Albany, New York, June 11, 2019 (GLOBE NEWSWIRE) -- The global anti-venom market report by TMR expects to be valued at a US$2.9 bn by the end of 2025 registering a CAGR of 6.8% during the forecast period from 2017 to 2025. In 2016, the market was valued at US$1.6 bn. In terms of anti-venom type, polyvalent is dominated with largest share in 2016. In 2017, the Middle East and Africa (MEA) dominated the market with revenue of around US$0.7 bn.
As the vast jungles are home for several animal species; venoms are considered as "neglected health crisis for Africa". As the data says by Lancet study, in 2018, venom bite caused to deaths of 81,000 to 138,000 people annually. Thus, anti-venoms remains as a specific and last option for some specific treatments. These drugs potentially able to prevent and reverse most of effects of snakebite in a limited dose. Due to its high importance, World Health Organization (WHO) added it in to the ‘Model list of Essential Medicines’. A distinct anti-venom market exists from a global perspective.
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However, absence of the anti-venom is specifically observed in the developing countries where infrastructure and capacity for providing the specialized anti-venoms is limited. Additionally, high costs of these anti-venom drugs is another factor posing as a challenge to the growth of the market. Nonetheless, rising awareness about the presence of anti-venoms has lowered ignorance toward venom-bites, which is fuelling growth of the global anti-venom market. Additionally, rising encroachment of forest lands for housing and agricultural purposes has led humans to be in close proximity to venoms such as insects and animals that may are poisonous. This has boosted demand for effective anti-venom for earliest treatment.
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Products Advancements Plays a Crucial Role in Market Growth
The robust R&D activities are resulting to increase in number of pipeline products, which may favor the growth of the global anti-venom market. Moreover, the launch of new products with improved shelf life and extended expiry date, is expected to benefit growth of the global anti-venom market in coming years.
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Polyvalent Segment to Record High Growth
Based on anti-venom type, anti-venom market is segmented into monovalent and polyvalent anti-venom. While based on product type anti-venom market is segmented into snake anti-venom, scorpion anti-venom, spider anti-venom, and other anti-venoms. The market for anti-venom is majorly driven by polyvalent segment. Snake anti-venom segment holds the largest market for anti-venom, owing to high prevalence of venomous snake bites causing high rate of mortality and morbidity without anti-venom treatment. Anti-venom market is further segmented by distribution channel into four main categories i.e. hospitals, clinics, ambulatory surgical centers, and other distribution channels. Segment hospital holds largest share amongst the four in anti-venom market.
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In order to cater to the rising need for the advanced treatments especially in the developing countries, the key players are investing more on research and development. Some of the key players in the global anti-venom market are CSL Behring, Haffkine Bio-Pharmaceutical Corporation Ltd, Bharat Serums and Vaccines Ltd., Vacsera, Rare Therapeutics, and Vins Bioproducts Limited. These key players are trying to take efforts to fulfill the gap between demand and supply by improving their production.
This information is comprised in the new report by TMR, titled “Anti-Venom Market - (Anti-Venom Type - Monovalent and Polyvalent; Product Type - Snake Anti-Venom, Scorpion Anti-Venom, and Spider Anti-Venom; Distribution Channel - (Hospitals, Clinics and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
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