by The global Rabies Antiserum Market is estimated to be valued at US$ 1.20 billion in 2022 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Rabies antiserum is a biological product used for post-exposure prophylaxis and treatment of rabies infection. It is derived from the blood of animals that have been immunized with rabies vaccine. Rabies antiserum is administered to individuals exposed to rabies to prevent the virus from spreading and causing the disease. The market for rabies antiserum is driven by the increasing incidence of rabies, especially in developing countries, and the growing awareness about animal vaccination for rabies prevention.
Market Dynamics:
The two main drivers contributing to the growth of the rabies antiserum market are:
1. Increasing incidence of rabies:
Rabies is a deadly disease caused by the rabies virus and is transmitted through the bite or scratch of an infected animal. According to the World Health Organization, rabies causes an estimated 59,000 human deaths annually, with the majority of cases occurring in Asia and Africa. The increasing incidence of rabies has led to a rise in the demand for rabies antiserum for post-exposure prophylaxis.
2. Growing awareness about animal vaccination:
Governments and non-governmental organizations worldwide are promoting animal vaccination programs to prevent the spread of rabies. Vaccinating dogs, which are the main source of rabies transmission to humans, can help control the disease. This has led to an increase in the demand for rabies antiserum as a preventive measure.
Segment Analysis:
The segment dominating the rabies antiserum market is the human segment. This is attributed to the high incidence of rabies in humans and the increasing preference for human rabies antiserum over animal rabies antiserum due to the lower risk of adverse reactions. However, the animal segment is expected to witness significant growth during the forecast period, driven by the increasing adoption of animal vaccination to prevent rabies transmission.
PEST Analysis:
Political:
Governments worldwide are implementing policies and regulations to control the spread of rabies, including mandatory animal vaccination programs and surveillance measures.
Economic:
Increasing healthcare expenditure and growing investments in healthcare infrastructure in developing countries are driving the demand for rabies antiserum.
Social:
Growing awareness about the importance of animal vaccination and public health campaigns to educate people about rabies prevention are influencing the market growth.
Technological:
Advancements in the production and purification processes of rabies antiserum are improving its safety and efficacy, further driving market growth.
Key Takeaways:
The global rabies antiserum market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period, due to increasing incidence of rabies and growing awareness about animal vaccination. The Asia Pacific region is the fastest growing and dominating region in the market, attributed to the high incidence of rabies and large population in countries like India and China. Key players operating in the global rabies antiserum market include CSL Behring, Sanofi Pasteur, Grifols S.A., Bharat Serum and Vaccines Ltd., Novartis AG, Kedrion Biopharma Inc., Biogenesis Bago SA, MassBiologics, Serum Institute of India Ltd., Green Cross Corp., Haffkine Bio-Pharmaceutical Corporation Ltd., Shanghai Institute of Biological Products Co. Ltd., CNBG (China National Biotec Group) Co. Ltd., Harbin Pharmaceutical Group Co. Ltd., and Beijing Tiantan Biological Products Co. Ltd. These players are focused on research and development activities, partnerships, and mergers and acquisitions to strengthen their market position and expand their product portfolio.
