Global Anti-venom Market is Estimated To Witness High Growth Owing To Increasing Prevalence of Snakebites and Rising Awareness Programs.

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The Anti-venom Market is estimated to be valued at US$ 504.9 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Anti-venom Market offers business opportunities for manufacturers, distributors, and suppliers, with rising cases of snakebites and the need for effective treatment. Anti-venom products assist in the neutralization of venom injected by poisonous snakes and prevent complications. The products are derived from animal sources and are available in various forms such as lyophilized powder, tablets, and syrups. The increasing prevalence of snakebites in regions such as Africa, Asia, and Latin America, coupled with the initiatives taken by governments and organizations to raise awareness about snakebite management, is expected to drive the market growth during the forecast period.

Market Dynamics:

The market dynamics of the Anti-venom market are driven by two major factors – the increasing prevalence of snakebites and rising awareness programs. Firstly, snakebite incidents are a significant health concern in many regions of the world. According to the World Health Organization (WHO), there are approximately 5 million snakebite cases annually, causing around 138,000 deaths and leaving many survivors with permanent disabilities. This high incidence of snakebites creates a demand for effective treatment options, thereby driving the market growth. Secondly, various organizations and governments are actively promoting awareness programs to educate people about snakebite prevention and management. These initiatives aim to reduce snakebite-related morbidity and mortality, leading to an increased demand for anti-venom products. Overall, the combination of increasing snakebite incidence and rising

SWOT Analysis:

Strength: The strong demand for anti-venoms in the market is a major strength, driven by the rising prevalence of snakebites and other venomous bites, particularly in developing regions. Additionally, advancements in technology and manufacturing processes have improved the efficacy and safety of anti-venom treatments.

Weakness: One weakness in the anti-venom market is the high cost associated with the production and distribution of anti-venom treatments, which can limit access to these life-saving medications, especially in low-income regions. Another weakness is the limited availability of specific anti-venoms for certain rare or exotic snake bites.

Opportunity: An opportunity in the anti-venom market is the potential for expansion into new geographic regions with a high incidence of snakebites, such as Africa, where snakebite treatment and prevention efforts are currently insufficient. Another opportunity lies in the development of novel anti-venom formulations with improved efficacy and reduced side effects.

Threats: One threat in the anti-venom market is the presence of counterfeit and substandard anti-venom products in certain regions, which can lead to inadequate treatment outcomes and patient harm. Another threat is the increasing concerns about venom extraction practices and the ethical treatment of venomous animals, which may impact the availability and production of anti-venoms.

Key Takeaways:

The Global Anti-Venom Market Size is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period, due to increasing incidents of snakebites and advancements in technology. The Asia Pacific region is projected to be the fastest-growing and dominating region in the anti-venom market, attributed to a high prevalence of snakebites and improving healthcare infrastructure. Key players operating in the anti-venom market include BTG plc, Laboratorios Silanes, CSL Limited, Pfizer, Inc., Merck & Co., Inc., Bharat Serums and Vaccines Limited, Haffkine Bio-Pharmaceutical Corporation Ltd., Vins Bioproducts Limited, Incepta Pharmaceuticals Ltd., and Rare Disease Therapeutics Inc.

 

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it