"Anti Venom Market Poised to Grow Owing To Rising Snake Bites Cases"
The global anti venom market comprises anti-venoms or antivenoms, which are medicines used for treating venomous snake, insect and spider bites. They work by neutralizing the toxins and venoms present in the body post a bite. Anti-venoms are produced by hyper-immunizing animals (horses or sheep) with sub-lethal doses of toxins to generate antibodies. The venom is then purified from the animal's blood. Different types of anti-venoms are available for treating specific snake families and regions. They provide rapid and effective treatment to reduce mortality and limit tissue damage from envenomation. The increasing incidence of snakebites across regions like Asia Pacific and Africa is a key factor driving market demand.
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 2023 to 2030.
The rising prevalence of snakebites, increasing awareness regarding treatment and availability of anti-venom are fueling market growth. Government efforts to regulate anti-venom supply and distribution are also contributing to the market expansion.
Key Takeaways
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. These players are investing in new product launches and regional expansions to strengthen their market presence.
There is high unmet need for effective and affordable anti-venoms across developing regions. Market players can focus on developing novel therapeutics targeting major venomous species. Emerging economies in Asia Pacific and Latin America offer lucrative opportunities owing to increasing healthcare investments and growing medical requirements.
Key players are exploring opportunities in international markets through partnerships and acquisitions. For instance, In September 2022, Rare Disease Therapeutics acquired MicroPharm to expand its anti-venom product portfolio and global commercial footprint into new geographies and snakebite endemic regions.
Market Drivers
One of the key drivers for the anti venom market is the rising incidence of snake bites globally. According to the World Health Organization (WHO), there are an estimated 2.7 million cases and around 138,000 deaths caused due to snake bites annually across the world. The South-East Asia and Western Pacific regions together account for about 50% of the total global deaths.
Market Restrains
High costs associated with anti-venom production owing to complex manufacturing processes and stringent regulatory standards is a major challenge. Limited availability and affordability of treatment in low and middle-income countries also restrains market growth. Additional research is required to develop novel, affordable and scalable anti-venom therapies.
Segment Analysis
Snake venom segment dominates the anti venom market owing to high prevalence of snake bites globally. According to WHO, around 5 million people are bitten by snakes annually resulting in over 1.8 million cases of envenomings and around 94,000 deaths. Among the regions, Asia Pacific records highest incidence of snake bites accounting for more than 50% of global snake bite cases annually due to hot and humid tropical climate which is suitable for snakes. Scropion venom segment is emerging fast owing to rising scorpion sting cases in rural parts of Middle East and South Asia. Key players are focusing on developing anti venoms for common venomous snakes and scorpions in respective regions to boost marketshare.
Global Analysis
Regionally, Asia Pacific holds leading share in anti venom market and is expected to witness highest CAGR during forecast period driven by India, Southeast Asian countries, Australia and China. These countries report highest snake bite cases globally each year. North America and Europe are other major markets owing to concentration of key players. However, growth rate is modest compared to Asia Pacific. Middle East and Africa regions are emerging markets and players are focusing on these regions by launching anti venoms for desert habitat specific venomous species like saw scaled viper. Latin America records high incidence of bothropic envenomings from lancehead snakes and is an important regional market. Thus, geographical expansion in emerging regions will be critical for overall anti venom market growth during forecast period.
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