Anti venoms are biologics that are used to treat venomous snake, spider, scorpion and other poisonous animal bites and stings. They work by neutralizing the toxins present in the venom and preventing further damage. The increasing instances of snakebites and the need for speedy and effective treatment have raised the demand for anti venoms globally. According to WHO, 5.4 million snakebites occur each year resulting in 2.7 to 138,000 deaths with sub-Saharan Africa, South and South-East Asia being the most affected regions.
The global anti venom market is estimated to be valued at US$ 9229.16 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing need for effective anti snake venom treatments offers significant growth prospects for players in the anti venom market. Conventional anti venoms have issues related to specificity, efficacy and safety. Besides, availability is also a challenge, especially in rural areas of developing nations where the prevalence of snakebites is high. This presents an opportunity for manufacturers to develop novel, affordable and heat-stable anti venoms that can overcome these limitations. Dedicated R&D focusing on technologies like immunization of horses and production of antibodies through recombinant techniques can help address the current gaps. Development of regional production facilities especially in Africa and Asia can also ensure easier access and timely treatment. Leveraging such unmet needs, anti venom manufacturers can gain a competitive edge and witness lucrative growth opportunities over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the anti-venom market requires significant funding for R&D, facilities to develop, test and extract anti-venom from venomous animals. Bargaining power of buyers: The bargaining power of buyers is high as the anti-venom market is price sensitive due to the nature of emergency treatment. Bargaining power of suppliers: The bargaining power of suppliers is moderate due to limited availability of venomous animals for sourcing venom. Threat of new substitutes: There is low threat of new substitutes as anti-venom is the most effective treatment available for snake bites and other venomous bites. Competitive rivalry: The competitive rivalry is high among the existing international and regional players to gain higher market share.
SWOT Analysis
Strengths: Wide availability and easy access to anti-venoms across hospitals and treatment centers. Growing prevalence of snake bites and other venomous animal/insect bites globally. Weaknesses: High production and R&D costs involved in developing anti-venoms. Stringent regulatory norms for approval and commercialization of new anti-venoms. Opportunity: Emerging markets in Asia Pacific and Latin America present lucrative growth opportunities. Threats: Side effects associated with anti-venom immunotherapy treatment. Supply constraints due to limited availability of venomous animals for venom extraction.
Key Takeaways
The global anti-venom market is expected to witness high growth over the forecast period supported by the rising incidence of venomous animal bites worldwide. According to research, Asia Pacific accounts for the largest share in the global anti-venom market owing to high prevalence of snake bites caused by venomous snakes in densely populated countries like India. Regional analysis indicates that the Asia Pacific anti-venom market is projected to grow at the fastest rate during the forecast period led by India's growing healthcare expenditure coupled with increasing awareness initiatives launched by WHO to address the snake bite issue.
Key players operating in the anti-venom market include Bharat Serums and Vaccines Limited (BSV), Boehringer Ingelheim International GmbH, Boston Scientific Corporation, CSL Limited, Haffkine Bio-Pharmaceutical Corporation Limited, Incepta Pharmaceuticals Limited, Merck & Co. Inc., Merck KGaA, MicroPharm Limited, Pfizer Inc., and Rare Disease Therapeutics Inc. Major players are focusing on new product launches and expanding their manufacturing and distribution footprint in emerging markets to consolidate their market share
