Antivenin Market Trends, Business Overview, Industry Growth and Forecast to 2028

The global antivenin market is anticipated to grow at a considerable CAGR of 8.4% during the forecast period (2022-2028). Antivenin also called anti-venom is the medication that has its application in cases of poisonous snake bites or stings from poisonous species. The cases of snake bites are rising rapidly as the forests across the globe are shrinking and animals are heading towards the human residential areas for their livelihood. According to the report published by the World Health Organization (WHO) in May 2021, around 5.4 million people reported snakebites with 2.7 million with envenomings causing several amputations and other permanent disabilities. The mortality due to snakebites is estimated at around 81,000 to 1,38,000 people every year. Snakebite from venomous snakes can cause paralysis causing severe symptoms, such as breathing difficulties, bleeding disorders, kidney failures, and tissue damage. Thus, with the rising cases of snake bites the demand for antivenin will also grow significantly during the forecast period.

In addition, the application of antivenin is also increasing in scorpion poisoning due to stings from poisonous scorpions. According to the National Center for Biotechnology Information (NCBI), there are around 1,750 species of scorpions across the globe. Among these, only 25 species are considered to be lethally dangerous to humans. Most scorpion sting causes pain but species found in Asia, Africa, and South America are found to need medical attention due to the potentially toxic effects of venoms. The common symptoms of scorpion poisoning include pain and skin reaction. However, scorpion venom is also capable of causing systemic symptoms including hemolysis, neuromuscular dysfunction, and hemorrhage.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers, acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in December 2021, Integrated Health and Wellbeing (IHW) council organized a roundtable conference with public health experts, policymakers, and administrators to create awareness of snakebites and disability. This conference was powered by Bharat Serums and Vaccines Ltd. and demonstrated the new ways to tackle snakebites and proposed requirements of policies under the Ministry of State for Social Justice and Empowerment.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Type
•By Application
•By End-user
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- Pfizer Inc., Merck & Co. Inc., CSL Ltd., Haffkine Bio-Pharmaceuticals Corp. Ltd., and Bharat Serums and Vaccines Ltd. (BSV), among others.

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Global Antivenin Market Report by Segment
By Type
•Polyvalent
•Monovalent
By Application
•Snake Bites
•Scorpion Stings
•Others
By End-User
•Hospitals
•Clinics
•Community Health Centers

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

 

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This release was published on openPR.