The global anti venom market is observing substantial growth on the back of increasing cases of snake bites around the world and ongoing advancements in anti venom treatment. Anti venoms also known as antivenoms, are polyvalent or monovalent immune therapies produced by immunizing animals, usually horses or sheep, with venom, and harvesting antibodies from their blood. They help neutralize the pharmacological effects of venom and can reverse both local and systemic envenoming.
The global anti venom market is estimated to be valued at US$ 1,270.1 Mn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the anti venom market are Bharat Serums and Vaccines Limited, Haffkine Bio-Pharmaceutical Corporation Ltd, Vins Bioproducts Limited, Incepta Pharmaceuticals Ltd, and Rare Therapeutics.
The growing prevalence of snake bites across tropical and sub-tropical regions has increased the demand for anti venom treatment substantially. It is estimated that 5 million people are bitten by snakes annually, out of which around 1.8 to 2.7 million cases develop clinical symptoms of envenoming and around 81,000 to 138,000 deaths occur.
Leading Anti Venom Market Demand manufacturers are focusing on expansion in emerging markets of Asia Pacific, Latin America, and Africa to tap the high unmet needs. Strategic collaborations with local suppliers and improving access across rural regions will further aid their growth in these markets.
Market key trends
One of the key trends gaining traction in the anti venom market is the introduction of recombinant anti venoms. Conventional anti venoms are produced by immunizing animals with whole venom, which presents challenges like limited availability, batch-to-batch variations and allergic reactions in some patients. Recombinant anti venoms produced using DNA recombinant techniques are addressing these issues. They show high selectivity and specificity against target toxins.
Porter's Analysis
Threat of new entrants: Low barrier for new players to enter the market however research and regulatory requirements make market unattractive for new entrants.
Bargaining power of buyers: High presence of established pharmaceutical players shifts bargaining power towards buyers.
Bargaining power of suppliers: Suppliers of active pharmaceutical ingredients have some bargaining power as they are limited in number.
Threat of new substitutes: No major substitutes exist for anti-venom in treating snake, insect or other venomous bites.
Competitive rivalry: Intense competition exists among major players to gain higher market share through expanding geographical reach and launching new products.
Geographical Regions
Asia Pacific accounts for the largest share in anti-venom market value owing to high rate of snake bites in countries like India and large population size. North America is the second largest region driven by high healthcare spending and availability of advanced treatment options.
Middle East and Africa region is expected to witness the fastest growth during forecast period due to increasing investment by international organizations and governments towards snake bite treatment programs across various countries. Initiatives aimed at enhancing access to anti-venom especially in rural areas will support regional market expansion.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
