Anti-Venom Market Overview
The prominent reason behind the strong growth of the anti-venom market is the growing demand for anti-venom treatment, as it is the only authorized treatment for snake bite, without any alternative treatment available. Moreover, violation of forest lands for housing and agricultural needs has gotten humans close to poisonous animals and insects, thereby increasing the prevalence of venomous bites. In addition, the prevalence of snake bites, scorpion bites, as well as other animal or insect bites like fish stings is an additional factor playing a major role in the anti-venom market growth.
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According to a recent industry analysis published by Market Research Future (MRFR), the global Anti-Venom Market Size has been booming and projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value. In its anti-venom market growth analysis, MRFR also asserts that the market would register around 6.5% CAGR during 2020 – 2027. Additionally, the market is driven by the rise in healthcare expenditure and growing research and development investments.
Anti-Venom Market Players
- Allison Medical Inc.
- Owen Mumford Ltd.
- Ypsomed Holding AG
- Terumo Corporation
- Hamilton Company
- Medline Industries Inc.
- UltiMed Inc.
Anti-Venom Market Segmentation
- The types of species covered in the report include snakes, scorpions, spiders, and others. Further, the snake segment is further segmented into common cobra, common krait, Russell Viper, and others.
- Considering the mode of action, the global anti-venom market covers cytotoxic, neurotoxic, haemotoxic, cardiotoxic, myotoxic, and others.
- The product types in the global anti-venom market are snake anti-venom, spider anti-venom, scorpion anti-venom, and others. The segment of snake anti-venom accounts for the largest share in the global market on account of the high prevalence of poisonous snake bites that lead to high rate of mortality as well as morbidity with no anti-venom treatment.
- The end-users in the global anti-venom market are hospitals, clinics, ambulatory surgical centers, and others.
Anti-Venom Market Regional Segmentation
Securing the second spot in the global anti-venom market, the Europe market will thrive on the back of strong support lent by the government for research and development, in terms of funding. Also, the enhanced reimbursement scenario is touted to be the driving force behind the lucrative growth of the Europe anti-venom market. As reported by Eurostat, among all the EU Member States, Germany recorded the highest value of healthcare expenditure in 2014, estimated at around EUR 321 billion, with France right behind with the estimated value of EUR 237 billion. Moreover, the United Kingdom had reached the valuation of EUR 223 billion that year.
The report also identifies the Asia Pacific to be the fastest growing market, with the primary reasons being the large patient pool combined with the continuous advancements in pharmaceuticals. The Indian Brand Equity Foundation (IBEF) had noted that in 2016, the generics market in the country was valued at USD 26.1 billion. On top of that, on account of the high incidence of snake bites in India and Bangladesh, the overall market for anti-venom in the region is expected to flourish in the coming years. To illustrate, the Journal of the Association of Physicians of India had reported in 2017 that roughly 50,000 individuals die in the country every year, mostly owing to venomous snake bites.
Finally, the Middle East and Africa market will be able to grab hold of the lowest share of the worldwide anti-venom market, as a result of the slacking development of economy, poor medical facilities and lack of technical know-how.
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