Venom antidote market projected to grow with significant CAGR over the forecast period study:
Global Anti-venom market: Venom is a poisonous secretion from venomous species such as snakes, fish, spiders, etc. Anti-venom is also called as anti-venin, a medication prepared from antibodies which can help in the treatment of certain venomous bites. It is then injected in little amounts to domestic animals and antibodies are separated from blood purification. Poisonous bites can lead to conditions such as muscle weakness, excessive saliva, breathing problems, etc. and in extreme cases, it can lead to death. Anti-venoms are only recommended if there is a high risk of toxicity.
Factors such increase in government initiatives to develop anti-venoms, increasing incidents of venomous bites in undeveloped regions, a rise in deaths and technological advancements are leading the market growth in anti-venom manufacturing. However, strict and complex regulatory policies, insufficient funding and a high cost of the product manufacturing are hampering the growth of anti-venom market.
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Anti-venom market is categorized on the basis of-
1. Product type
• Monovalent
• Polyvalent
2. Type of animal
• Snake
• Scorpions
• Spiders
• Others
3. End-users
Hospital pharmacies, retail pharmacies and others.
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And lastly, it is categorized on the basis of geographical regions-North America, Latin America, Europe, the Middle East and Africa and Asia-Pacific. North America holds the largest share in the anti-venom market due to the presence of snake poison control centers, increase in anti-venom product approval and increase in the clinical trials for anti-venoms. Asia-Pacific anti-venom market is expected to grow due to increase in the number of snake bites and local manufacturers such as Bharath Serum, Vins Bioproducts are some names who are focusing on making anti-venoms. In the Middle East and Africa regions, South Africa is leading its way in the market growth of anti-venom products, this is due to highest number of snake bites in the country. Some of the key players in the anti-venom market are Bharat Serum and Vaccines Limited (India), Vins Bioproducts (India), CSL Limited (Victoria), Rare Disease Therapeutics, Inc. (US), Merck & Co., Inc. (US), Pfizer Inc. (US), Incepta Vaccine Ltd. (Bangladesh), etc. in 2015, Incepta Pharmaceuticals Limited introduced first locally manufactured anti-venom injection in the name of anti-venom.
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According to World Health Organization (WHO), about 5 million snake bites occur every year and 100,000 deaths occur in addition to the permanent damage and disabilities. Increasing demand of the anti-venom globally, especially in the Africa and Asia-Pacific region due to more number of venomous bites incidents. Many key players are growing their business in the anti-venom production market and are actively playing a role in the development of new anti-venoms. For e.g. Equine F (ab’) 2 is an anti-venom developed by Instituto Bioclon S.A (clinical trials 2) for the treatment of poisoning by scorpion sting. Based on the factors mentioned in this article, the anti-venom market is expected to flourish with a significant CAGR rate.
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