Global Antivenom Drugs Market – Industry Trends and Forecast to 2029

Antivenom Drugs Market Analysis and Size

The global antivenom drugs market is expected to witness significant growth during the forecast period. According to World Health Organization, monovalent antivenoms are are limited in use to a single species of a venomous snake or to a few closely related species whose venoms show clinically effective cross-neutralization with antivenom. About 70% of snakebites occurred in higher burden states and half during the rainy season and at low altitudes. India's high burden of snake bites increases the demand for its therapeutics.

Data Bridge Market Research analyses a growth rate in the global antivenom drugs market in 2022-2029. The expected CAGR of global antivenom drugs market is tend to be around 4.50% in the mentioned forecast period. The market was valued at USD 0.95 billion in 2021, and it would grow upto USD 1.35 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Antivenom Drugs Market Scope and Segmentation

Market Definition

Antivenom drugs are used to treat venomous bites and stings, usually preferable in high-toxicity cases. Antivenin, venom antiserum, and antivenom immunoglobulin are the different other names of antivenom drugs. These medications can potentially reverse the effects of snake bites, and generally, an adequate therapeutic dose is injected. Additionally, these medications also help in kidney dialysis, artificial respiration, prosthesis as well as rehabilitation services.

Global Antivenom Drugs Market Dynamics

Drivers

• Increasing Drug Approvals

Approvals and launches of novel drugs in the leading regions are anticipated to be a major factor driving antivenom drugs market growth during the forecast period. For instance, in October 2018, Silanes Laboratories received U.S. FDA approval for Anavip, an antivenom against the bite of snakes of the Crotalus family, including the rattlesnake. In 2017, Rare Disease Therapeutics, Inc., partner of Silanes Laboratories, launched Anavip in the U.S. market. Thus, all these factors boost the growth of the market.

• Higher Initiatives by Government and Private Organizations

To satisfy to the demand for antivenom drugs, several market players are opting for many initiatives to strengthen their market presence. For instance, in September 2021, a partnership was made between Papua New Guinea (PNG) and Australia to donate antivenoms and help save the lives of people bitten or stung by venomous snakes and marine creatures. It has been extended for a further two years, 2021-2023. This will provide the availability of antivenomous drugs across the countries, thus driving the market.

Opportunities

• Rising Incidence of Snake Bites

According to the update by World Health Organization in May 2021, nearly 5.4 million snake bites occur each year, leading to up to 2.7 million envenomings (poisoning from snake bites) and around 81,000 to 138,000 deaths because of snake bites. Furthermore, it often leads to about three times as many amputations and other permanent disabilities. As per a research article "Trends in snakebite deaths in India from 2000 to 2019 in a nationally representative mortality study," published in July 2020, India witnessed approximately 1.2 million deaths due to snakebites between 2001-2019. Thus, these increasing cases demand higher antivenom drugs and are boosting the market's growth.

• Increasing Focus on Extension of Shelf Life

The major players in the market are focusing on increasing shelf life and extending the expiry date of their products. For instance, in September 2018, BTG plc. announced that the U.S. FDA has approved updating the shelf life of CroFab Crotalidae Polyvalent Immune Fab (Ovine) up to 60 months. In addition, in 2018, Pfizer, Inc. worked with the U.S. FDA to extend the expiration date of Antivenin's Lot No. L67530 for an additional 12 months. Thus, all these efforts are having an impact on the growth of the market.

Restraints/Challenges

• Lack of skilled professionals

The lack of qualified personnel in developing and underdeveloped economies who cannot treat the patients with appropriate treatments could curb the growth of the global antivenom drugs market over a forecast period.

• High Costs

The huge expenditure required for setting up these techniques hampers the market growth. Several market players make huge investments in installing new and advanced machines to faster the process, and in return, the cost is increased.

This global antivenom drugs market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global antivenom drugs market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Global Antivenom Drugs Market

A major increase in the number of deaths recorded because of snake bites during the COVID-19 pandemic in a few areas. This is creating an extensive demand for antivenoms. More than 350 snake bites were stated in Texas in 2020, which was an increase of 40% over the value registered in 2019, as per the June 2020 article titled, "Texas snake bites increasing during COVID-19 pandemic". Additionally, there was a pause in R&D activities related to antivenom due to temporary outages, labor shortages, freight challenges, and a high risk of COVID-19 contamination. This has left a negative impact on the market. Although, with the ease of COVID-19-led restrictions, production activities are projected to resume at the pre-pandemic level. Thus, COVID-19 had a major impact on the market.

Recent Development

• In July 2022, the foundation for Antivenom Research and Development Centre (AVRDC) was conducted at the Institute of Bioinformatics and Applied Biotechnology (IBAB), Bengaluru Helix Biotech Park, Electronics City to increase the production activities for antivenom.
• In April 2022, the Complementary Agreement to the Technical Cooperation Agreement between Brazil and the Government of the Republic of the Union of Myanmar for the implementation of the project "Improving methodologies and techniques for the production of antivenom serum in Myanmar - phase II: antivenom quality" was signed. The aim of the project is to increase the quality and performance of the antivenom serum produced in that Asian country.

Global Antivenom Drugs Market

The global antivenom drugs market is segmented on the basis of type, treatment, animal, mode of action, end-user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Monovalent
• Polyvalent

Treatment

• Vaccines
• Hyper Immune

Animal

• Snakes
• Spiders
• Scorpions
• Others

Mode of Action

• Cytotoxic
• Neurotoxic
• Haemotoxic
• Cardiotoxic
• Myotoxic
• Others

End User

• Hospital/Clinical Laboratories
• Physician Offices
• Reference Laboratories
• Others

Distribution Channel

• Direct Tender
• Retail Sales
• Other

Antivenom Drugs Market Regional Analysis/Insights

The global antivenom drugs market is analysed and market size insights and trends are provided by type, treatment, animal, mode of action, end-user and distribution channel as referenced above.

The major countries covered in the global antivenom drugs market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America accounts for the largest market share due to the involvement of major drug suppliers, the region's high spending on research and development, and healthcare and qualified professionals.

Asia-Pacific is projected to score the highest market growth rate due to increased research and innovations in the antivenom drugs market. 

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Antivenom Drugs Market Share Analysis

The global antivenom drugs market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global antivenom drugs market.

Key players operating in the global antivenom drugs market include:

• Bioclone Institute (Mexico)
• Pfizer Inc (U.S.)
• F. Hoffmann-La Roche Ltd (Switzerland)
• Merck KGaA (Germany)
• Rare Disease Therapeutics, Inc. (U.S.)
• VINS Bioproducts Ltd (India)
• BTG International Inc (U.K.)
• Incepta Pharma (Bangladesh)
• Bharat Serums and Vaccines Limited (BSV) (India)
• Hamilton Company (U.S.)
• B. Braun SE (Germany)
• Cardinal Health (U.S.)
• BD (U.S.)
• Boston Scientific Corporation (U.S.)
• Alomone Labs (Israel)
• Wyeth, LLC (U.S.)

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