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Anti-Venom Market to be Valued at a US$ 2.9 Bn by the End of 2025
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Biotechnology and healthcare industry is witnessing a significant demand from developing economies globally. The key factor driving the growth of anti-venom market is the demand for anti-venom treatment being the only authorized treatment for snake bite with no option for alternative treatment. Violation of forest lands for agricultural and housing purposes has enabled human to be in close in poisonous insects and animals, thus increasing prevalence of venomous bites. High prevalence of scorpion bites, snake bites, and other animal or insect bites such as fish stings are other factors supporting growth of anti-venom market.
Continuous research and development (R&D) to provide advanced drugs and standard treatment for poisonous insect bite has boosted the development of the anti-venom market. Rising demand for anti-venoms in developing countries has encouraged key players to be present in the countries including India and Africa to offer anti-venom products at affordable price. This is another factor supporting growth of the global anti-venoms market over forecast period.
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However, high cost of anti-venom owing to high production cost in some regions and lack in availability of essential anti-venom stock is hampering growth of anti-venom market. Nevertheless, the developing economic conditions globally is creating a huge opportunity for the expansion of the anti-venom market. This has increased in individual per capita incomes is bound to increase spending capacity on health care. Especially in the developing countries of Asia Pacific and Middle East, growing population coupled with per capita income are important factor that are boosting growth of the market.
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