Antivenom Market Growth is expected to Increase from $1.33 Billion in 2018 to $1.79 Billion in 2023
Added: (Wed Mar 27 2019)
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Antivenom Market Overview
Antivenom is described as the biological product that detoxifies poisoning of venomous bites. Antivenom is prepared from the milking venom of animals such as snakes, spiders, scorpions, and other venomous animals. Venomous bites result in certain clinical conditions such as secretion of excessive saliva, muscle weakness, breathing problems, and other difficulties that may lead to death also. It is estimated that, approximately 100,000 people die worldwide with snake bites annually. To overcome poisonous effects after venomous bites the global manufacturers developed number of Antivenom products including vaccines and hyper immune sera.
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Increasing government initiations to promote the development of high-quality antivenom products, the presence of the highest number of snake bite victims (especially from Asia & Africa regions), and estimated pipeline products launch is driving the growth of global Antivenom Market. In addition, the growing of deaths from venomous animal’s bites and increasing research to develop advanced antivenom products are further stimulating the growth of global Antivenom Market. However, withdrawal of antivenom products, insufficient funding to develop the antivenom products to meet demand, the high cost of the products, regulatory complexities, and high costs of maintaining livestock for antivenom production are restraining the growth of global Antivenom Market.
Antivenom MarketForecast Report (2018-2023)
Global Antivenom Market is expected to reach USD $1.79 billion by 2023 from USD $1.33 billion in 2018, growing at a CAGR of 6.12% during the forecast period 2018-2023.
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Antivenom MarketSegmentation
The Global Antivenom Market Size is broadly categorized into type and animal. On the basis of type, global Antivenom market Growth is segmented into Vaccines and Hyperimmune Sera (Homologous & Heterologous). Based on the animal the market is segmented into Snakes, Scorpions, Spiders, and Others.
On the basis of geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. North America is the dominating market for Antivenom accounting for a share of approximately 39.0% followed by Europe in 2018. Asia-Pacific is estimated to be the fastest growing region with a CAGR of 8.59% during the forecast period of 2018-2023.
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Key Developments in the Market
May 2017: Snakebite911, an app that contains educational information on snakes and snakes bite first-aid support, developed by BTG PLC.
Major Players:
The major companies dominating this market for its products and services are
Institute Bioclon, S.A. de C.V. (Mexico),
Pfizer AG (Switzerland),
CSL Limited (Australia),
F. Hoffmann-La Roche Ltd. (Switzerland),
Merck & Co., Inc. (U.S.),
Rare Disease Therapeutics, Inc. (U.S.),
Vins Bioproducts Limited (India),
BTG Plc (U.K.),
Incepta Vaccine Ltd. (Bangladesh),
Bharat Serum
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