemic. The demand for anti-venom products reduced significantly from hospitals and healthcare centers due to postponed treatments and elective surgeries. Many resources were diverted towards controlling the spread of coronavirus infections. This impacted the production and supply of anti-venom drugs in 2020. However, the market is expected to recover steadily post-COVID as healthcare systems normalize their operations. Major companies are investing more in R&D to develop advanced anti-venom therapies. The future growth outlook remains positive as anti-venom drugs are crucial for treating animal bite victims globally every year. New product launches and strategic collaborations between industry players are likely to boost the market revenues once again during the forecast period from 2023 to 2030.
Europe Region for Anti Venom Market
In terms of value, Europe accounts for one of the largest regional markets for anti-venom drugs worldwide. The high treatment rates for snakebites, scorpion stings and other venomous animal bites have concentrated the demand and sales of anti-venom therapies in several European countries including France, Germany, Italy and the UK. According to medical experts, over 3,000 snakebite incidents are reported annually from European nations with many rural areas still at risk. Presence of well-established pharmaceutical industry and growing healthcare infrastructure further support the anti-venom market growth across the continent. Government initiatives to spread awareness about effective anti-venom treatments are expected to drive the Europe regional market during the forecast period.
Fastest Growing Region for Anti Venom Market
Asia Pacific region is poised to witness the fastest growth in the global anti-venom market during 2023-2030. Presence of high-risk economies like India, Sri Lanka, Pakistan, Thailand and Indonesia has resulted in Asia Pacific emerging as the epicenter of snakebite attacks globally. As per WHO data, nearly 50,000 annual deaths are reported from Asia Pacific alone due to venomous snakebites and scorpion stings. Increasing government intervention, rising healthcare spending, growing access to anti-venom medications in rural tropical regions are some key factors accelerating the APAC market. Further investments by international drug manufacturers and charitable organizations towards establishing anti-venom production facilities will augment the regional market expansion in coming years.
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