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The anti-venom market comprises antivenoms or antivenins that are made from the antibodies that neutralize the effects of venom from venomous snakes, spiders, or other organisms. Antivenoms are complex polyclonal antibody therapeutics that are developed by hyper immunizing animal host, usually horses or sheep, with venom in order to generate sufficient antibodies in their blood. The generated antibodies are later purified and formulated to be given to humans and animals that are bitten or stung.
The Global anti-venom market is estimated to be valued at US$ 9229.16 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Venomous bites and stings from snakes, spiders, scorpions and other organisms are a major cause of morbidity and mortality across developing regions such as Africa, Asia, Latin America, and Oceania. The rising incidence of snakebites due to factors such as growing human intervention in snake habitats, increase in farming and agriculture activities, and lack of awareness regarding first-aid for snakebites have boosted the demand for anti-venoms. Moreover, increasing research efforts of pharmaceutical companies to develop novel and effective anti-venoms against new species of venomous organisms also drives the market growth. However, factors such as lack of penetration in underdeveloped and remote areas, shortage of anti-venom supplies against various species, and high costs associated with anti-venom development and production restrain the market to a certain extent.
Key Takeaways
Key players operating in the anti-venom market are Bharat Serums and Vaccines Limited (BSV), Boehringer Ingelheim International GmbH, CSL Limited, Haffkine Bio-Pharmaceutical Corporation Limited, Incepta Pharmaceuticals Limited, Merck & Co. Inc., Merck KGaA, MicroPharm Limited, Pfizer Inc., and Rare Disease Therapeutics Inc.
The rising incidence of snakebites, scorpion stings and other venomous bites globally has been boosting the demand for anti-venoms. As per the World Health Organization (WHO), around 5 million people around the world are bitten by snakes annually, out of which around 2.7 million are envenomed and 100,000 dies.
Major anti-venom manufacturing companies are focusing on expanding their geographical presence globally. These companies are focusing on establishing manufacturing and distribution partnerships in developing countries with high incidence of venomous bites in order to ensure reliable availability and access to anti-venoms.
Market Key Trends
One of the key trends gaining traction in the anti-venom market is the development of improved anti-venom production technologies. Major players are focusing on developing innovative production methodologies such as recombinant DNA technologies and scFv antibody fragment technologies to overcome the limitations of conventional polyclonal anti-venom production from horse serum. These new production methods help in obtaining high affinity, improved antigen specific antibodies in large volumes with less batch-to-batch variation.
Porter’s Analysis
Threat of new entrants: New entrants will find it difficult to enter the anti-venom market as extensive R&D is required to manufacture anti-venoms and specialized knowledge is essential. Significant investments are also needed to penetrate the market.
Bargaining power of buyers: Individual buyers don’t have significant bargaining power due to low availability of substitutes and life-saving nature of anti-venoms. However, large healthcare agencies can negotiate on price.
Bargaining power of suppliers: Few manufacturers dominate the supply of anti-venom making suppliers powerful in negotiating prices with buyers. However, high entry barriers limit threat from new suppliers.
Threat of new substitutes: There are no cost-effective or widely available substitutes for anti-venoms in treating venomous bites.
Competitive rivalry: Major global players dominate the market and competition is high due to differentiation in products, services and technology.
North America region accounted for the largest share in the anti-venom market in terms of value in 2022. High prevalence of snake bites in parts of Mexico and the United States drive the market. Asia Pacific region is expected to witness the highest CAGR between 2023 to 2030. Increasing healthcare investments and rising incidence of snake bites in rural areas of India, Sri Lanka, and other Southeast Asian countries are boosting the APAC anti-venom market.
The European anti-venom market demonstrated moderate growth due to limited cases of snake bites. However, countries including Italy, Greece, Spain and Turkey are high-risk regions. The anti-venom market in Middle East and Africa is slowly expanding with growing access to healthcare in several nations. Central and South America regions also present ample opportunities driven by supportive government initiatives against snake bites.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
