June 25, 2024

Global Anti-venom Market to Reach US$ 760.2 Mn by 2023, Says Coherent Market Insights

Market Overview:


The global Anti-venom market is estimated to be valued at US$ 504.9 Mn in 2023 and is projected to reach US$ 760.2 Mn by 2023, exhibiting a CAGR of 4.7% during the forecast period of 2023-2030. Anti-venom products play a crucial role in the medical treatment of snakebite envenomation and scorpion envenomation. They are derived from animal serum and are effective in neutralizing venom toxins. The increasing prevalence of snakebites and scorpion stings, especially in rural areas of developing countries, is driving the demand for anti-venom products. The advantages of anti-venom products include rapid reversal of systemic toxicity, prevention of complications, and reduction in mortality rates associated with snakebites and scorpion stings.

Market Key Trends:

Increasing research and development activities focused on improving the efficacy and safety of anti-venom products are a key trend in the global market. Manufacturers are investing in technological advancements to develop more targeted and efficient anti-venom therapies. This includes the use of recombinant DNA technology to produce monoclonal antibodies that can neutralize venom toxins more effectively. The development of next generation anti-venom products holds great potential in improving patient outcomes and reducing the burden on healthcare facilities. Additionally, collaborations between pharmaceutical companies and research institutes are facilitating the development of novel anti-venom therapies with enhanced therapeutic properties. This trend is expected to drive the growth of the global anti-venom market over the forecast period.

Segment Analysis:

The anti-venom market can be segmented based on type, species, and distribution channels. By type, the market can be further divided into polyvalent and monovalent anti-venoms. The polyvalent anti-venom segment currently dominates the market due to its broad-spectrum effectiveness against multiple types of snake venoms. Monovalent anti-venoms, on the other hand, target specific venom types and are gaining popularity in regions where specific snake species are more prevalent.

Based on species, the anti-venom market can be categorized into snake, spider, scorpion, and other venomous species. The snake venom segment holds the largest share in the market owing to the high prevalence of snakebites in various regions, particularly in rural areas of tropical countries. Spider and scorpion venoms are also major contributors to the market, although to a lesser extent.

For distribution channels, the market can be divided into hospitals, clinics, and retail pharmacies. Hospitals currently dominate the distribution channel segment due to the availability of advanced medical facilities and the presence of skilled healthcare professionals. However, the retail pharmacies segment is expected to witness significant growth in the forecast period due to the increasing availability and accessibility of anti-venom products in local pharmacies.

Key Takeaways:

The Global Anti-Venom Market Demand is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period, due to increasing snakebite incidences worldwide. Snakebites are a significant public health problem in rural areas of tropical and subtropical countries, with an estimated 5.4 million cases and 1.8 million envenomings occurring globally every year.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the anti-venom market. The high prevalence of poisonous snake species, limited accessibility to healthcare facilities, and poor public health infrastructure contribute to the increased demand for anti-venom products in this region.

Key players operating in the anti-venom market include BTG plc, Laboratorios Silanes, CSL Limited, Pfizer, Inc., Merck & Co., Inc., Bharat Serums and Vaccines Limited, Haffkine Bio-Pharmaceutical Corporation Ltd., Vins Bioproducts Limited, Incepta Pharmaceuticals Ltd., and Rare Disease Therapeutics Inc. These key players are focusing on research and development activities to develop novel anti-venom products with improved efficacy and safety profiles. Additionally, collaborations and strategic partnerships are also being pursued to expand geographical presence and gain a competitive edge in the market.

 

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it