IMARC Group, a leading market research company, has recently releases report titled “Anti-Venom Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global anti-venom market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Anti-Venom
Anti-venom, also known as antivenin or antivenom serum, is a specialized pharmaceutical product formulated to counteract the potentially life-threatening effects of venomous bites or stings from various creatures, such as snakes, spiders, scorpions, and other venomous organisms. It is created by extracting venom from venomous creatures and then injecting it into animals like horses or sheep in controlled doses. It is administered through injection and is specifically tailored to target venomous species. It has specific antibodies that bind to and inactivate toxins and reduce their impact on the body of the victim. It neutralizes the toxic substances found in venom and prevents from a range of adverse physiological reactions, such as tissue damage, paralysis, and even death. It saves lives and reduces hospitalization costs and long-term health complications. As it reduces the chances of morbidity and mortality associated with envenomation, the demand for anti-venom is increasing across the globe.
How Big Is the Anti-Venom Market?
The global anti-venom market size reached US$ 1,096.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,644.9 Million by 2028, exhibiting a growth rate (CAGR) of 6.7% during 2023-2028.
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What are the growth prospects and trends in the anti-venom industry?
At present, rising incidences of venomous bites and stings among people represent one of the key factors impelling the market growth. Moreover, the increasing focus on ethical and sustainable sourcing of venom from venomous animals is strengthening the market growth. Apart from this, the escalating demand for reliable and safe anti-venom among patients is positively influencing the market.
In addition, the rising development of more potent and safer anti-venom formulations that offer enhanced effectiveness and reduce the risk of adverse reactions in patients is contributing to the market growth. Besides this, the wide availability of anti-venom solutions in healthcare facilities around the world is supporting the growth of the market. Furthermore, the increasing awareness about the importance of early intervention in venomous encounters is providing lucrative growth opportunities to industry investors.
In line with this, the rising popularity of adventure tourism among individuals is propelling the market growth. Additionally, the increasing utilization of anti-venom in veterinary medicine to treat envenomation in animals, such as pets and livestock, is offering a favorable market outlook.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Anti-venom Type Insights:
- Polyvalent Anti-venom
- Monovalent Anti-venom
Mode of Action Insights:
End User Insights:
- Ambulatory Surgical Centers
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
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.
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