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![Anti Venom Market Estimated to Witness High Growth Owing to Increasing Cases of Snake Bites](https://s3.us-west-2.amazonaws.com/timessquarereporter.com/upload/media/posts/2024-02/06/anti-venom-market-estimated-to-witness-high-growth-owing-to-increasing-cases-of-snake-bites_1707203359-b.jpg)
Anti venom is a life-saving serum produced by pharmaceutical companies to effectively counteract the effects of snake venom. It is composed of antibodies that neutralize the toxins in the venom of several snake species. Some key uses of anti-venom include treatment of snake bites, reducing the risk of allergic reactions, and addressing symptoms like swelling, nausea, hemorrhaging etc. caused by snake envenomation.
The global anti-venom market is estimated to be valued at US$ 9229.16 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 Dynamics:
One of the key drivers for the growth of the anti venom market is the increasing incidence of snake bites across the world. As per WHO estimates, around 5 million snake bites occur annually worldwide, out of which over 1,80,000 result in deaths. Tropical and subtropical regions with warmer climates experience higher risks of snake encounters. With rising global temperatures due to climate change, snake habitats are expanding to new geographic areas, leading to greater human-snake interaction and conflict. Moreover, increasing deforestation and agricultural expansion into natural territories is bringing more people in contact with venomous snakes. The high unmet medical needs associated with snake envenomation treatment especially in rural areas of developing nations will continue driving demand for advanced anti venom drugs and immunotherapies in the forecast period.
SWOT Analysis
Strength: The anti venom market has strong growth potential due to rising incidence of venomous animal bites globally each year. Large unmet needs exist especially in rural areas of developing nations. Continuous research efforts are underway to develop advanced anti venoms with improved efficacy and safety.
Weakness: Anti venom production faces several challenges including low yields, lengthy manufacturing processes and high costs of goods. Dependence on animal venom for production leads to intermittent supply issues. Clinical trials for new products require extensive time and funds.
Opportunity: Growing health awareness and rising spending on healthcare in emerging economies will drive the demand for anti venoms. Untapped rural markets offer major revenue opportunities. Novel recombinant and hybrid anti venom technologies can address current challenges and disrupt the market.
Threats: Entry of generic competition threatens establishedanti venom brands. Stringent regulatory norms for clinical trials delay market entry of new products. Occasional shortages in venom supplies from snakes disrupt manufacturing. Natural calamities in venom collection regions impact supplies.
Key Takeaways
The global anti venom market is expected to witness high growth over the forecast period supported by rising snake bite incidents across tropical and subtropical regions globally. The global anti-venom market is estimated to be valued at US$ 9229.16 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the anti venom market owing to large patient pools in India, Southeast Asia and Australia. As per the World Health Organization, India alone accounts for over 50,000 deaths annually due to snake bites, indicating significant unmet needs.
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. These companies are focusing on expanding geographic presence and portfolio through collaborations as well as new product launches catering to specific snake species.
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