The anti venom market is primarily engaged in manufacturing anti snake venom used for the treatment of snakebites. Snakebites are prevalent in rural areas where people are involved in agricultural and related activities. With growing population and urbanization, snake habitats are diminishing resulting in increased interaction between snakes and humans leading to more snakebites. As per the World Health Organization, around 5 million snakebites occur annually resulting in 2.7 million snakebite envenomings and around 138,000 deaths. Due to limited availability and awareness about appropriate treatment, a majority of snakebites lead to deaths or life-long disabilities. This has increased the need for effective anti venom treatment and created opportunities for players in the anti venom market.
The Global anti venom market is estimated to be valued at US$ 1,270.1 Mn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the anti venom market are CSL, Bharat Serums, Haffkine Bio-Pharmaceutical, Vins Bioproducts, Bharat Biotech.
Rising cases of snakebites globally due to increasing interactions between snakes and humans as environments shrink represents a major opportunity for players in the anti venom market. Manufacturers are focusing on developing anti venoms for various kinds of snakes prevalent across different geographies to cater to the rising demand.
Key players are expanding their presence across emerging markets through collaborations with local players. Increasing access to healthcare services in rural areas of developing countries will further aid the global expansion of the Anti Venom Market Demand during the forecast period.
Market Drivers
A key driver for the anti venom market is the increasing rate of snakebites across tropical and subtropical regions of Asia, Africa and Latin America. As per WHO estimates, there has been a rise of about 25% in snakebite cases over the last decade. Further, limited awareness about appropriate treatment and non-availability of anti venoms, especially in rural areas, leads to large number of deaths. This underscore the need for more effective and affordable anti venom treatment and presents opportunities for growth of players in this market.
PEST Analysis
Political: The regulations pertaining to snake collection, venom extraction and anti-venom production are well defined by health authorities of various countries. These policies influence the anti-venom market dynamics.
Economic: The availability of universal healthcare coverage influences the demand for anti-venoms as treatment costs are reduced. Developing economies with lower per capita income have lower spending capability on anti-venom drugs.
Social: Growing awareness about potential health hazards of snake bites propels the demand for effective treatment options like anti-venoms. Remote rural areas still lack adequate medical facilities for snake bite management.
Technological: Advancements in anti-venom production techniques help address issues like limited shelf-life and region-specific effectiveness. Recombinant DNA technology and immunization methods facilitate large-scale, low-cost production of uniform anti-venom formulations.
Currently, the Asia Pacific region holds the major share of the anti-venom market in terms of value owing to the high prevalence of snake bites in South Asian and Southeast Asian countries. The large patient pool and growing healthcare spending in the region augment the market growth.
The anti-venom market in Latin America is projected to exhibit the highest CAGR during the forecast period. This can be attributed to the rising awareness initiatives by NGOs and healthcare organizations regarding snake bites. The improving access to healthcare across rural areas also contributes to the anti-venom demand upsurge in Latin American countries.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)