Anti-Venom Market Size Industry Analysis, Share, Growth, Trends and Forecast 2023
The recent report by Market Research Future (MRFR) predicts the global Anti-Venom Market value will be expanding with a healthy CAGR of 6.5% over the forecast period (2017–2023).
Biotechnology, as well as the healthcare industry, is noting a considerable demand from developing nations globally. The prominent reason behind the strong growth of the anti-venom market is the growing demand for anti-venom treatment, as it is the only authorized treatment for snake bite, without any alternative treatment available. Moreover, violation of forest lands for housing and agricultural needs has gotten humans close to poisonous animals and insects, thereby increasing the prevalence of venomous bites. In addition, the prevalence of snake bites, scorpion bites, as well as other animal or insect bites like fish stings is an additional factor playing a major role in the anti-venom market growth.
Various research and development (R&D) activities taking place continuously that provide advanced drugs and standard treatment for poisonous insect bite further uplifts the market position of anti-venom. Growing demand for anti-venoms in the emerging countries is encouraging the prominent players to penetrate these markets, such as in India and Africa in order to offer anti-venom products at a cost-effective price. This is yet another driver responsible for the growth of the global anti-venoms market.
In contrast, the high cost of anti-venom due to the high production cost in a few regions could hamper the growth of the anti-venom market. However, the rapid development of the economic conditions around the world is creating massive opportunities for the expansion of the anti-venom market. The improving economy is increasing the individual per capita income, which will increase the spending capacity on health care. The contribution of the developing countries of Asia Pacific as well as the Middle East coupled with the growing population and increasing capita income will foster the growth of the market.
The global anti-venom market is segmented on the basis of type, type of species, mode of action, product type, and end user.
The global anti-venom market, by type, is categorized into polyvalent heterologous antivenom, monovalent heterologous antivenom, homologous antivenom, and small molecule anti-toxins.
By species type, the global anti-venom market is segmented into snakes, scorpions, spiders, and others. The snake segment is further classified as a common cobra, common krait, Russell Viper, and others.
Based on the mode of action, the global anti-venom market is divided into cytotoxic, neurotoxic, haemotoxic, cardiotoxic, myotoxic, and others.
The product types in the global anti-venom market include snake anti-venom, scorpion anti-venom, spider anti-venom, and others.
End-user-wise, the global anti-venom market is segmented into hospitals, clinics, ambulatory surgical centers, and others.
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The regions among which the global anti-venom market is segmented into are Asia Pacific, Europe, Americas, and the Middle East and Africa.
At a global level, the Americas will be leading the anti-venom market in the coming years on account of the increasing cases of snake bites, as well as scorpion bites coupled with the high healthcare expenditure.
Europe will be securing the second position in the global anti-venom market, due to the strong financial support by the government for research and development along with the improvement in reimbursement scenario, driving the Europe anti-venom market. As per the data furnished by Eurostat, it is noted that among all the EU Member States, the highest value of healthcare expenditure has been recorded in Germany in the year 2014, which was around EUR 321 billion, followed by France at the value of EUR 237 billion and United Kingdom valued at EUR 223 billion. In the year 2016, the R&D expenditure for the pharmaceutical industry was at the value of EUR 35000 million, stated by the European Federation of Pharmaceutical Industries and Association.
Furthermore, Asia Pacific is touted to be the fastest growing anti-venom market, resulting from the massive patient pool coupled with the increasing advancements in pharmaceuticals. As per the Indian Brand Equity Foundation (IBEF), the generics market in the country was around USD 26.1 billion in the year 2016. Moreover, according to the statistics by the World Health Organization (WHO), around 2.8 million people are bitten by snakes, and close to 46 900 people succumb to snakebites every year.
Lastly, the market in the Middle East and Africa account for the lowest share of the global market owing to the restricted economic development, lack of technical knowhow, and poor medical facilities.
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Thermo Fisher Scientific, Ypsomed Holding AG, Artsana S.p.a., B. Braun Melsungen AG, Becton, Dickinson and Company, Allison Medical, Inc., cHill-Rom, Hu-Friedy Mfg. Co., LLC, Johnson & Johnson Services, Inc, Medline Industries, Inc., Medtronic plc, Allison Medical, Inc., Owen Mumford, Ltd., Roboz Surgical Instrument, Smiths Medical, Stryker Corporation, Terumo Corporation, Novo Nordisk A/s, UltiMed, Inc., Boston Scientific Corporation, are some of the leading companies in the global anti-venom market.
February 2019 – Kenya’s Ministry of Health is set to produce anti-snake venom for ensuring a sustainable supply, in addition to developing few policies, guidelines as well as processes for identifying cheaper high-quality brands for licensing. The products will be procured and distributed to public health facilities by the country’s medical supplies authority.