The Antivenom Market size in North America is expected to be worth USD 0.49 billion by 2027 from USD 0.39 billion in 2022, growing at a CAGR of 4.87% between 2022 to 2027.
During the COVID-19 pandemic, a considerable increase in the number of deaths reported from snake bites in a few places. Anti-venoms are in high demand as a result of this. Venomous bites and stings have become more common in recent years. Snakebite Crisis Organization gathered funds in May 2019 to produce high-quality, treatment-enhancing antivenom to meet the ever-increasing need for anti-venom treatments.
The anti-venom market is experiencing vigorous R&D activity due to an increasing number of pipeline items, which could propel the North American anti-venom market forward. The increased focus on research and development activities from both public and private organizations for developing high-quality anti-venoms due to enormous advancements in medical science and technology to meet the constantly rising demand for anti-venoms due to increasing mortality rates are expected to create more opportunities. Polyvalent antivenoms are advantageous in areas where many venomous species exist, and monovalent antivenoms against all of them are challenging to develop. Due to the huge healthcare spending and increased scorpion and snake bites in the region, North America is predicted to dominate the global market during the forecast period.
Anti-venom manufacturing is time-consuming and costly. Anti-venom prices have risen dramatically in the previous two decades, making therapy expensive for most people. This is the most significant factor that is projected to restrict market expansion during the forecast period. However, as people become more aware of the presence of anti-venoms, there is less misinformation about venom bites, which is limiting the market growth. High manufacturing costs, a lack of significant public and private sector investments, and inefficient manufacturing practices are all holding back the North American anti-venom market. Because of the current COVID-19 situation, all firms' research and development resources are diverted to COVID-19 research. As a result, there has been little or no research in this category in recent years, which is expected to impact market growth significantly.
This research report on the North American antivenom market has been segmented & sub-segmented the market into the following categories:
Silanes Laboratories' Anavip, a pentavalent anti-venom against Crotalus snake bites, has been approved by the US Food and Drug Administration (FDA). Venomous snake bites can result in paralysis, making it difficult to breathe, bleeding disorders, leading to a fatal hemorrhage, irreversible kidney failure, and tissue damage, resulting in permanent impairment and limb amputation. As a result, the leading companies in the anti-venom market are focusing on creating polyvalent antivenoms due to the multiple benefits. All of these innovations by the companies and increased awareness as a result of international health organisations' engagement in the creation of safe and effective anti-venoms are driving the market forward. For example, the University of Arizona has released a polyvalent F(ab)2 Equine anti-venom intended to treat bites from the North American coral snake (Micrurus).
KEY MARKET PLAYERS:
A few of the promising companies operating in the North America antivenom market profiled in this 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.
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