Anti Venom Market Poised for Growth Due to Increasing Prevalence of Snake Bites

Anti-venom also known as antivenom is a biological product used for treating venomous snake, spider and other animals and insect bites and stings. It is a serum derived from horses or sheep which is exposed to small, non-lethal doses of venom. Upon exposure, the animal’s immune system produces antibodies against the venom. The antibodies are extracted from the animal’s blood and are used to make antivenom. When antivenom is administered to a victim of an animal bite or sting, the antibodies neutralize the venom toxins in the bloodstream and tissues. This prevents or reduces tissue destruction and other harmful effects of the venom. The global anti venom market involves manufacturing of monovalent and polyvalent anti venoms against snake, scorpion and spider bites. It also includes anti venom vaccines to boost immunity against venomous bites.

The global anti venom market is estimated to be valued at US$ 9229.16 Mn or 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 Dynamics:
The global anti venom market is witnessing high growth owing to the increasing prevalence of snake bites globally. According to World Health Organization (WHO), there are an estimated 5.4 million snakebites every year, out of which 1.8 to 2.7 million cases develop clinical manifestations of envenoming and approximately 81,000 to 138,000 deaths. South Asia, Southeast Asia and sub-Saharan Africa have the highest burden. The increasing vulnerability and exposure to venomous snakes due to climate change, habitat disruption and overcrowding in cities is driving the prevalence of snake bites. Moreover, nearly 50% of the world’s snakebite occurs in India alone and accounts for 1,00,000 hospital visits and up to 46,000 deaths annually, making India the world’s snakebite capital.

The other driver for the market growth is growing investment in antivenom manufacturing technologies. Major players are investing in research to develop novel recombinant antivenoms produced through modern biotechnological approaches using recombinant DNA technology and monoclonal antibodies. These novel antivenoms show promise in terms of safety, efficacy, and cost

SWOT Analysis

Strength: Anti Venom Market has generated huge unmet medical needs as snakebites have caused globally over 100,000 deaths per year. This provides strong opportunities for market players to develop newer anti-venom therapies. The market is witnessing investments towards research and development of novel anti-venom therapies with wider immunogen coverage and more rapid production process. Increasing government support in developing regions further boosts market growth.

Weakness: High concentration of market players in certain regions leads to supply issues in other areas. Short shelf life of anti-venom products and regional specificity create difficulties in maintaining consistent supply globally. Variations in treatment protocols across geographies also pose challenges.

Opportunity: High prevalence of snakebites in Asia Pacific and Latin America provides opportunities to expand regional presence. Growing healthcare infrastructure in emerging markets will facilitate wider access to anti-venom therapies. Newer drug delivery approaches and immunotherapies present opportunities to overcome existing limitations.

Threats: Alternative non-drug based snakebite management options can potentially challenge anti-venom market dominance. Stringent regulations for drug development and pricing pressures are major threats faced.

Key Takeaways

The global anti venom market is expected to witness high growth over the forecast period supported by increasing burden of snakebites globally. Asia Pacific currently dominates the market owing to high incidence of snakebite cases in countries like India, Sri Lanka. With economic development, healthcare infrastructure is strengthening across Asia Pacific and other emerging regions which will help meet the growing unmet need.

Regional analysis: Asia Pacific region holds the major share in global anti venom market owing to high prevalence of snakebites witnessed in major markets like India and Sri Lanka. As per WHO report over 46,000 deaths occur annually in India due to snake envenoming. Countries in Southeast Asia and Sub-Saharan Africa also have significant snakebite morbidity thus representing growth opportunities.

Key players: Key players operating in the anti venom market are Bharat Serums and Vaccines Limited (BSV), Boehringer Ingelheim International GmbH, Boston Scientific Corporation, CSL Limited, Haffkine Bio-Pharmaceutical Corporation Limited, Incepta Pharmaceuticals Limited, Merck & Co. Inc., Merck KGaA, MicroPharm Limited, Pfizer Inc., and Rare Disease Therapeutics Inc. The market is dominated by few international players and many small regional vendors.