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The anti-venom market comprises antiserums used for treating poisonings and envenomings from snakebites, spider bites, and other venomous bites and stings. Anti-venom products neutralize the toxicity of venom and prevent further harm to the body. These life-saving drugs involve the manufacture of antibodies in animals such as horses, sheep, or rabbits by exposing them to small and gradually increasing doses of venom. The antibodies developed are then purified and made into an injectable antiserum or antitoxin administered to victims of venomous bites. The wide usage of anti-venom in treating snake bites, especially in regions with tropical rainforests, has led to substantial growth of this market.
The global anti-venom market is estimated to be valued at US$ 9229.16 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 key trends:
The rising incidence of snake bites has been a key driver of growth for the anti-venom market. According to the World Health Organization, around 5 million snake bites occur annually, resulting in 2.7 million cases of envenoming and around 138,000 deaths. The majority of these occurrences happen in poorer regions like parts of Asia, Africa and Latin America which lack access to proper treatment. The growing threats posed by venomous animals due to factors like habitat destruction, environmental changes and urbanization have increased the importance of anti-venom drugs. Major players in this market have been focusing on expanding production and access to anti-venoms in high-risk developing nations through partnerships and affordable pricing. New drug developments involving recombinant antibodies techniques also promise higher success rates and supplies of anti-venoms for treating more snake species. Such trends are expected to further propel the anti-venom market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the anti-venom market is moderate. Development of anti-venom requires significant investments in research and manufacturing facilities.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternative treatment options. However, anti-venom remains the most effective treatment for snake bites.
Bargaining power of suppliers: A few companies globally manufacture anti-venom resulting in significant bargaining power of suppliers. Suppliers can influence prices due to inelastic demand for anti-venom.
Threat of new substitutes: Threat from substitutes is moderate as alternative treatment options provide less effective remedy for snake bites compared to anti-venom. Research continues on gene-silencing therapies.
Competitive rivalry: The anti-venom market witnesses fierce competition between key players to gain major market share. Companies compete on the basis of strong R&D capabilities, wider geographical presence and strategic collaborations.
Key Takeaways
The global anti-venom market is expected to witness high growth over the forecast period supported by increasing incidence of snake bites. As per the WHO, snake bites affect around 5 million people annually across the globe resulting in 2.7 to 3.8 million cases of envenomings and around 100,000 deaths. The global anti-venom market is estimated to be valued at US$ 9229.16 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Regional analysis: The Asia Pacific region currently dominates the anti-venom market and is expected to continue its dominance over the forecast period. This can be attributed to presence of venomous snakes in densely populated countries such as India and Sri Lanka. According to the WHO, India alone reports over 58,000 deaths annually due to snake bites.
Key players: Key players operating in the anti-venom market include 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. BSV and CSL Limited are the leaders in the global anti-venom market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
