Press release
Anti-Venom Market Will hit at a CAGR of 6.8% from 2017 to 2025
The global anti-venom market has been foreseen in the TMR report to be valued at a US$2.9 bn by the completion of 2025 while growing at a CAGR of 6.8% during the forecast tenure 2017-2025. In 2016, the market had stood at a valuation of US$1.6 bn. In terms of a segmentation by anti-venom type, polyvalent had secured a king’s share in the same year. In 2017, the Middle East and Africa (MEA) had showcased its supremacy over the market by earning a revenue of around US$0.7 bn.
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Growing Rates of Snakebites in Tropical Regions Drive Demand
There has been a serious health concern globally due to the increase in the number of venomous bites reported with each passing year. Snake bites have been roughly surveyed to be responsible for 81,000 to 138,000 deaths every year. Envenoming reports have been amounted to 2.7 mn and there have been close to 5.4 mn people reported with snakebites on an annual basis, according to the World Health Organization (WHO). An estimate of 200 snake species out of 3,000 discovered globally have been found to be venomous, thus holding medical significance. Regions with high incidences of snakebites, which are more common than scorpion and spider bites, have been projected to showcase a strong growth in the world anti-venom market.
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Furthermore, anti-venom has been considered to be the only effective treatment available for almost all kinds of venomous bites. Comprehensive research studies conducted to gain a deeper understanding of immunotherapy could augur well for the growth of the world anti-venom market.
Limited Availability and High Production Cost Dampen Growth
The international anti-venom market has been predicted to be negatively influenced by factors such as scarce availability and expensive production cost which lead to high pricing of the products available in the industry. Moreover, snakebite has been researched to be one of the most neglected tropical diseases worldwide. This could also inhibit the growth of the market in the near future.
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However, the market has been envisioned to ride on crucial growth factors such as impressive efforts taken to reduce the gap between supply and demand at both the global and regional level. Secondly, rising focus on increasing the production of anti-venom products could offer powerful prospects in the coming years. Anti-venoms with more tolerance and efficiency have been in the pipeline with several studies revealing the ability of immunoglobulin fragments to purify anti-venoms. There could be a promising future for the market as diagnosis methods continue to develop with latest advancements.
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