The Global Antivenom Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Global Antivenom Market is expected to reach USD 1.7 billion by 2023 from USD 1.13 million in 2018, growing at a CAGR of 6.12% during the forecast period 2018-2023. The market is segmented by Type [Vaccines and Hyperimmune Sera (Homologous & Heterologous)] and by Animal (Snakes, Scorpions, Spiders, and Others). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
Global market for Antivenom is driven by the increasing government initiations to promote the development of high quality antivenom products, presence of highest number of snake bite victims (especially from Asia & Africa regions), and estimated pipeline products launch. In addition, growing of deaths from venomous animal’s bites and increasing research to develop advanced antivenom products are further stimulating the growth of global Antivenom Market. However, withdrawal of antivenom products, insufficient funding to develop the antivenom products to meet demand, high cost of the products, regulatory complexities, and high costs of maintaining livestock for antivenom production are restraining the growth of global Antivenom Market.
North America is the dominating market for Antivenom accounting for a share of approximately 39.0% followed by Europe. North America major is due to establishment new snake poison control centres, increasing antivenom products approval, growing research to support the development of effective antivenom products, rising number of clinical trial centres to conduct antivenom products study, increasing fear among people about snake bites, and presence of well-established medical care. Asia-Pacific is estimated to be the fastest growing region with a CAGR of 8.59% during the forecast period of 2016-2021. Highest growth of Asia-Pacific region is owing to rising demand for antivenom products, growing number of snake bite cases as compared to developed regions, development of effective antivenom products against more number of snake species, and increasing number of manufacturers to focus on antivenom products in the Asia region (especially in India).
CSL Limited (Australia), Merck & Co., Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), and BTG Plc (U.K.) are the major companies in the market accounting for a share of approximately 50-55%. Other major companies covered in the report are Instituto Bioclon, S.A. de C.V. (Mexico), Pfizer AG (Switzerland), Rare Disease Therapeutics, Inc. (U.S.), Vins Bioproducts Limited (India), Incepta Vaccine Ltd. (Bangladesh), and Bharat Serum and Vaccines Limited (BSV) (India).
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