Anti-Venom Market Overview
The Anti-Venom Market insights report has estimated the industry to be worth USD 0.6 billion in 2022. The Anti-Venom market area is expected to soar from USD 0.65 billion in 2023 to USD 1.29 billion by 2032, at a compound annual growth rate (CAGR) of 8.90% during the period of forecasting (2023 – 2032).
Biotechnology, as well as the healthcare industry, is noting a considerable demand from developing nations globally. The prominent reason behind the strong growth of the anti-venom market is the growing demand for anti-venom treatment, as it is the only authorized treatment for snake bite, without any alternative treatment available. Moreover, violation of forest lands for housing and agricultural needs has gotten humans close to poisonous animals and insects, thereby increasing the prevalence of venomous bites. In addition, the prevalence of snake bites, scorpion bites, as well as other animal or insect bites like fish stings is an additional factor playing a major role in the anti-venom market growth.
Various research and development (R&D) activities taking place continuously that provide advanced drugs and standard treatment for poisonous insect bite further uplifts the market position of anti-venom. Growing demand for anti-venoms in the emerging countries is encouraging the prominent players to penetrate these markets, such as in India and Africa in order to offer anti-venom products at a cost-effective price. This is yet another driver responsible for the growth of the global anti-venoms market.
In contrast, the high cost of anti-venom due to the high production cost in a few regions could hamper the growth of the anti-venom market. However, the rapid development of the economic conditions around the world is creating massive opportunities for the expansion of the anti-venom market. The improving economy is increasing the individual per capita income, which will increase the spending capacity on health care. The contribution of the developing countries of Asia Pacific as well as the Middle East coupled with the growing population and increasing capita income will foster the growth of the market.
The global anti-venom market is segmented on the basis of type, type of species, mode of action, product type, and end user.
The global anti-venom market, by type, is categorized into polyvalent heterologous antivenom, monovalent heterologous antivenom, homologous antivenom, and small molecule anti-toxins.
By species type, the global anti-venom market is segmented into snakes, scorpions, spiders, and others. The snake segment is further classified as a common cobra, common krait, Russell Viper, and others.
Based on the mode of action, the global anti-venom market is divided into cytotoxic, neurotoxic, haemotoxic, cardiotoxic, myotoxic, and others.
The product types in the global anti-venom market include snake anti-venom, scorpion anti-venom, spider anti-venom, and others.
End-user-wise, the global anti-venom market is segmented into hospitals, clinics, ambulatory surgical centers, and others.
The regions among which the global anti-venom market is segmented into are Asia Pacific, Europe, Americas, and the Middle East and Africa.
At a global level, the Americas will be leading the anti-venom market in the coming years on account of the increasing cases of snake bites, as well as scorpion bites coupled with the high healthcare expenditure.
Europe will be securing the second position in the global anti-venom market, due to the strong financial support by the government for research and development along with the improvement in reimbursement scenario, driving the Europe anti-venom market.
Furthermore, Asia Pacific is touted to be the fastest growing anti-venom market, resulting from the massive patient pool coupled with the increasing advancements in pharmaceuticals.
Lastly, the market in the Middle East and Africa account for the lowest share of the global market owing to the restricted economic development, lack of technical knowhow, and poor medical facilities.
Thermo Fisher Scientific, Ypsomed Holding AG, Artsana S.p.a., B. Braun Melsungen AG, Becton, Dickinson and Company, Allison Medical, Inc., cHill-Rom, Hu-Friedy Mfg. Co., LLC, Johnson & Johnson Services, Inc, Medline Industries, Inc., Medtronic plc, Allison Medical, Inc., Owen Mumford, Ltd., Roboz Surgical Instrument, Smiths Medical, Stryker Corporation, Terumo Corporation, Novo Nordisk A/s, UltiMed, Inc., Boston Scientific Corporation, are some of the leading playeers mentioned in the anti-venom market outlook report.
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