Rabies Antiserum Market Is Estimated To Witness High Growth Owing To Increasing Incidence of Rabies and Rise in Awareness Programs
The global Rabies Antiserum Market is estimated to be valued at US$ 1.20 billion in 2022 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Rabies Antiserum Market refers to the market for antiserum used for the prevention and treatment of rabies. Rabies is a deadly viral disease that affects the central nervous system and is transmitted to humans through bites or scratches from infected animals. Antiserum, also known as rabies immunoglobulin (RIG), is a critical component in the post-exposure prophylaxis of rabies. It helps neutralize the virus and prevent disease progression.
Market Dynamics:
The growth of the Rabies Antiserum Market can be attributed to two primary drivers. Firstly, the increasing incidence of rabies worldwide is driving the demand for antiserum. According to the World Health Organization (WHO), rabies kills an estimated 59,000 people annually, with 95% of cases occurring in Asia and Africa. The high prevalence of rabies in these regions necessitates the availability of antiserum for effective treatment.
Secondly, the rise in awareness programs and initiatives by governments and non-profit organizations is creating a greater demand for rabies antiserum. These programs aim to educate communities about the importance of prompt medical attention after animal bites and the availability of antiserum for prevention. For example, the Global Alliance for Rabies Control (GARC) conducts advocacy campaigns and supports mass dog vaccination programs to reduce the incidence of rabies.
SWOT Analysis:
- Strength: Strong efficacy of rabies antiserum in preventing disease progression; Wide availability of antiserum in both developed and developing countries.
- Weakness: High cost associated with antiserum production and distribution; Limited access to healthcare facilities in rural areas of developing countries.
- Opportunity: Growth potential in emerging markets due to increasing healthcare infrastructure and government initiatives; Technological advancements in antiserum production and distribution.
- Threats: Stringent regulations for antiserum production and distribution; Potential side effects and allergic reactions associated with antiserum administration.
Key Takeaways:
The global Rabies Antiserum Market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period. This growth is driven by the increasing incidence of rabies and the rise in awareness programs.
In terms of regional analysis, Asia and Africa are expected to be the fastest-growing and dominating regions in the market due to the high prevalence of rabies in these areas. Governments and non-profit organizations in these regions are actively promoting vaccination campaigns and availability of antiserum.
Key players operating in the global Rabies Antiserum Market include CSL Behring, Sanofi Pasteur, Grifols S.A., Bharat Serum and Vaccines Ltd., Novartis AG, Kedrion Biopharma Inc., Biogenesis Bago SA, MassBiologics, Serum Institute of India Ltd., Green Cross Corp., Haffkine Bio-Pharmaceutical Corporation Ltd., Shanghai Institute of Biological Products Co. Ltd., CNBG (China National Biotec Group) Co. Ltd., Harbin Pharmaceutical Group Co. Ltd., and Beijing Tiantan Biological Products Co. Ltd. These players focus on strategic collaborations, product launches, and geographical expansions to strengthen their market presence.
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