Antivenoms or antivenins are biomedical treatments for venomous bites or stings. They are plasma-derived pharmaceuticals prepared by immunizing animals, usually horses or sheep, with certain venoms in order to generate antibodies.
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.
Key Takeaways
Key players operating in the anti venom market include Bharat Serums and Vaccines Limited (BSV), Boehringer Ingelheim International GmbH, Boston Scientific Corporation, CSL Limited, Haffkine Bio-Pharmaceutical Corporation Limited, Incepta Pharmaceuticals Limited, Merck & Co. Inc., Merck KGaA, MicroPharm Limited, Pfizer Inc., and Rare Disease Therapeutics Inc. These players are focused on expanding their presence across various countries through partnerships with regional players. For instance, in 2022, MicroPharm entered into an exclusive agreement with Merck KGaA to commercialize its anti-snake venom products in Africa.
The rising incidence of snake bites, especially in rural areas of Africa, Asia, Latin America, and Oceania is a major factor driving the demand for anti venoms. According to the World Health Organization (WHO), around 5.4 million snake bites occur annually leading to 2.7 million cases of envenomings and around 138,000 deaths worldwide. Countries like India, Sri Lanka, Thailand, and Brazil witness high rates of snake bites.
Technological advancements in venom extraction techniques and antibody production processes are helping companies develop more effective and high yield anti venoms. For example, Vins Bioproducts Limited has indigenously developed polyspecific anti-venom through venom immobilization technique which protects against multiple categories of snakes.
Market Trends
One of the key trends gaining traction in the anti venom market is the development of recombinant anti venom products. Leading players are investing in R&D to develop next generation anti venoms using gene sequencing and recombinant DNA technology. For instance, MicroPharm recently launched a recombinant anti venom product for Saw-scaled Viper bites.
Another notable trend is the growing adoption of mobile anti venom units in rural areas of developing nations. Companies partnering with local healthcare organizations to equip mobile dispensaries and build awareness about snake bites and availability of anti venoms. This is helping enhance access to treatment in remote locations.
Market Opportunities
The increasing incidents of snake bites in tropical regions present significant opportunities for anti venom manufacturers to partner with local hospitals, pharmacies and healthcare providers and enhance access. There also exists scope to develop low-cost anti venoms targeted towards patients in developing nations through technology transfers and local manufacturing.
Developing user-friendly and intradermal application formats of anti venoms can help paramedic staff and community health workers administer treatment in pre-hospital settings more effectively. This can boost treatment rates for snake bite victims in critical golden hour.
Impact of COVID-19 on Anti Venom Market Growth
The COVID-19 pandemic has significantly impacted the anti venom market growth. During the initial lockdown phases, stock shortages and disrupted supply chains impacted the market. However, with increasing cases of snakebites, the demand for anti venom continued. The industry faced challenges in maintaining production and distribution while following strict safety protocols. Tele-consultations and online prescriptions helped drive sales to some extent during the lockdown.
The market is expected to see faster recovery post pandemic. With resumption of operations, suppliers are ensuring adequate production and supplies to cater to the demand. The governments and industry players are collaborating to facilitate smooth distribution and access to anti venoms. Several initiatives are being taken to educate people and spread awareness about effective prevention and timely treatment of snakebites. The long term impact of the pandemic is anticipated to be limited due to the essential nature of anti venoms. The market is projected to steadily grow over the forecast period on the back of rising incidence of snakebites, new product launches and investments in research.
South Asia Region Dominates Anti Venom Market in Terms of Value
The South Asia region currently dominates the global anti venom market and accounts for over 35% of the total value. Countries like India, Sri Lanka and Bangladesh have warmer climates which are favorable habitats for various venomous snakes. According to WHO, India alone accounts for over 50% of global snakebite deaths annually primarily owing to agrarian lifestyle and geography. Hence, the demand and market for anti venoms has always been highly concentrated in this region. Several leading companies with established production facilities are based here catering to the large domestic as well as export market.
North America Emerging as Fastest Growing Region for Anti Venom Market
North America region is poised to witness the fastest growth in the anti venom market during the forecast period. While the number of clinically significant snakebites is lower compared to tropical regions, rural outdoor recreational activities and booming exotic pet trade are increasing the risk of encounters. Additionally, high healthcare spending, strong research environment and faster uptake of advanced therapies are major factors driving higher valuations. The recombinant anti venoms and mono specific anti venoms in development and trials indicate growing investments towards novel products. Favorable regulatory framework and presence of leading pharmaceutical players also supports market growth in this region.
