The Antivenom Market size in Europe is expected to reach USD 0.43 billion by 2028 from USD 0.33 billion in 2023, growing at a CAGR of 5.21% during the forecast period.
The increase in snakebite cases and the increase in public funding for R&D are considered the key drivers of the European antivenom market. According to a study published in 2019, it was recorded that around 1.8 million snakebite deaths between 2001 and 2020. This study includes researchers and other workers from India, the United Kingdom, and Canada as well. Snake bites are often neglected as a public health problem in many countries. According to the World Health Organization (WHO), in 2018, around 5.5 million snake bites occur each year, resulting in up to 2.8 million poisonings and approximately 82,000 to 132,000 deaths from snakebites. Several other factors such as the increase in patient base, unmet medical needs, increased awareness of products, improved regulatory framework, and increased government support continually contribute to the growth of the European antivenom market.
The prevalence of poisonous bites and stings has increased over the years. Plus, it often leads to about three times as many amputations and other permanent disabilities. The Snake Bite Crisis Organization raised funds for research and development to curate high-quality anti-venom medications with lesser side effects and quicker action to meet this increasing demand for anti-venom drugs. For example, the antidote to coral snake poisoning is regenerated by immunizing horses with the venom of another snake species. However, the use of antidotes is associated with several side effects; hence these are used only in critical cases along with the help of corticosteroids, adrenaline, and antihistamines are recommended before using the antidote to reduce the severity of hypersensitivity reactions that may occur in 20% to 90% of all cases.
The anti-venoms have many side effects but have reduced mortality from venom poisoning. These can be species-specific or targeted. Major Key players are working with regional and international health organizations to increase awareness and distribute these products, especially in rural regions. The production of safe and effective anti-venoms drugs as an emergency drug is driving the market's growth.
However, factors such as difficult preparation of anti-venom, poor health care system in developing countries, high cost of anti-venom, strict regulations, and lack of awareness about their proper usage can be significant factors expected to hamper the growth of the market during the forecast period.
This research report on the European Antivenom Market has been segmented & sub-segmented market into the following categories:
Geographically, Germany dominates the European antivenom market during the forecast period due to increasing snake and scorpion bite cases and high health care costs. It is estimated that worldwide, nearly 405,000 suffered permanent damages, while 126,000 were reported to be fatal. Therefore, government financial support for research, development, and improvement of the reimbursement scenario is expected to boost this regional market. According to data suggested by Eurostat, it is observed that among the EU Member States, the highest value of health expenditure was recorded in Germany in 2015, with nearly 340 billion euros, followed by France at 238 billion euros and the United Kingdom with 225 million euros. Then in the year 2017, R&D spending in the pharmaceutical industry amounted to over 36 billion euros.
The United Kingdom is a growing anti-venom market due to increasing advancements in pharmaceuticals. According to the UK national poisons information services (NPIS), the British Adder is responsible for more snake bites. Snakebites represent one or two cases to NPIS per week. Viper bites account for more than half of the cases. A quarter of the patients were due to non-British snakes held captive in the UK. The poisoning would have occurred in just under half of the issues.
KEY MARKET PLAYERS:
A few of the noteworthy companies leading the Europe 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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