ANTI VENOM MARKET ANALYSIS

Anti Venom Market Size and Trends

Global anti venom market is estimated to be valued at USD 1,270.1 Mn in 2024 and is expected to reach USD 2,261.2 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.6% from 2024 to 2031.

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Rapid growth in biopharmaceutical industry and increasing cases of snake bites across various regions  can boost demand for anti venoms. Rising investment by key players for development of monoclonal antibodies and recombinant anti venoms to reduce side effects can also drive the market growth. Growing availability of anti venoms, owing to capacity expansion by major companies along with ongoing clinical trials for advanced anti venom therapeutics can offer growth opportunities in the near future. However, short shelf life of anti-venoms and lack of awareness regarding snake bites in certain regions can hamper the market growth.

Rising Incidence of Snake Bites

With increasing human encroachment into natural habitats, there has been increase in interaction between snakes and humans. Several regions across the globe that are home to various species of venomous snakes have witnessed increase in reported cases of snake bites. Tropical and sub-tropical regions in Asia, Africa and Latin America have a high risk of snake bites due to the presence of various venomous species. Unfortunately, many of these regions have poor access to basic healthcare facilities and anti-venom treatments. According to some studies, it is estimated that around 5 million people suffer from snake bites annually around the world, out of which, around 1.8 to 2.7 million develop clinical manifestations of envenoming while 81,000 to 138,000 die due to snake bite. The true burden of snake bites is probably higher than reported owing to under-reporting from remote rural areas in developing nations. Some of the countries with highest incidence of snake bites include India, Sudan, Sri Lanka, Burma, Thailand and parts of Latin America. With growing population in these at-risk regions and continuous habitat destruction pushing snakes and humans into closer contact, there will be high number of snake encounters and resultant in the near future. This will boost demand for anti-venom treatments and immunoglobulins to treat clinical envenoming and prevent loss of lives.

Growing adoption of anti venom therapy

Increasing use of anti-venom therapy can drive the global anti venom market growth. More communities are recognizing the importance and effectiveness of anti-venom in treating snake bites and other venomous animal bites, which were earlier considered fatal. According to the World Health Organization (WHO), around 5.4 million snakebites occur annually, resulting in approximately 2.7 million envenomings with around 138,000 deaths worldwide. Increasing incidence of snakebites and scorpion stings boosts demand for anti-venom globally. Several medical and governmental initiatives are being taken to spread awareness about anti-venom therapy and make it more accessible in rural areas where majority of such incidences occur. For instance, a project undertaken in 2020 by the Ministry of Health and Family Welfare, Government of India aimed to set up five new sub-regional anti-snake venom units in different states to ensure adequate availability of anti-venom vials across the country. Improving accessibility to anti-venom in developing regions boosts higher consumption. Many biopharmaceutical companies are also focusing on developing anti-venoms for more exotic species and regions to expand treatment options.