Anti venoms are biopharmaceutical drugs used for the treatment of venomous bites and stings. They act against the toxins found in animal venoms and help neutralize their effects. Snakebites have been identified as a neglected tropical disease by the World Health Organization. The increasing cases of snakebites across various geographies is anticipated to fuel the demand for anti venoms in the forthcoming years.
The global anti venom market is estimated to be valued at US$ 9229.16 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Anti venoms are highly specific immune sera or monoclonal antibodies that neutralize the effects of venom. They provide immediate relief to the victims of venomous bites and prevent further complications. With growing population and urbanization in tropical and subtropical regions, the incidence of snakebites has increased significantly necessitating the use of anti venoms on a large scale.
Key Takeaways
Key players operating in the anti venom market include 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 players are focusing on new product launches, expansion of manufacturing facilities and collaboration activities to strengthen their presence in the global market.
The key opportunities in the anti venom market include increasing healthcare spending in emerging nations, investments in research for improved anti venom technologies and rising awareness regarding snakebite management. Majority of the global antivenom supply is concentrated in few countries like Australia, Brazil, Costa Rica, India, Mexico, South Africa and Thailand. However, with growing burden of snakebite mortalities, other regions are also expected to increase local production of anti venoms to ensure adequate supply.
Market Drivers
Increasing cases of snakebites across tropical and subtropical regions: Snakebite has been classified as a neglected tropical disease with global burden estimated to be over 1.8 million cases annually. Countries like India, Brazil, Indonesia, Nigeria and Sudan report a large number of snakebites every year driving significant demand for anti venoms.
Growing healthcare expenditures in developing nations: Many endemic regions for snakebites have poor access to anti venoms due to high costs. However, improving economic conditions are enabling greater healthcare investments which in turn is augmenting the consumption of anti venoms over the forecast period.
Market Restrain
Shortage of anti venom supplies: Most anti venom production is concentrated around a few manufacturers and regions. Any disruption in operations of these facilities can significantly impact the global supply of anti venoms. Secondly, the tropical geography of anti venom demand makes it difficult for last mile access in remote areas. These factors cause shortage of anti venom supplies in many parts of the world.
High costs associated with anti venom production: Anti venom manufacturing involves extraction of venom from snakes and injecting small amounts into animals to produce antibodies. This process is time consuming and expensive requiring specialized facilities and equipment. The high costs of production are reflected in the end product prices making anti venoms unaffordable for populations in low income countries.
Segment Analysis
The global anti-venom market is dominated by North America snake anti-venom sub-segment. It accounts for more than 35% share of the global market as the region has a high prevalence rate of snakebite incidences. In North America, the United States reports over 7,000 cases of poisonous snakebites each year, making it the dominating sub-segment. Countries like Mexico, Ecuador, and Costa Rica are also experiencing significant snakebite cases in the region that are driving the growth.
The scorpion anti-venom sub-segment is also gaining prominence globally, especially in the regions of Asia, Middle East, Latin America, and Africa. Countries including India, Brazil, Mexico, Iran, Pakistan, and some African nations are home to several species of scorpions that pose health risks to the population. The high incidence rates coupled with the development of affordable treatments are fueling the demand for scorpion anti-venoms in these regions.
Global Analysis
The North American region dominates the global anti-venom market with over 40% revenue share. Easy accessibility to treatments and robust healthcare infrastructure enable higher adoption of novel anti-venoms. The Asia Pacific region will witness the fastest growth during the forecast period owing to rising safety awareness programs against snakebites and scorpion stings. Countries like India and China have implemented various community education programs to change practices and increase the availability of treatment. Development of anti-venoms that are more effective, easy to administer are driving the regional markets of Latin America and Middle East & Africa. With the growing burden of tropical diseases, focus on research for improved therapies is rising across regions.
Comments
0 comment