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Anti-venom is a life-saving biologic product used for pre and post-exposure prophylaxis and treatment of envenomings caused by snakebites, scorpion stings, or spider bites. It acts by neutralizing the toxins present in the venom. The demand for anti-venoms is driven by growing cases of snake bite incidents across tropical and subtropical regions. The global Anti Venom Market is estimated to be valued at US$ 9229.16 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The prevalence of snake bite cases has been increasing globally, mainly attributed to rising human encroachment into the natural habitats of snakes. As per the World Health Organization (WHO), there are an estimated 2.7 million cases of snakebites each year worldwide, resulting in nearly 100,000 deaths. The mortality is highest in South and Southeast Asia, and sub-Saharan Africa. Tropical agricultural regions and areas undergoing habitat modification or destruction are at higher risk of snakebite. Therefore, the growing caseload of snake bites, especially in developing regions such as Asia and Africa is expected to drive the demand for anti-venoms over the forecast period.
SWOT Analysis
Strength: The anti venom market has strong demand due to rising incidence of snakebites globally. Extensive research and development by key players to develop advanced anti venoms is also a major strength.
Weakness: High costs associated with anti venom production and storage is a key weakness. Geographic variations in venom composition also poses challenges.
Opportunity: Growth opportunities exist in untapped emerging markets and rural areas. Novel production technologies can help lower costs and aid rural accessibility.
Threats: Threat from substitute treatments and lack of adequate healthcare infrastructure in certain regions are major challenges. Stringent regulatory approvals also impact market dynamics.
Key Takeaways
The global anti venom market is expected to witness high growth over the forecast period supported by rising incidence of snakebites.
Regional Analysis: The Asia Pacific region currently dominates the market and is expected to grow at the fastest rate attributed to factors like large patient pool, tropical climate favorable for snakes, and inadequate medical facilities in rural areas.
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. These players are focusing on new product launches, collaborations and geographic expansions to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
