Anti-Venom Market Size To Expand at a Notable CAGR Of 8.90% During 2023 - 2032

Pune, India, June, 2023/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Anti-Venom market.

Market Synopsis

Market Research Future (MRFR) speculates that the global anti-venom market is predicted to witness 8.90% CAGR throughout the forecast period (2023–2032) to Hit USD 1.29 Billion by 2032, owing to unmet medical needs. 

Anti-venom is referred to as a purified antibody which is used against venoms and its components. It is a process where animals are immunized with the venom of a snake, and later antibodies are extracted from it. It is considered the only definitive treatment against scorpion or snake bites. It is also used to treat bites from jellyfish, spider, stone fish, and others. It detoxifies the poisoning of the venomous bites and is prepared by milking venom of animals like spiders, snakes, scorpions, and other venomous animals.

Drivers and Constraints Impacting the Market

With the rising cases of snake bites, growing patient population, growing funding from the government, unmet medical needs, enhancing regulatory framework, and augmenting awareness regarding antivenoms are some of the major factors considered to propel the anti-venom market growth throughout the appraisal period. Launches and approvals of novel drugs in major regions are anticipated to flourish the market growth. For instance, Silanes Laboratories, in October 2018, had received the FDA approval for Anavip, which is an anti-venom acting against snake bites of the Crotalus family. Market giants are also focusing on increasing shelf life and are extending the expiry date of their products. For instance, BTG plc. in September 2018 had announced that the U.S. FDA had approved for upgrading the shelf life CroFab Crotalidae Polyvalent Immune Fab (Ovine) to 60 months. Moreover, continuous R&D activities in order to offer standard treatment and advanced drugs for poisonous bites has further led to the development of the anti-venom market across the globe. The augmenting demand for anti-venom in developing economies like Africa and India has led the market players to embrace new strategies and offer anti-venom items at an affordable price. Such factors have contributed to the market growth to a great extent.

On the contrary, strict regulations from the FDA, the high cost of the available anti-venoms, poor healthcare infrastructure especially in the low and middle-income economies and poor healthcare infrastructure are some of the major concerns considered to vitiate the market growth in the coming years.

Global Anti-Venom Market: Segmental Analysis

The global anti-venom market has been segmented on the basis of type, species, mode of action, products, and end-users.

By mode of type, the global anti-venom market has been segmented into monovalent heterologous antivenom, polyvalent heterologous antivenom, small molecule anti-toxins, and homologous antivenom.

By type of species, the global anti-venom market has been segmented into scorpions, snakes, spiders, and others.

By mode of action, the global anti-venom market has been segmented into neurotoxic, cytotoxic, cardiotoxic, haemotoxic, myotoxic, and others.

By mode of product type, the global anti-venom market has been segmented into scorpion anti-venom, snake anti-venom, spider anti-venom, and others.

By mode of end-users, the global anti-venom market has been segmented into clinics, hospitals, ambulatory surgical centers, and others.

Regional Insights

Geographically, the anti-venom market spans across regions namely, Europe, America, Asia Pacific, and the Rest-of-the-World (RoW).

Among these, the American region is considered to dominate the anti-venom market and is estimated to retain its dominance in the coming years. The factors influencing the market growth are the accelerating prevalence of scorpion bites and snake bites coupled with increasing expenditure on healthcare.

The European region is presumed to occupy the second position owing to the financial support by the government towards R&D activities coupled with the reimbursement scenario in this region. As per data suggested by the Eurostat, it has been noticed that among the EU member states, Germany was predicted to record the highest value of healthcare expenditure followed by France and the U.K.

The Asia Pacific region is predicted to expand at the fastest growth rate due to the presence of a huge patient population coupled with the augmenting advances in the pharmaceutical sectors in this region. As per the Indian Brand Equity Foundation, the generics market in 2016 stood at USD 26.1 billion. According to the World Health Organization, approximately 2.8 million people are bitten by snakes, and around 46 900 people die from snakebite each year.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Anti-Venom Market Research Report

Industry Updates

January 28, 2019: According to the Pharmaceutical Factory, Myanmar is making technical cooperation with Brazil in anti-venom production and research. The Pharmaceutical Factory under the Ministry of Industry has planned to increase its production of anti-venom production to 100,000.

Competitive Dashboard

The prominent players operating the global anti-venom market are Stryker Corporation, Boston Scientific Corporation, Smiths Medical, Allison Medical Inc., Owen Mumford Ltd., Ypsomed Holding AG, Terumo Corporation, Hamilton Company, Medline Industries Inc., UltiMed Inc., Artsana S.p.a., Hu-Friedy Mfg. Co. LLC, Thermo Fisher Scientific, Dickinson and Company, Roboz Surgical Instrument, B. Braun Melsungen AG, Hill-Rom, Medtronic plc, Novo Nordisk A/s, Johnson & Johnson Services Inc, Becton, and others.

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