As per our research report, globally, the antivenom market is predicted to rise at a CAGR of 6.18%, from USD 2.76 billion in 2022 to USD 3.73 billion in 2027.
The World Health Organization announced healthcare emergence when SARS-COV-2 was initially detected in Wuhan, China. COVID-19 was declared a global epidemic, and the healthcare industry was born. COVID-19 began as a regional epidemic and quickly spread to the rest of the world. COVID-19 is an infectious disease that spreads swiftly from person to person; all governments have enforced a nationwide lockdown and prohibited all kinds of transportation from preventing the disease from spreading. Except for the healthcare industry, the pandemic has touched every economic sector.
The pandemic has touched almost every economic sector, including the healthcare and life sciences industries. The COVID-19 outbreak has impacted the global availability of resources. Because the concerned antivenom activities have been postponed, the COVID-19 affects the antivenom market. The COVID-19 was the nation’s primary concern. Antivenom’s capital investments were shifted to the COVID-19 war. However, now that several countries have been lifted, limitations, R&D, and sales for antivenom medicines are scheduled to begin, and the market is projected to rebound quickly.
Due to the rise in the number of snake bites and people being more aware of treatment options due to modernity and globalization, the worldwide antivenom market is constantly growing.
According to the World Health Organization (WHO), over 5.5 million snake bites occur each year, with up to 2.8 million poisonings (snakebite poisoning) and at least 85,000 to 143,000 people dying due to snakebites. In addition, there are around three times as many amputations and other permanent impairments. Due to international health organizations’ engagement in developing safe and effective antidotes, people are familiar with antivenom medications. Antivenom manufacture, on the other hand, is difficult and costly.
Governments in developing countries are taking steps to avoid deaths from snake bites and other poisonous attacks to improve healthcare services, fuelling the antivenom market’s rise. Furthermore, medical research organizations are constantly inventing effective treatment methods and antivenom to combat the seriousness of venomous bites, stimulating market growth.
Rising public awareness and recognition of snakebites as a medical emergency in rural regions are likely to enhance demand for snakebites treatments, providing chances for the global antivenom market to expand throughout the forecast period. Furthermore, a growing emphasis on research and development activities from private and public organizations for developing high-quality antivenoms as a result of enormous advancements in medical science and technology to meet the continuously rising demand for antivenoms due to the rise in mortality rate is expected to create more growth opportunities for the market over the forecast period. Because of the unmet demand for antivenoms in countries such as Africa, Asia, and Latin America, the market is expected to provide many possibilities for essential players. During the projected period, the worldwide antivenom market is likely to benefit from an increase in the number of new product developments and launches and a more natural approval method.
Venomous bites and stings have become increasingly common in recent years. In May of this year, the Snakebite Crisis Organization gathered funding to develop high-quality, treatment-enhancing anti-venoms to address the growing need for anti-venom medications. In addition, in January 2019, Wyeth Pharmaceuticals, a wholly-owned subsidiary of Pfizer Inc., announced that antivenin for coral snake attacks would be extended. These firm advances are propelling the market ahead, as is increased awareness due to worldwide health organizations’ engagement in the creation of safe and effective anti-venoms.
The global antivenom market’s expansion rate is constrained by quality standards uncertainty and incorrect antivenom application. Furthermore, high manufacturing costs, a lack of adequate public and private sector investment, and inefficient manufacturing procedures limit the worldwide antivenom industry. In addition, inadequate regulations, a shortage of skilled professionals in drug control laboratories, a lack of specifications and proper knowledge about the types of toxic and lethal venom types that would affect the treatment procedure, belief systems in some countries, such as India, particularly in rural areas where snakebites are more common, and a lack of proper venom distribution networks are all posing challenges to the market’s development.
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KEY MARKET INSIGHTS:
- The Snakes category dominates the market and is expected to do so during the forecast period. Factors such as the high number of snakebites in India, Pakistan, Bangladesh, and other Asian and African countries have resulted in a steady increase in antivenom demand in these countries. In addition, increased government investments in developing high-quality antivenoms, as well as increased awareness of the seriousness of snakebites among people in rural areas, unmet demand conditions for antivenoms, improvisation of regulatory frameworks and approval procedures, and increased government investments in developing high-quality antivenoms, all contribute to the snake segment’s growth in this market.
- Geographically, North America controlled 39% of the worldwide antivenom market in 2021, with Europe following closely behind. North America held the most significant market share during the projection period in terms of demand and revenue. During the projection period, the United States accounted for most of the antivenom market in North America.
- The US Food and Drug Administration has approved Silanes Laboratories’ Anavip, a pentavalent anti-venom against Crotalus snake bites (FDA). Venomous snake bites can cause paralysis, making breathing difficult, bleeding disorders, leading to a deadly hemorrhage, irreversible kidney failure, and tissue damage, which can lead to permanent disability and limb amputation. As a result of the various benefits, the main anti-venom businesses concentrate on developing polyvalent antivenoms. All of these company breakthroughs and greater awareness due to worldwide health organizations’ involvement in the development of safe and effective anti-venoms are propelling the industry ahead. The University of Arizona, for example, has published a polyvalent F(ab)2 Equine anti-venom to treat North American coral snake attacks (Micrurus).
- Because of the high frequency of snake bites and other poisonous bites in countries like India and Bangladesh, the Asia-Pacific anti-venom market is likely to hold a considerable share over the forecast period. For example, the Journal of the Association of Physicians of India reported in 2017 that 50,000 people die in India each year due to venomous snake bites.
- In addition, the governments and non-profit organizations in these areas are focused on various treatments and research. For example, the Jawaharlal Nehru Tropical Botanical Garden and Research Institute (JNTBGRI) and University College, Thiruvananthapuram, employed extracts from the Bael tree to negate the adverse effects of cobra venom in April 2018, and the researchers are now working on formulating the extract.
- However, due to a lack of awareness, anti-venom adoption rates are low in rural areas of significant regions like India, Bangladesh, and Nepal, which may interfere with market expansion.
- Companies leading the Global Antivenom Market include 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.
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SEGMENTS COVERED IN THIS REPORT:
- Hyperimmune Sera
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Browse Regional Reports:
- North America Antivenom Market
- Europe Antivenom Market
- APAC Antivenom Market
- Latin America Antivenom Market
- MEA Antivenom Market
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