The Antivenom Market size in the Middle East & Africa is expected to be worth USD 0.21 billion by 2027 from USD 0.15 billion in 2022, growing at a CAGR of 6.67% between 2022 to 2027.
The number of venomous animal bite cases has increased in MEA in the recent past, owing to the presence of more snakes in the area, which is one of the primary reasons behind the market growth. Also, due to the increase in the innovations and advancements in the technology in developing antivenom, the antivenom market in this region is expected to see some rapid growth during the forecast period. Antivenom is used to treat venomous bites and stings from the animals such as snakes, insects, and others.
Furthermore, an increase in the awareness and initiatives from the government and non-government in the research activities for developing and introducing new products are expected to expand the market growth. Also, according to the segment of the polyvalent antivenom is estimated to have significant growth in the market as most of cases, monovalent antivenom cannot be used; therefore, polyvalent antivenom is the most preferred antivenom drug in most of the issues.
The market for antivenom had been significantly increased during the COVID-19 pandemic, as there were significant cases reported in MEA that increased the demand for the antivenom. Moreover, increasing drug administration approvals, growing investments, and funding for the development of laboratories is expected to uplift market growth.
However, the increase in the high costs of the antivenom vials with the lack of antivenom products is due to the lack of skilled and trained individuals for manufacturing as collecting venom from snakes is a tedious process, and it needs experienced professionals to do, which is significantly hampering the production of the antivenom. Therefore, the factor mentioned above is expected to restrict the market's growth rate during the forecast period. Also, a complication related to the preparation of the correct immunogens. In addition, due to the limited adoption of the antivenom products, they come with a shorter clearance time, which results in inadequate blood antivenom concentrations.
This research report on the Middle East and Africa antivenom market has been segmented & sub-segmented the market into the following categories:
The Middle East and Africa antivenom market is projected to record a moderate share in the global antivenom market during the forecast period due to the frequent venomous animal bites and the treatment of these bites as a health emergency by the governments during the forecast period. Also, the market is lucrative due to the governments focusing more and more on developing newer and more potent antivenoms.
The UAE antivenom market is estimated to account for the majority of the MEA market share due to the high incidents of frequent snakebites. Therefore, the government treats it as a health emergency and thus facilitates the growth of the research facility.
South Africa and Egypt are some countries in the African region taking firm steps to develop newer antivenoms. Due to this very reason, the market is growing in these countries. South Africa is estimated to have an increase in the market share in the forecasted year as more than 1 million snakebites which results in 500,000 envenomation 25000 permanent disabilities with 25000 deaths each year.
Sub- Saharan countries such as Ethiopia, Sudan have an extremely high rate of animal bites and thus are very potent markets for the future.
KEY MARKET PLAYERS:
Companies dominating the MEA 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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