The Asia-Pacific Antivenom Market size is expected to reach USD 0.61 billion by 2027 from USD 0.40 billion in 2022, growing at a CAGR of 8.59% during the forecast period.
Antivenom is described as the biological product that detoxifies the poisoning of venomous bites. Antivenom is prepared from animals' milking venom such as snakes, spiders, scorpions, and other venomous animals. Venomous bites result in certain clinical conditions such as secretion of excessive saliva, muscle weakness, breathing problems, and other difficulties that may also lead to death. It is estimated that approximately 40,000-80,000 people die in Asia (Majorly from India) with snakebites annually. The manufacturers developed several Antivenom products to overcome poisonous effects after venomous bites, including vaccines and hyperimmune sera.
Rising demand for antivenom products, a growing number of snakebite cases as compared to developed regions, development of effective antivenom products against more snake species, and the increasing number of manufacturers to focus on antivenom products in the Asia region (especially in India) are driving the growth of Asia-Pacific Antivenom Market.
However, a dearth of antivenom products, the high cost of the products, the existence of new regulations, the requirement of training to medical staff, and the presence of underdeveloped medical infrastructure are restraining the growth of the Asia-Pacific Antivenom Market.
This research report on the Asia Pacific Antivenom Market has been segmented & sub-segmented market into the following categories:
Regionally, The Asia-Pacific Anti-poison market is predicted to hold the largest market share in the forecast period. This is due to advances in medicine and huge patient pools, and the high incidence of snake bites in countries like India and Bangladesh. The data published in 2017 by the Journal of the Association of Physicians of India reported that about 50,000 people are infected annually due to snake bite. India is a religious region in Asia-Pacific and respects the snake according to their tradition.
In rural areas, adoption rates for poison are meager as traditional treatment methods are still used. In Bangladesh, only 3% of snakebite victims visit hospitals for treatment, published in June 2018 by the Journal of Pharmacology & Clinical Toxicology. Public and private organizations work together to raise awareness of poisonous bites in animals and the use of antidotes.
Leading companies in the APAC Antivenom Market 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.
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