April 20, 2024

Anti Venom Market Landscape: Market Segmentation Analysis

Biotechnology

The anti venom market has witnessed significant growth over the past few years owing to rise in incidence of snake bites across tropical and subtropical regions globally. Anti-venom is a life-saving drug used for neutralizing the toxic effects of snake venom. Some of the key types of anti-venoms include monovalent anti-venom and polyvalent anti-venom. Monovalent anti-venom provides immunity against the venom of a single snake species, whereas polyvalent anti-venom provides protection against multiple snake species. Anti-venoms find widespread application in emergency treatment and management of both poisonous and non-poisonous snake bites. The availability of effective anti-venom drugs has boosted survival and recovery rates among snake bite victims.

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.

Key Takeaways

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.

Rising incidence of snake bites, especially in rural areas of developing nations coupled with inadequate availability of anti-venom presents significant growth opportunities for market players.

Leading anti-venom manufacturing companies are actively expanding their global footprint through collaborations, partnerships, and new production facilities across Latin America, Asia Pacific and Africa to address the unmet need.

Market Drivers

Rising cases of snake bites, especially in agricultural communities and rural regions in tropical developing countries is a major growth driver for the anti venom market. According to WHO estimates, snake bites claim over 100,000 lives globally each year, with majority of these deaths occurring in South Asia and Sub-Saharan Africa due to lack of appropriate medical treatment. The soaring cases of snake bites presents an alarming public health issue that is bolstering the demand for effective anti-venom drugs.

PEST Analysis

Political: The government policies regarding vaccination drive and reforms in healthcare sector will impact the growth of anti-venom market. Stringent regulations regarding the production and supply of anti-venom drugs will have significant effect.

Economic: Rise in per capita healthcare expenditure, growing cases of snake bites each year along with increasing demand for anti-venom treatment will drive the market growth during the forecast period. However, high treatment cost can hamper the growth.

Social: Growing awareness among people about snake bite treatment and availability of anti-venom medications will positively influence the market. initiatives by non-profit organizations regarding snake bite risks and management will propel the demand.

Technological: Advancements in extraction techniques, stabilization methods and production processes are helping manufacturers reduce cost of therapy and develop effective drugs. Ongoing R&D for novel products will boost market opportunities.

Geographically, the market is concentrated in regions like Asia Pacific, Latin America, Africa and Middle East where occurrences of snake bites are high due to agricultural practices and climatic conditions favorable for snakes. Countries like India, China, Brazil, Nigeria hold bulk of market share currently and momentum will continue through 2030.

North America region is witnessing fastest growth aided by increasing healthcare spends, good remuneration structure and presence of major pharma players. Developing nations in Asia like Indonesia, Bangladesh are emerging rapidly owing to rising economic standards and growing medical facilities. Initiatives to spread awareness regarding anti-venom treatment in remote areas will drive future needs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it