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Global Antivenom Market 2024 : Trends, Business Growth And Major Driving Factors
Antivenom Global Market Report 2024
According to The Business Research Company's, The antivenom market size has grown strongly in recent years. It will grow from $1.8 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to high incidence of snakebites, geographic distribution of venomous snakes, limited access to medical facilities, agricultural and rural activities, public health initiatives ..
The antivenom market size is expected to see strong growth in the next few years. It will grow to $2.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to climate change impact on snake habitats, population growth in snake-prone regions, advancements in antivenom formulations, global health security initiatives, collaborative efforts for antivenom development .. Major trends in the forecast period include integration of data analytics, focus on education and training, strategic alliances for production scale-up, regulatory framework improvements, research in novel therapeutic targets..
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Market Drivers and Trends:
The growing incidence of snake bites is expected to propel the growth of the antivenom market going forward. Snake bites are injuries that can lead to a potentially fatal disease caused by toxins in a venomous snake's bite. Antivenom is a specialized treatment that, when taken early and in an adequate therapeutic dose, can potentially prevent or reverse most of the symptoms of snakebite envenoming. For instance, in May 2021, according to the highlights shared by the World Health Organization (WHO), a Switzerland-based United Nations organization responsible for public health, every year, around 5.4 million snake bites occur, resulting in 1.8 to 2.7 million cases of envenoming (poisoning from snake bites). Moreover, Snake bites kill between 81 000 to 138 000 people each year, and they additionally cause three times the number of amputations and other severe injuries. Therefore, the growing incidence of snake bites is driving the growth of the antivenom market.
Product innovations are a key trend gaining popularity in the antivenom market. Companies operating in the antivenom market are developing innovative products to sustain their position in the market. For instance, in April 2021, Rare Disease Therapeutics, Inc., a US-based pharmaceutical company, launched Antivenom ANAVIP®, a new expanded FDA-approved indication. This medication is licensed to treat pit viper bites in adults and children, including rattlesnakes, copperheads, and cottonmouth/water moccasins. It was created with a lengthy half-life to lessen the possibility of re-emergent venom effects (such as platelet drop, longer bleeding times, and other abnormal blood coagulation tests), which commonly necessitated additional doses of a shorter-acting antivenom.
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Major Key Players of the Market:
Pfizer Inc.; Commonwealth Serum Laboratories; Merck KGaA; Incepta Pharmaceuticals Limited; Bharat Serums and Vaccines Limited; Rare Disease Therapeutics Inc.; Vins Bioproducts Limited; Boehringer Ingelheim International GmbH; Boston Scientific Corporation; Haffkine Bio-Pharmaceutical Corporation Limited; MicroPharm Limited; Latoxan SAS; Serum Institute of India Pvt. Ltd.; BSV Group; Shanghai Serum Biotech Co Ltd.; British Technology Group International; South African Vaccine Producers; Bioclon Institute; Inosan Biopharma; Instituto Bioclon S.A. de C.V.; F. Hoffmann-La Roche AG; Protherics Inc.; Sanofi Pasteur SA; Venom Supplies Pty Ltd; Instituto Clodomiro Picado; Laboratorios Silanes S.A. de C.V.; Instituto Biológico Argentino S.A.; Instituto Vital Brazil; Instituto Butantan; Instituto Nacional de Producción de Biológicos; Instituto de Biotecnología de la UNAM;
Antivenom Market 2024 Key Insights:
• The antivenom market will grow to $2.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Rising Number Of Snake Bites To Drive Market Growth
• Product Innovations Transforming The Antivenom Market
• North America was the largest region in the global antivenom market size in 2023
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