Anti Venom Market is Estimated to Witness High Growth Owing to Growing Cases of Snake Bites

Anti venom products are used in the treatment of venomous snake bites and scorpion stings. They help neutralize the toxins present in the venom. The growing risk of snake bites and scorpion stings along with increasing awareness about anti venom treatments have been driving the demand for these products. government initiatives regarding treatment of snake bites and availability of affordable anti venoms have boosted the anti venom market.

The global anti venom market is estimated to be valued at US$ 9,229.16 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The rising cases of snake bites across developing regions such as Latin America, Asia Pacific and Africa have opened significant opportunities for players in the anti venom market. According to World Health Organization, about 5 million people are bitten by snakes annually resulting in 2.7 million cases of envenoming and around 138,000 deaths globally. The high prevalence of snake bites in rural agricultural communities along with limited access to proper healthcare makes these regions highly lucrative for anti venom manufacturers. Introduction of innovative anti venom products that are affordable and accessible can help address the growing unmet need and aid in reducing mortality from snake bites in developing parts of the world.

Porter’s Analysis

Threat of new entrants: The anti-venom market requires significant R&D investments and capital for manufacturing operations. These factors act as entry barriers for new players.

Bargaining power of buyers: The buyers in the anti-venom market include hospitals, diagnostic centers, pharmacies and individual consumers. As life-saving drugs, the bargaining power of buyers is moderate.

Bargaining power of suppliers: Major suppliers include venom extractors, raw material suppliers and contract manufacturers. Due to specialized nature of operations, the bargaining power of suppliers is high.

Threat of new substitutes: There are no proven substitutes for anti-venom drugs currently. Researchers are exploring antibody-based treatments but these are still in experimental stages.

Competitive rivalry: The anti-venom market is moderately concentrated with key players holding major market share. Competition is based on geographic coverage, product quality, and pricing.

SWOT Analysis
Strengths: Growing prevalence of snake bites worldwide. Developing regions like Asia Pacific and Latin America dominate market demand.

Weaknesses: High costs of treatment, unstable supply, short shelf life. Anti-venom efficacy varies based on species and region of snake.

Opportunities: Developing affordable anti-venom alternatives. Expanding production and distribution capabilities in emerging countries.

Threats: Lack of standardized treatment protocols. Venom variation poses challenges for broad-spectrum anti-venoms. Climate change impacting snake habitats.

Key Takeaways

The global anti-venom market is expected to witness high growth during the forecast period driven by growing rates of snake bites in tropical and developing regions. The global anti venom market is estimated to be valued at US$ 9,229.16 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.

The Asia Pacific region currently dominates the global market accounting for over 40% share due to high prevalence of snake bites in countries like India and Southeast Asia. Key regional factors contributing to market growth include large population bases exposed to snake habitats, hot and humid climates favourable for various venomous snake species, and lack of adequate medical facilities in rural areas. Government investments to improve anti-snake venom availability through dedicated treatment centres and anti-venom stockpiles will support market revenues.

Key players operating in the anti-venom market are Bharat Serums and Vaccines Limited (BSV), Boehringer Ingelheim International GmbH, CSL Limited, Haffkine Bio-Pharmaceutical Corporation Limited, Incepta Pharmaceuticals Limited, Merck & Co. Inc., Merck KGaA, MicroPharm Limited, Pfizer Inc., and Rare Disease Therapeutics Inc. Major players are focusing on expanding their product portfolios and geographical presence through collaborations with biotech companies and academic institutions.