Antivenom Market

Global Antivenom Market Size (2022 to 2027)

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 significant threats that can be fatal, and every year, 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 lockdowns and a ban on transportation modes. The pandemic has 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 the healthcare and life sciences markets. The COVID-19 epidemic has impacted the availability of resources globally. COVID-19 harms the antivenom market because antivenom activities have been postponed. The nation's primary focus was to combat 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.

MARKET DRIVERS:

YOY 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, fueling 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 snakebites as a medical emergency in rural areas is expected to boost the market for snakebite treatments.

Furthermore, the rising focus on research and development activities from 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 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. In addition, 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.

MARKET RESTRAINTS:

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.

REPORT COVERAGE:

This research report on the global antivenom market has been segmented and sub-segmented based on type, animal, and region.

Antivenom Market - By Type:

• Vaccines
• Hyperimmune Sera
  • Homologous
  • Heterologous

The antivenom vaccines segment is expected to dominate the market during the forecast period due to the prevalence of vaccines in the healthcare systems and the efficiency of vaccines. In addition, antivenom vaccines must be approved by the FDA before they are provided to the public and follow strict guidelines for approval to qualify. Therefore, the credibility of vaccines helps the dominance of the market. 

However, the hyperimmune serum is a commercial antivenom that has been gaining popularity recently and is expected to show growth during the forecast period. The only drawback holding the segment behind vaccines is that hyperimmune serums can be expensive and difficult to afford, especially in lower economic countries. 

Antivenom Market - By Animal:

• Snakes
• Scorpions
• Spiders
• Others

Based on animals, the snake segment dominates the market and will likely 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.

However, the scorpion is another species whose bite requires immediate antivenom assistance in case the scorpion is venomous. Although only about 30 of about 1500 scorpion species are venomous, their venom is extremely dangerous and deadly if not treated. Additionally,, there are more than a million scorpion bites in the world every year; therefore, the regular occurrence increases the possibility of being poisoned. Therefore, scoantivenomsvenoms are also an in growth for market for the key players.

Antivenom Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The North American Antivenom market is the dominating global market accounting for approximately 39.0%, followed by Europe in 2021. In North America, the U.S. contributed the majority share of the antivenom market over the forecast period. An estimated 7000 to 8000 people are affected by snakebites in the United States each year, and 30% are expected to be venomous.

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. However, in rural areas in the Asia Pacific, such as India, Bangladesh, and Nepal, antivenom adoption is shallow due to a lack of awareness. 

The Latin American antivenom market will 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 antivenom 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 antivenom 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:

• In August 2022, Research and analysis to create a region-specific antivenom serum in India occurred in a collaboration between Bharat serums and vaccines, a biopharmaceutical company, and the Indian institute of science in their evolutionary veronicas labs. The Research and development aim to develop antivenoms for specific area snakes, which can be deadly poisonous, and improve the availability of anti-venoms from only four significant snakes to more species. 
• In March 2022, Irula Snake Catchers' Industrial Cooperative Society in India was granted permission to sell their snake venom by a government order and to catch snakes from the forest department. The snake venom was worth 57 lakh rupees, and the permissions granted livelihood resumption for many of the irulas snake catchers. 
• In April 2021, the FDA approved an expanded version of equine-derived antivenin, ANAVIP, developed by rare disease therapeutics. This expanded antivenom includes more snakes like rattlesnakes, copperheads, etc., in its formla. This expanded ANAVIP also provides more half-life and reduces the after-effects of venom in the body. 
• In 2018, Pzifer Company extended the expiration date to 12 months for its antivenin product with food and drug administration.
• In 2018, the University of Arizona developed an antivenom called polyvalent F(ab)2 Equine, which can be used for treating bites caused by a snake in North America called Micrurus.
• In May 2017, Snakebite911, an app that contains educational information on snakes and snake bite first-aid support, was developed by BTG PLC.