TMR forecasts the
global anti-venom market to report a positive 6.8% CAGR between 2017
and 2025. At this pace the market will reach US$2,946 mn by the end
of 2025. In 2016, the market was valued at US$1,653 mn. In terms of
anti-venom type, the global market is bifurcated into polyvalent and
monovalent anti-venom. Of these, the polyvalent anti-venom segment
held the leading market share in 2016. Regionally, the Middle East
and Africa held the dominant market share. However, during the course
of the forecast period, the market is likely to witness highly
lucrative prospects in Asia Pacific.
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While the exact
number of snakebites in a year is not known, the WHO estimated that
nearly 5.4 million people around the world are bitten every year with
2.7 million reports of envenoming. Also there are reports of 81,000
to 138,000 deaths each year due to snake bites. These statistics
clearly show a high incidence of venomous bites, which represent a
serious health concern worldwide. About 3000 snake species are
discovered worldwide, out of which nearly 200 species are venomous
and thus hold medical importance. Also snake bites are more common in
comparison to spider, scorpion or other bites. Over the years
anti-venom treatment has remained the only available treatment for
snakebites. This is a chief driver of the anti-venom market
especially in regions such as the Middle East and Africa, Asia
Pacific, and Latin America, which witness a high incidence of
snakebites.
In the last couple
of years, the market witnessed significant investment in research and
development. Extensive studies were conducted to provide an improved
understanding of immunotherapy. These studies have revealed that
immunoglobulin fragments can be used to purify anti-venom thereby
delivering increased efficiency and tolerance to antivenoms. On top
of this modern technologies can be used for further improvement in
purification and immunization procedures. While improvements in
research initiatives are enabling the market gain momentum, recent
advancements in diagnosis methods have paved way for its promising
future. Immunologically-based techniques are used to detect the
presence of specific venom antigens in the blood. Techniques such as
enzyme immunoassay helps in the identification of specific species
for victim’s treatment. Such developments augur well for the
overall anti-venom market and is likely to support its growth through
the forecast period.
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On the downside,
anti-venoms come at a very high cost as a result of its high cost of
production and limited availability. This has emerged as a key
concern for the anti-venom market, limiting its growth to an extent.
Furthermore, snake bites are listed as one of the top neglected
topical diseases, which is indicative of hindrances the market may
have to face when penetrating in remote locations across emerging
markets. Nonetheless, significant efforts are adopted at national and
international levels alike to boost anti-venom production and bridge
the gap between the demand and supply of the same. Such initiatives
are likely to bode well for the global anti-venom market in the
coming years.
Presence of several
enterprises has rendered the global anti-venom market highly
fragmented. In a new study, Transparency Market Research (TMR)
identifies companies such as Bharat Serums and Vaccines Ltd., CSL
Behring, Bio-Pharmaceutical Corporation Ltd, Vins Bioproducts
Limited, Haffkine Vacsera, and Rare Therapeutics as some of the key
market players. These companies adopt diverse policies and strategies
to pace up with dynamic consumer preference. While a majority of the
companies rely on product launches to strengthen their hold in the
market, others forge partnerships and strategic collaborations to
expand their regional footprint besides product portfolio.
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