PUBLISHER: The Business Research Company | PRODUCT CODE: 1414009
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414009
“Antivenom Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on antivenom market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for antivenom? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The antivenom market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Antivenom, also referred to as antivenin, is an antibody therapy designed to neutralize the toxins present in specific venoms when administered promptly after a bite. It is commonly employed in the treatment of poisonous animal bites or stings, such as those inflicted by rattlesnakes, moccasins, and copperheads.
The primary categories of antivenom include monovalent, polyvalent, and others. Monovalent antivenom is a specialized formulation crafted to counteract the effects of venom from a single species of snake or a specific toxin. These formulations are utilized to address venoms produced by a variety of animals, including snakes, scorpions, spiders, among others. They operate through diverse modes of action, such as cytotoxic, neurotoxic, hemotoxic, cardiotoxic, myotoxic, and others. These antivenom therapies are utilized by various end-users, including hospitals, clinics, ambulatory surgical centers, and other healthcare facilities.
The antivenom market research report is one of a series of new reports from The Business Research Company that provides antivenom market statistics, including antivenom industry global market size, regional shares, competitors with a antivenom market share, detailed antivenom market segments, market trends and opportunities, and any further data you may need to thrive in the antivenom industry. This antivenom market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed during the historical period can be attributed to several factors, including the high incidence of snakebites, the geographic distribution of venomous snakes, limited access to medical facilities in certain regions, agricultural and rural activities contributing to increased exposure, and public health initiatives aimed at addressing snakebite incidents. These factors collectively played a role in the expansion of antivenom usage and related medical interventions during the historical timeframe.
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 anticipated growth in the upcoming period can be attributed to various factors, including the impact of climate change on snake habitats, population growth in regions prone to snake encounters, advancements in antivenom formulations, initiatives promoting global health security, and collaborative efforts for the development of antivenom. Major trends expected in the forecast period include the integration of data analytics for enhanced efficacy, a heightened focus on education and training programs, strategic alliances to scale up production, improvements in regulatory frameworks, and research focused on novel therapeutic targets. These trends are poised to shape and drive growth in the field, providing opportunities for innovation and advancements in addressing snakebite incidents.
The rise in the occurrence of snake bites is anticipated to fuel the expansion of the antivenom market in the foreseeable future. Snake bites can result in severe illnesses caused by toxins present in the bite of venomous snakes, potentially leading to fatal conditions. Antivenom, a specialized treatment administered promptly and in adequate therapeutic doses, holds the potential to mitigate or reverse most symptoms associated with snakebite envenoming. For example, as highlighted by the World Health Organization (WHO) in May 2021, an estimated 5.4 million snake bites take place annually, leading to 1.8 to 2.7 million instances of envenoming (poisoning from snake bites). Moreover, these incidents claim the lives of approximately 81,000 to 138,000 individuals yearly and result in three times the number of amputations and severe injuries. Hence, the escalating incidence of snake bites is a significant driver propelling the growth of the antivenom market.
The escalating level of research and development endeavors is poised to advance the expansion of the antivenom market. Continuous research initiatives in the antivenom domain contribute to the exploration and development of more sophisticated and efficacious formulations. Through collaborative efforts between scientists and pharmaceutical companies, there's a concerted effort to heighten the effectiveness, safety, and specificity of antivenom products, aiming for improved treatment outcomes and minimized adverse effects. For instance, findings published in a journal by the Natural Library of Medicine in April 2021 highlighted positive outcomes in preventing or reversing in vitro myotoxicity induced by the venom of the common cobra (Naja naja) from Sri Lanka. This was achieved using two Indian polyvalent anti-venoms, specifically VINS and Bharat, showcasing their potential in proactively treating cobra bites. Therefore, the increasing momentum in research and development activities serves as a driving force behind the growth of the antivenom market.
Product innovation stands as a significant trend making headway in the antivenom market. Companies operating within this sector are investing in the development of pioneering products to maintain their market positions. For example, in April 2021, Rare Disease Therapeutics, Inc., a US-based pharmaceutical company, unveiled Antivenom ANAVIP, a novel FDA-approved medication with expanded indications. This antivenom is authorized to treat pit viper bites in both adults and children, covering venomous snakes such as rattlesnakes, copperheads, and cottonmouth/water moccasins. Engineered with a prolonged half-life, its design aims to reduce the likelihood of re-emerging venom effects, such as platelet drops, prolonged bleeding times, and other abnormal blood coagulation tests, which previously necessitated additional doses of shorter-acting antivenom formulations.
Major enterprises within the antivenom market are forging strategic partnerships to foster innovation and fortify their market presence. An illustrative instance is the collaboration between Bharat Serums and Vaccines Limited, an India-based pharmaceutical company, and the Indian Institute of Science (IISc) Bengaluru, a public university in India. Their partnership, established in August 2022, endeavors to advance the development of antivenoms tailored to specific regions. The joint effort seeks to pioneer the next generation of snakebite therapy in India by addressing the complexities stemming from variations in venoms across snake species and within regions. Present treatments predominantly rely on a single polyvalent antivenom designed for the country's 'big four' snakes, revealing limitations in efficacy as indicated by recent research. The collaboration focuses on creating region-specific antivenoms to elevate the effectiveness of snakebite therapy and ultimately save lives.
In March 2021, SERB Specialty Pharmaceuticals, a Belgium-based specialty pharmaceutical company focusing on prescription treatments for rare and life-threatening diseases, successfully acquired BTG Specialty Pharmaceutical for an undisclosed amount. This strategic acquisition represents a significant expansion for SERB, enhancing and diversifying its portfolio by incorporating a global specialty pharmaceutical company. BTG Specialty Pharmaceuticals, based in the United States, is recognized for its expertise in critical care medications and has a growing presence in the field of rare diseases. Notably, BTG Specialty Pharmaceuticals is known for its development of snakebite antivenom drugs.
Major companies operating in the antivenom market report are 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 Biologico Argentino S.A., Instituto Vital Brazil, Instituto Butantan, Instituto Nacional de Produccion de Biologicos, Instituto de Biotecnologia de la UNAM,
North America was the largest region in the global antivenom market size in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the antivenom market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the antivenom market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The antivenom market consists of sales of taipan antivenom and death adder antivenom. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.