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05
Nov-2021
Global Antivenom Market Size Worth USD 3.73 Bn By 2026
Global Antivenom Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Type, Animal & Region – Industry Forecast (2021 to 2026)
From 2021 to 2026, the global antivenom market size is forecasted to grow at a CAGR of 6.18% and be worth USD 2.76 billion in 2021 and USD 3.73 billion by 2026.
Anti-venom medication applies to various reptile bites that require an injection of venom. These include snakes, scorpions, bugs, and antivenom, the main line of treatment in snakebite cases. The high percentage of positive skin tests underlines the importance of this test before the intravenous injection of anti-venom. Snakebite is a recognized medical emergency in developing countries, especially in deserts and rural communities. According to WHO estimates, 5.5 million people are bitten each year, with 2.6 million poisonings. In addition, at least 100,000 people die each year from snakebites. In Iran, reports suggested more than 42,500 cases of scorpion stings per year; despite proper treatment, nearly 20 people have been killed due to irreversible cardiovascular and kidney problems. The market for anti-venom in developed countries is in decline due to declining snakebite mortality in these regions. Estimates show that snakebites mainly occur in Southern and sub-Saharan Africa. The declining availability of anti-venom and increasing snakebite mortality in developing countries are driving demand for antivenom across the globe.
These developments in the R&D sector with the international health organizations focusing on producing safe and effective anti-venom are expected to drive growth to the global antivenom market. Financial incentives by local and international pharmaceutical sectors are researched to identify and develop high-quality anti-venom medications with more minor side effects. Collaborations have widened the market distribution of these products; they are supplying to meet the unmet market demand in rural places. Health education in primary health care centers helps prevent snakebites. Healthcare authorities focus on providing school education programs to avoid poisonous bites and stings, and they are first-aid. In 2019, WHO published a global strategy to reduce snakebite mortality and disability by 55% by 2030. One of these strategies aims to ensure safe and effective treatment and establish effective management and prevention plans in health systems and national policies. All these factors are estimated to provide a cohesive and sustainable market for effective anti-venom products.
However, despite a large number of snakebites, the past few decades have been characterized by declining production due to inadequate investment by government and private organizations, lack of constant market need, product recalls, and fake anti-venom products. Other factors such as high cost for production of anti-venom products, lack of product distribution in rural areas, inconsistent quality standards, and counterfeit products in the black market. These are projected to have a negative impact on the growth of the global antivenom market during the forecast period.
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MARKET SEGMENTATION:
By Type:
- Vaccines
- Hyperimmune Sera
- Homologous
- Heterologous
By Animal:
- Snakes
- Scorpions
- Spiders
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
KEY MARKET INSIGHTS:
- Based on the animal type, the snake bites segment is anticipated to account for most of the share in the global antivenom market during the forecast period.
- Geographically, Asia-pacific is predicted to lead the market during the forecast period. In APAC countries such as India and Bangladesh, snake bites are significantly growing, which is estimated to help the region register a high growth rate among all regions.
- In 2020, the African market had a healthy growth rate. The market is the driver with the increase in Scorpio bites and snake bites, especially in the sub- Saharan region, and government initiatives to provide funds to meet the high demand for anti-venom products. In 2019, around 20,500 lives were lost from snakebites in Africa, and the numbers are estimated to reach 200,000 over the next decade. In addition, many people will suffer permanent disfigurement due to amputation and disability due to affect to the neuromuscular system in the body. However, studies suggested that only 9 percent of snakebite victims in Nigeria and 28 percent in Kenya sought hospital treatment in 2019.
- Global Snakebite Initiative and African governments, institutions, and agencies are working together to improve the lives of Africans. All these factors will provide better growth opportunities for the market while positively driving the market for years to come.
- Instituto Bioclon, S.A. de C.V. (Mexico), Pfizer AG (Switzerland), CSL Limited (Australia), F. Hoffmann-La Roche Ltd. (Switzerland), Merck & Co., Inc. (U.S.), Rare Disease Therapeutics, Inc. (U.S.), Vins Bioproducts Limited (India), BTG Plc (U.K.), Incepta Vaccine Ltd. (Bangladesh) and Bharat Serum are some of the noteworthy companies operating in the global antivenom market.
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WRITTEN BY: Market Data Forecast
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