April 20, 2024

The global Anti Venom Market Propelled by Growing Cases Of Snakebites And Scorpion Stings

Anti venoms are biologic therapeutic products used for treating venomous bites and stings from snakes, spiders, scorpions, and other venomous animals and insects. They are complex polyvalent immune globulin product derived from horse serum or sheep serum.

The global Anti Venom Market is estimated to be valued at US$ 9,229.16 Mn in 2023 and is expected to exhibit a CAGR of 6.7 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing cases of snakebites and scorpion stings across regions such as Asia Pacific, Latin America, Middle East and Africa has been a major factor driving the demand for anti venoms. According to the World Health Organization (WHO), around 5.4 million snakebites occur each year, out of which 2.7 million cases require treatment with anti-venom and around 1,84,000 deaths occur due to those venoms. Africa, Asia and Latin America together account for about 90% of the global burden. With rising number of instances every year, the need for anti venom treatment is growing significantly which is propelling the anti venom market growth over the forecast period.
SWOT Analysis

Strength: Presence of key players with extensive R&D and production capabilities. Growing investments in research and pipeline developments of anti-venom therapeutics.

Weakness: High costs associated with anti-venom production combined with limited outbreaks increases financial risks. Scarcity of snakes required for anti-venom production.

Opportunity: Growing prevalence of snakebites in emerging economies presents an opportunity for additional treatment and prevention. Expanding healthcare infrastructure and medical coverage in developing regions.

Threats: Stringent regulations for drug development and production. Risks associated with unreliable supply of venom and anti-venoms from wild populations of snakes. Potential supply disruptions due to environmental factors.

Key Takeaways

The global anti-venom market is expected to witness high growth over the forecast period of 2023 to 2030. The region of Asia Pacific currently dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to the presence of key venomous snake species and growing incidents of snakebites in highly populated countries of India and Southeast Asian countries.

Regional analysis:
Asia Pacific is the fastest growing as well as the dominant region in the global anti-venom market. As per WHO estimates, India accounted for over 50% of the global cases of snakebites. Other South Asian countries like Sri Lanka also have high incidence. Improving accessibility to healthcare and introduction of generic versions are expected to drive the market in the region.

Key players:

Key players operating in the anti-venom market are Bharat Serums and Vaccines Limited (BSV), Boehringer Ingelheim International GmbH, Boston Scientific Corporation, CSL Limited, Haffkine Bio-Pharmaceutical Corporation Limited, Incepta Pharmaceuticals Limited, Merck & Co. Inc., Merck KGaA, MicroPharm Limited, Pfizer Inc., and Rare Disease Therapeutics Inc. Major players are focusing on strengthening their presence in high-growth regions through collaboration with regional healthcare organizations and companies.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it