The global snake antivenom market size was valued at USD 294.8 million in 2021. The market is projected to grow from USD 312.9 million in 2022 to USD 526.0 million by 2029, exhibiting a CAGR of 7.7% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “Snake Antivenom Market, 2022-2029.”
COVID-19 Impacts:
Supply Chain Disruptions and Halt in Hospital Admissions Hindered Market Growth
Increased wait time before seeking treatment and delays in hospital admission due to imposition of stringent lockdowns and social distancing norms to curb the spread of the pandemic hampered market augmentation. Moreover, supply chain disruptions and diversion of healthcare budgets, beds, equipment and professionals towards dealing with the ongoing pandemic also impacted market trends negatively.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
Segments:
Polyvalent Heterologous Segment to Lead Owing to its Convenience
Based on type, the market is divided into polyvalent heterologous and monovalent heterologous. Among these, the polyvalent heterologous segment captured the largest market share due to its preference over monovalent antivenom. Polyvalent antivenom has the ability to neutralize the venomous bite of several snake species and is thus preferred as it helps in cases when the species can’t be identified.
Hospitals Segment to Grow Backed by Increasing Hospital Admissions
As per application, the market is bifurcated into hospitals and clinics. Hospitals segment captured majority of the market due to rising number of hospital admissions. Hospitals provide facilities such as focused treatment, personalized care, and others which will also propel this segment.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
