The Anti-venom market is estimated to be valued at US$ 504.9 Mn in 2018 and is expected to exhibit a CAGR of 4.7% over the forecast period 2018-2026, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Anti-venom refers to a medication used to treat venomous bites or stings from animals such as snakes, spiders, scorpions, and others. It helps in neutralizing the venom and preventing its spread throughout the body, thereby saving lives. The rising incidences of snakebites in different parts of the world have increased the demand for anti-venom. Additionally, the increasing awareness about venomous snakebites and the availability of effective anti-venom treatments are further driving the market growth.
Market Dynamics:
The anti-venom market is primarily driven by the rising incidences of snakebites globally. According to the World Health Organization (WHO), snakebite envenoming affects around 1.8 million people each year, with at least 100,000 deaths and around 400,000 amputations and other permanent disabilities. This high burden of snakebites necessitates the use of anti-venom treatments, driving market growth.
Furthermore, increasing awareness about venomous snakebites and the availability of affordable and effective anti-venom treatments are also contributing to market growth. Governments and non-governmental organizations are actively investing in training healthcare providers in snakebite management and providing access to anti-venom in remote areas, thereby fueling market growth.
Segment Analysis
The Anti-venom market can be segmented based on type and region. In terms of type, the market can be divided into polyspecific anti-venoms and monospecific anti-venoms. Polyspecific anti-venoms dominate the market and are expected to continue their dominance over the forecast period. This is mainly due to their ability to neutralize venoms from multiple snake species, which provides a wider coverage and increases the efficiency of treatment. Additionally, polyspecific anti-venoms are readily available and have been proven to be effective in managing snakebite cases.
PEST Analysis
Political: The political landscape plays a crucial role in the Anti-venom market. Government regulations and policies regarding the production, distribution, and use of anti-venoms can impact the market. Ensuring the availability and affordability of anti-venoms is a key political factor.
Economic: The economic factors influencing the Anti-venom market include the overall economic growth, healthcare expenditure, and affordability of anti-venom treatments. Rising healthcare expenditures and improved access to healthcare facilities in developing regions drive the market growth.
Social: Societal factors such as the prevalence of snakebites in certain regions, awareness about snakebite management, and cultural beliefs regarding snakebites impact the demand for anti-venoms. Increased awareness campaigns and education programs contribute to the growth of the market.
Technological: Advancements in technology, such as improved venom extraction techniques, production processes, and storage methods, play a crucial role in the development and availability of effective anti-venoms. Technological advancements enhance the efficacy and safety of anti-venom treatments.
Key Takeaways
The global Anti-Venom Market Demand is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period. This growth can be attributed to the increasing incidence of snakebites worldwide, especially in regions with high snakebite fatality rates. The rising awareness about snakebite management and the availability of advanced anti-venom treatments contribute to market growth.
Regionally, Asia Pacific is the fastest-growing and dominating region in the Anti-venom market. This can be attributed to the high prevalence of snakebites in countries like India and the presence of a large population in the region. Increasing healthcare expenditure, improved access to healthcare facilities, and government initiatives to combat snakebites drive the market in Asia Pacific.
Key players operating in the Anti-venom market include BTG plc, Laboratorios Silanes, CSL Limited, Pfizer, Inc., Merck & Co., Inc., Bharat Serums and Vaccines Limited, Haffkine Bio-Pharmaceutical Corporation Ltd., Vins Bioproducts Limited, Incepta Pharmaceuticals Ltd., and Rare Disease Therapeutics Inc. These key players focus on research and development activities, strategic collaborations, and mergers and acquisitions to strengthen their market position in the Anti-venom industry.
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