The Antivenom Market size in Latin America is expected to be worth USD 0.23 billion by 2027 from USD 0.16 billion in 2022, growing at a CAGR of 7.42% during the forecast period.
Each year, 2.8 million poisonings occur across the globe; according to the WHO, Snakes are particularly risky and expensive when collecting different antivenom from reptiles. In Latin America, between 20,000 and 40,000 individuals are reported to be bitten by snakes each year. There are also around three times as many amputations and other lasting disabilities. Antivenom, on the other hand, is challenging to manufacture and expensive.
Governments of Latin American countries are attempting to prevent deaths from snake bites and other harmful bites, which is one of the key factors promoting the antivenom market growth in this region. The producers produced several antivenom medications, including vaccinations and hyperimmune sera, to combat the deadly effect of venomous bites. In addition, increased R&D expenditures and government initiatives, and funding for the development of high-quality antivenom are other significant growth drivers to the market.
Uncertainty in quality standards and inadequate antivenom application are majorly limiting the Latin American antivenom market's growth pace. High manufacturing costs, a lack of significant public and private sector investment, and inefficient manufacturing practices are further stifling the Latin American antivenom market's growth. Inadequate support from governmental and private groups, high product costs, and limited product accessibility is projected to impede the Latin American market's growth. In addition, the high prices for antivenom products are hampering the market to the high expense of maintaining live animals for antivenom manufacture.
The Latin American antivenom market’s growth is further predicted to be restrained by a lack of skilled specialists in drug control laboratories and a lack of specification and sufficient understanding about the sorts of toxics and lethal venom types.
This research report on the Latin American antivenom market has been segmented & sub-segmented market into the following categories:
During the forecast period, the Latin American antivenom market is anticipated to account for a moderate share in the global antivenom market. The antivenom market in this region is influenced by various spices and snakebite and other venom spices and reptiles from diverse locations. Furthermore, snakebite is a neglected public health issue in many common places, and these circumstances impact the region's antivenom sector.
The Mexican antivenom market had the largest market share in this region in 2020, with research and development playing a pivotal role. Growth in the number of low–cost antivenom products, increased government initiatives toward the development of effective antivenom products, and an increase in the number of snakebite cases compared to developed countries are boosting the antivenom market in Mexico.
On the other end, the Brazilian antivenom market is expected to showcase a promising growth rate in this region during the forecast period.
Argentina has a variety of research institutes dedicated to antibody research and natural antivenom medicinal development. According to the data, tremendous progress has been made in medical research and technology to meet the ever-increasing demand for antivenom.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the Latin American 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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