Global Anti-venom Market 2023-2030

Global Anti-venom Market 2023-2030

Global Anti-venom Market Size, Share & Trends Analysis Report by Species (Snake, Scorpion, Spider, and Others), by Anti-Venom Type (Polyvalent Anti-venom and Monovalent Anti-venom), by Mode of Action (Cytotoxic, Neurotoxic, Hemotoxic, Cardiotoxic, Myotoxic, and Others), by End-User (Hospitals, Clinics and Ambulatory Surgical Centers), Forecast Period (2023-2030)

The global anti-venom market is anticipated to grow at a CAGR of 7.0% during the forecast period (2023-2030). Anti-venom, often referred to as venom antiserum, is a type of drug used to treat the symptoms of venomous bites or stings from animals, such as snakes, spiders, scorpions, and some marine species such as jellyfish or cone snails. The major factor expanding the market globally include improvements in venom extraction methods, the therapeutic potential of snake venom, and the desire for natural products. According to the World Health Organization (WHO), every year roughly 5.4 million snake bites, resulting in 1.8 to 2.7 million instances of envenoming's (snake bite poisoning). Hence, the market participants are aware of this demand and are working to satisfy it by creating and distributing anti-venom products. For Instance, in August 2022, The Indian Institute of Science (IISc) Bangalore’s ‘Evolutionary Venomics Lab’ and Bharat Serums and Vaccines Ltd. (BSV) partnered to create region-specific antivenom for snakebites in India.

Segmental Outlook

The global anti-venom market is segmented based on species, anti-venom type, mode of action, and end user. Based on the species, the market is sub-segmented into snake, scorpion, spider, and others. Based on anti-venom type, the market is sub-segmented into polyvalent anti-venom and monovalent anti-venom. Further, on the basis of the mode of action, the market is sub-segmented into cytotoxic, neurotoxic, haemotoxic, cardiotoxic, myotoxic, and others. Among the end user, the market is sub-segmented into hospitals, clinics, and ambulatory surgical centers.

The Polyvalent Anti-venom Sub-Segment is Anticipated to Hold a Considerable Share of the Global Anti-venom Market

The combination of increased snakebite incidents, growing awareness, and improved product offerings has driven the fast growth of the polyvalent antivenom market. Over the course of the forecast period, a sizable market share is anticipated for the polyvalent anti-venoms segment. Polyvalent anti-venoms are made up of antibodies that may neutralize a number of homologous venoms from various species and genera. The active components of polyvalent snake antivenom include taipan antivenom, death adder antivenom, brown snake antivenom, and tiger snake antivenom. Even when the snake responsible for the envenomation is unknown and a monovalent antivenom cannot be selected, polyvalent antivenoms can save the lives of victims. Polyvalent anti-venoms are the most used anti-venom medication due to their evident benefits.

Regional Outlook

The global anti-venom market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the high concentration of the market solution vendors including CroFab, Smithsonian, Rare Disease Therapeutics Inc., and others.

Global Ant-Venom Market Growth, by Region 2023-2030

Source: OMR Analysis

North America is Expected to Hold a Significant CAGR in the Global Anti-Venom Market

Due to the high rate of snakebites and other dangerous bites in the area, the growing public awareness of venomous bites, and growing technological improvements are some of the major factors anticipated to hold a considerable share of the market. In North America, the US is anticipated to have a sizable impact on market expansion. According to a Centers for Disease Control and Prevention (CDC) article published in June 2021, in US around 7,000–8,000 individuals were bitten by venomous snakes every year. Rather than dying from snake bites, employees are much more likely to sustain long-term injuries. Due to snake bites being so common there, the market is anticipated to rise as a result of the rising demand for its therapies. Moreover, Product approvals and strategic moves by important key market players are also anticipated to boost market expansion in the nation. For instance, in March 2022, Ophirex, Inc. declared that the US FDA had given varespladib-methyl (""oral varespladib"") Fast Track designation for the treatment of snakebite.

Market Players Outlook

The major companies serving the anti-venom market include Bharat Serums and Vaccines Ltd. (BSV), Boehringer Ingelheim International GmbH, Pfizer Inc., MicroPharm Ltd., Merck & Co. Inc., and BTG International Inc., Rare Disease Therapeutics Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2022, Bharat Serums and Vaccines (BSV), an India-based biopharmaceutical organization strategically partnered with the ""Evolutionary Genomics Lab"" at the Indian Institute of Science (IISc) Bangalore to create region-specific antivenoms and pave the way for the country's next-generation snakebite treatment.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global anti-venom market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.