As per our report, the antivenom Market size at a global level is expected to reach USD 3.73 billion by 2027 from USD 2.76 billion in 2022, growing at a CAGR of 6.18% during the forecast period.
Antivenom is a biological product used to treat poisonous bites or stings of spiders, snakes, scorpions, etc. Snake bites are one of the major threats which can be fatal, and every year so many people are dying around the world due to a lack of treatment on time. Therefore, antivenoms should be used with proper knowledge while treating snake bites. It may not be active or may lead to other side effects. There are two types of antivenom which are known as monovalent and polyvalent.
Impact of COVID-19 on the global antivenom market:
SARS-COV-2, when the virus was first identified in Wuhan, China, the World health organization declared healthcare emergence. COVID-19 was announced as a global pandemic and the emergence of the healthcare industry. COVID-19 first arrived as a regional pandemic and became a global pandemic. COVID-19 is an infectious disease that spreads quickly from person to person; to control the transmission, all the governments have imposed nationwide lockdown and a ban on transportation modes. The pandemic had affected all sectors of the economy except in the case of the healthcare sector.
The outbreak mainly affected almost all sectors of the economy, including healthcare and life sciences markets. The COVID-19 epidemic has impacted the availability of resources globally. COVID-19 harms the antivenom market because the antivenom activities have been postponed. The nation's primary focus was to combat the COVID-19. The capital investments in antivenom had been diverted to the COVID-19 fight. Nonetheless, now that many countries have been uplifted, the restrictions, the R&D, and the sales for the antivenom products are expected to start, and predicted the market to recover very soon.
The rise in the incidence of snake bites and people getting aware of treatments due to modernization and globalization are propelling the growth of the global antivenom market.
According to the World Health Organization (WHO), around 5.5 million snake bites occur each year, resulting in up to 2.8 million poisonings (snakebite poisoning), and at least 85,000 to 143,000 people die from snakebites. Besides, about three times more amputations and other permanent disabilities. Due to international health organizations' involvement in producing safe and effective antidotes, people are familiar with antivenom drugs. However, the production of antivenom is difficult and expensive.
Government authorities in developing countries are taking measures to prevent loss of life due to snake bites and other venomous bites to enhance healthcare services, fuelling the growth of the antivenom market. In addition, medical research organizations are also continually developing effective treatment methods and antivenom to tackle the seriousness of venomous bites, catalyzing the business.
Rising awareness among people and recognizing snakebite as a medical emergency in rural areas is expected to boost the demand for snakebite treatments, which will offer growth opportunities for the antivenom market during the forecast period. Furthermore, the rising focus on research and development activities from the private and public organizations for developing high-quality antivenoms owing to immense advancements in medical science and technology to meet the continuously rising demand for the antivenoms due to the rise in mortality rate is expected to create more growth opportunities for the market over the forecast period. The market is supposed to offer several options for the key players owing to the unmet demand for antivenoms in countries like Africa, Asia, and Latin America. An increasing number of novel product developments and launches and a more natural approval process are also foreseen to create lucrative growth opportunities for the global antivenom market during the forecast period.
Uncertainties in standards of quality and improper application of antivenom limit the growth rate of the global antivenom market. High costs associated with manufacturing, lack of proper investments by public and private organizations, and inefficient manufacturing procedures restrain the growth of the worldwide antivenom market. Other factors that are challenging the development of the market are inappropriate regulations, shortage of skilled professionals in drug control laboratories, lack of specifications and proper knowledge regarding the types of toxic and lethal venom types which would affect the treatment procedure, belief systems in some countries like India and particularly in rural areas where the incidence of snake bites are more frequent, and lack of proper distribution networks of venom due to the inadequate infrastructure of healthcare in developing countries.
Market Size Available
2021 to 2027
2022 to 2027
By Type, Animal, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report on the global antivenom market has been segmented and sub-segmented based on type, animal, and region.
Antivenom Market - By Type:
Antivenom Market - By Animal:
Based on animals, the snake segment dominates the market and is likely to continue the domination throughout the forecast period. Factors such as the occurrence rate of snake bites in countries like India, Pakistan, Bangladesh, and other Asian and African countries lead to a constant rise in demand for antivenom. In addition, increasing awareness among people in rural areas about the seriousness of snakebites, unmet demand conditions of the antivenoms, improvisation of regulatory frameworks and approval procedures, and increased government investments in developing high-quality antivenoms contribute to the growth of the snake segment in this market.
Antivenom Market - By Region:
The North American Antivenom market is the dominating global market accounting for approximately 39.0%, followed by Europe in 2021. North America held the largest market share during the forecast period concerning demand and revenue. In North America, the U.S. contributed the majority share of an antivenom market over the forecast period.
The European antivenom market accounted for the second-largest global market share in 2021. As per the report, it is estimated that around 81,000 to 1,38,000 people die every year. In addition, snakebite is a neglected public health issue in many typical areas; these factors influence the antivenom market growth in this region.
The Asia-Pacific antivenom market is the fastest-growing region at this moment and growing at a CAGR of 8.59% during the forecast period. An increase in the prevalence of snake bites and other venomous bites is expected to drive market growth. India and Bangladesh are the major contributors to this market. The journal of the association of physicians of India stated that there are 50,000 people annually dying in India. Governments and non-private organizations are conducting research activities for the treatment of therapeutics. In rural areas in the Asia Pacific, such as India, Bangladesh, and Nepal, anti-venom adoption is shallow due to a lack of awareness.
The Latin American antivenom market is predicted to be worth USD 230 million by 2027.
The Middle East Africa antivenom market occupied the lowest share of the global market in 2021. However, the slow development of anti-venom adoption, and the lack of technical knowledge among the people in this region about the treatment therapeutics, which lead to death and poor medical facilities, contribute to the market growth of the anti-venom market in this region.
KEY MARKET PARTICIPANTS:
Companies leading the Global Antivenom Market profiled in the report are Instituto Bioclon, S.A. de C.V. (Mexico), Pfizer AG (Switzerland), CSL Limited (Australia), F. Hoffmann-La Roche Ltd. (Switzerland), Merck & Co., Inc. (U.S.), Rare Disease Therapeutics, Inc. (U.S.), Vins Bioproducts Limited (India), BTG Plc (U.K.), Incepta Vaccine Ltd. (Bangladesh) and Bharat Serum.
KEY MARKET HAPPENINGS:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.3 Hyperimmune Sera
5.1.4 Y-o-Y Growth Analysis, By type
5.1.5 Market Attractiveness Analysis, By Type
5.1.6 Market Share Analysis, By Type
5.2.6 Y-o-Y Growth Analysis, By Animal
5.2.7 Market Attractiveness Analysis, By Animal
5.2.8 Market Share Analysis, By Animal
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Type
126.96.36.199 By Animal
6.1.4 Market Attractiveness Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Type
220.127.116.11 By Animal
6.1.5 Market Share Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Type
126.96.36.199 By Animal
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Instituto Bioclon, S.A. de C.V.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Pfizer AG
8.3 CSL Limited
8.5 Merck & Co
8.6 Rare Disease Therapeutics, Inc.
8.7 Vins Bioproducts Limited
8.8 BTG Plc
8.9 Incepta Vaccine Ltd
8.10 Bharat Serim and Vaccines Limited (BSV)
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
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