Anti-Venom Market 2022 Size, Top companies Analysis and Technology Update to 2027

Market Snapshot 

Following a detailed analysis of the current trends, Market Research Future (MRFR) reports that the global anti-venom market is poised to grow at a robust rate of 6.5% during the forecast period (2017-2023).

Growth Factors and Top Challenges 

At present, the University of Arizona is in the process of developing polyvalent F(ab)2 Equine, which is an anti-venom to treat North American coral snake (Micrurus) bite. Furthermore, the anti-venom is currently under phase 3 clinical trial and is on track to receive approval soon in the future. The introduction of new and innovative products, with more in the pipeline, will elevate the market position of anti-venom over the coming years. Moreover, the high prevalence of scorpion bites, snake bites, and other insect or animal bites like fish stings will surely augment the product demand across the globe. Additional factors promoting market growth includes the encroachment of forest lands for housing and agricultural purposes, which had led human to be in close proximity to venomous insects and animals. 

With successful approvals as well as continuous launches of novel drugs in prominent regions will prove to be instrumental in the growth of the anti-venom market growth during the assessment period. Citing an example, Silanes Laboratories had been granted the U.S. Food and Drug Administration (FDA) approval for Anavip in October 2018. Anavip is an anti-venom against the bite of snakes belonging to the Crotalus family, including the rattlesnake. On that note, in 2017, Rare Disease Therapeutics Inc. had successfully launched Anavip in the United States (U.S.) market. However, with the cost of anti-venoms being on the higher side, the market could take a hit in the coming years. 

However, with renowned industry vendors constantly focusing on raising the shelf life and also extending the expiry date of its product range, the overall growth rate of the market will remain unaffected. To illustrate, it was reported in September 2018 that BTG plc. had received the U.S. Food & Drug Administration (FDA) approval to extend the shelf life of CroFab Crotalidae Polyvalent Immune Fab (Ovine) up to 60 months.

Top Vendors 

Scientific Corporation, Terumo Corporation, B. Braun Melsungen AG, Becton, Dickinson and Company, Owen Mumford Ltd., Allison Medical Inc., Artsana S.p.a., Thermo Fisher Scientific, Hu-Friedy Mfg. Co., LLC, Johnson & Johnson Services Inc, cHill-Rom, Medline Industries, Inc., Ypsomed Holding AG, Allison Medical, Inc., Smiths Medical, Stryker Corporation, Medtronic plc, Roboz Surgical Instrument, Novo Nordisk A/s, UltiMed Inc. (Boston) are the top vendors operating in the global anti-venom market.

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Market Segmentation 

The report states that the global anti-venom market has been segmented on the basis of type, type of species, mode of action, product type, and end user.

According to the type, the global anti-venom market is considered for polyvalent heterologous antivenom, monovalent heterologous antivenom, homologous antivenom, and small molecule anti-toxins. 

The types of species covered in the report include snakes, scorpions, spiders, and others. Further, the snake segment is further segmented into common cobra, common krait, Russell Viper, and others. 

Considering the mode of action, the global anti-venom market covers cytotoxic, neurotoxic, haemotoxic, cardiotoxic, myotoxic, and others.

The product types in the global anti-venom market are snake anti-venom, spider anti-venom, scorpion anti-venom, and others. The segment of snake anti-venom accounts for the largest share in the global market on account of the high prevalence of poisonous snake bites that lead to high rate of mortality as well as morbidity with no anti-venom treatment.

The end-users in the global anti-venom market are hospitals, clinics, ambulatory surgical centers, and others. 

Regional Outlook 

The regions where the global anti-venom market is set to expand from 2017 to 2023 include Asia Pacific, Europe, the Americas, and the Middle East and Africa.

Gaining significant speed in the global anti-venom market is the region of Americas, which has secured the leading position backed by the rising cases of snake bites and scorpion bites, in addition, the presence of well-established healthcare infrastructure as well as high expenditure. Plus, the high disposable income and strong economic conditions of the region will bring lucrative results for the anti-venom market in the following years.

Securing the second spot in the global anti-venom market, the Europe market will thrive on the back of strong support lent by the government for research and development, in terms of funding. Also, the enhanced reimbursement scenario is touted to be the driving force behind the lucrative growth of the Europe anti-venom market. As reported by Eurostat, among all the EU Member States, Germany recorded the highest value of healthcare expenditure in 2014, estimated at around EUR 321 billion, with France right behind with the estimated value of EUR 237 billion. Moreover, the United Kingdom had reached the valuation of EUR 223 billion that year. 

The report also identifies the Asia Pacific to be the fastest growing market, with the primary reasons being the large patient pool combined with the continuous advancements in pharmaceuticals. The Indian Brand Equity Foundation (IBEF) had noted that in 2016, the generics market in the country was valued at USD 26.1 billion. On top of that, on account of the high incidence of snake bites in India and Bangladesh, the overall market for anti-venom in the region is expected to flourish in the coming years. To illustrate, the Journal of the Association of Physicians of India had reported in 2017 that roughly 50,000 individuals die in the country every year, mostly owing to venomous snake bites.

Finally, the Middle East and Africa market will be able to grab hold of the lowest share of the worldwide anti-venom market, as a result of the slacking development of economy, poor medical facilities and lack of technical know-how. 

Latest Developments 

February 2019

In the wake of increasing snakebite mortality rate, the Kenya Ministry of Health will soon be producing anti-snake venom locally in the country, ensuring a sustainable supply throughout the year. The ministry has come up with two brands of snake antivenom which have been produced by venom collected from African snakes. 

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