Global anti venom market is estimated to witness high growth, owing to rising cases of snake bites and product advancements
Global anti venom market is estimated to be valued at USD 1,270.1 Mn in 2024, exhibiting a CAGR of 8.6% over the forecast period 2024-2031. Furthermore, growing medical advancements and rising government spending for advanced healthcare infrastructure can drive the market growth during the forecast period.
Market Dynamics:
Rising incidences of snake bites across tropical and subtropical regions can drive the global anti venom market growth. According to WHO, approximately 5 million snakebites cases are reported every year globally, resulting in around 2.7 million poisonings and around 138,000 deaths. This boosts demand for anti-venom drugs and immunotherapies for efficient treatment of snakebites. Product innovations through improved extraction, purification, and manufacturing process of anti-venoms have increased the efficacy and stability of anti-venom treatments. Various biopharmaceutical companies have been investing in research collaborations to develop broad-spectrum anti-venoms against multiple snake species in endemic regions. Such advancements can increase treatment access and reduce mortality rates associated with snakebites during the forecast period.
Rising snakebite and scorpion sting incidents drives market growth
Rising incidence of snakebites and scorpion stings globally, especially in rural areas of developing economies like India, Africa, and Latin America, can drive the market growth. According to the WHO, 5.4 million snakebites cases are reported every year, resulting in around 1.8 to 2.7 million envenoming and up to 138,000 deaths. There are about 1.2 million scorpion stings and around 3,250 deaths annually. Rising number of such cases has led to increased demand for anti-venoms to treat envenomation. Several anti-venom manufacturing companies are focusing on developing novel anti-venoms to cater to the growing market need.
Growing awareness regarding efficacy of anti-venom treatment drives market growth
There has been growing awareness among people living in venomous snake and scorpion prevalent regions about the importance and lifesaving benefits of anti-venom treatment. Several educational programs conducted by governments, NGOs, and anti-venom manufacturers have helped increase awareness. People are now more readily seeking medical care at hospitals instead of relying on traditional or home remedies. This has positively impacted the sales and uptake of anti-venoms in both developed and developing markets.
High cost of anti-venom development and production acts as a restraint
Developing effective anti-venoms requires extensive research on venom properties, rigorous clinical testing, and carefully controlled manufacturing processes to ensure safety and potency. This makes anti-venom development and production quite expensive. The high cost is eventually passed on to consumers in the form of high drug prices. This hinders widespread adoption, especially in poorer developing regions. The short shelf life and cold chain requirements of anti-venoms increase storage and distribution costs.
Limited availability of anti-venoms hampers the market growth
While anti-venoms are available for many common snake species, there still exist several thousand unknown or under-researched species with unknown venom properties. This limits the availability of anti-venoms specific to their venoms. Available anti-venoms often have a limited shelf life and narrow temperature storage range posing availability and accessibility challenges in remote areas. Policy-level focus on enhancing the production of available anti-venoms and developing ones for new species can address this restraint.
Growing focus on innovative anti-venom technologies opens new market opportunities
Research on developing alternative anti-venom technologies like venom-mimicking peptides, epitope-specific antibodies, antivenomics screening of antibodies, and venom-specific oligonucleotide aptamers can offer new growth opportunities. Such innovative approaches can help address some of the current challenges like high cost, limited shelf life, and availability issues of traditional anti-venoms. Companies are investing in R&D to commercialize these alternative anti-venom technologies.
Untapped developing world markets with high disease burden present significant potential
While anti venom markets in developed nations are relatively saturated, many developing world countries, especially in parts of Africa and Asia, with high incidences of envenomations, remain untapped. Their public health infrastructure is also unprepared to efficiently procure and distribute anti-venoms. However, these underserved markets with high disease burdens present huge growth opportunities for anti-venom manufacturers. Partnerships with governments and improvements in healthcare access can help companies leverage the large untapped market potential.
Link: https://www.coherentmarketinsights.com/market-insight/anti-venom-market-1249
Key Development
- In April 2023, Terumo India, a subsidiary of Terumo Corporation (TSE 4543), launched a pioneering program for Cathlab Directors in partnership with Executive Education at the Indian School of Business, a top-ranked business school. The initiative aims to enhance care quality and operational efficiency in Cathlabs across India.
- In August 2022, the Indian Institute of Science Labs and Bharat Serums and Vaccines (BSV), a India-based biopharmaceutical company, collaborated for advanced treatments of snake bites. Their joint efforts focus on developing cutting-edge therapies to combat the effects of snake venom.
- In July 2022, Antivenom Research and Development Centre (AVRDC) was opened in the Institute of Bioinformatics and Applied Biotechnology (IBAB), located in Bengaluru Helix Biotech Park, India. The center aims to enhance production efforts for antivenom.
- In April 2022, an additional agreement was signed under the technical cooperation agreement between Brazil and the government of the Republic of the Union of Myanmar. This agreement supports the project "Improving methodologies and techniques for the production of antivenom serum in Myanmar - phase II: antivenom quality," focusing on enhancing the quality and effectiveness of antivenom serum produced in Myanmar
- In March 2022, Smiths Medical, a medical equipment manufacturing company, introduced the acapella choice blue vibratory PEP therapy system. This innovative device benefits patients with conditions such as cystic fibrosis, chronic obstructive pulmonary disease (COPD), lung diseases involving secretion issues, and atelectasis by aiding in the clearance of lung secretions.
Key Players: Pfizer, Inc., Merck & Co., Inc., Sanofi Pasteur, 4CSL Limited, Haffkine Bio-Pharmaceutical Corporation Ltd., Instituto Bioclon S.A. de C.V., Rare Disease Therapeutics, Inc., Vins Bioproducts Limited, Bharat Serums and Vaccines Limited, Serum Institute of India Pvt. Ltd., Incepta Pharmaceuticals Ltd., MicroPharm Limited, Laboratorios Silanes S.A., BTG plc, Vacsera, Indian Immunologicals Limited, AfrIPI (African Institute of Biomedical Science and Technology
