Market Research Future (MRFR) speculates that the global anti-venom market share is predicted to witness 6.5% CAGR throughout the forecast period (2022–2030) owing to unmet medical needs. Anti-venom is referred to as a purified antibody which is used against venoms and its components. It is a process where animals are immunized with the venom of a snake, and later antibodies are extracted from it. It is considered the only definitive treatment against scorpion or snake bites. It is also used to treat bites from jellyfish, spider, stone fish, and others. It detoxifies the poisoning of the venomous bites and is prepared by milking venom of animals like spiders, snakes, scorpions, and other venomous animals.
Drivers and Constraints Impacting the Market
With the rising cases of snake bites, growing patient population, growing funding from the government, unmet medical needs, enhancing regulatory framework, and augmenting awareness regarding antivenoms are some of the major factors considered to propel the anti-venom market growth throughout the appraisal period. Launches and approvals of novel drugs in major regions are anticipated to flourish the market growth. Moreover, continuous R&D activities in order to offer standard treatment and advanced drugs for poisonous bites has further led to the development of the anti-venom market across the globe. The augmenting demand for anti-venom in developing economies like Africa and India has led the market players to embrace new strategies and offer anti-venom items at an affordable price. Such factors have contributed to the market growth to a great extent.
On the contrary, strict regulations from the FDA, the high cost of the available anti-venoms, poor healthcare infrastructure especially in the low and middle-income economies and poor healthcare infrastructure are some of the major concerns considered to vitiate the market growth in the coming years.
Global Anti-Venom Market: Segmental Analysis
The global anti-venom market has been segmented on the basis of type, species, mode of action, products, and end-users.
By mode of type, the global anti-venom market has been segmented into monovalent heterologous antivenom, polyvalent heterologous antivenom, small molecule anti-toxins, and homologous antivenom.
By type of species, the global anti-venom market has been segmented into scorpions, snakes, spiders, and others.
By mode of action, the global anti-venom market has been segmented into neurotoxic, cytotoxic, cardiotoxic, haemotoxic, myotoxic, and others.
By mode of product type, the global anti-venom market has been segmented into scorpion anti-venom, snake anti-venom, spider anti-venom, and others.
By mode of end-users, the global anti-venom market has been segmented into clinics, hospitals, ambulatory surgical centers, and others.
Geographically, the anti-venom market spans across regions namely, Europe, America, Asia Pacific, and the Rest-of-the-World (RoW).
Among these, the American region is considered to dominate the anti-venom market and is estimated to retain its dominance in the coming years. The factors influencing the market growth are the accelerating prevalence of scorpion bites and snake bites coupled with increasing expenditure on healthcare.
The European region is presumed to occupy the second position owing to the financial support by the government towards R&D activities coupled with the reimbursement scenario in this region. As per data suggested by the Eurostat, it has been noticed that among the EU member states, Germany was predicted to record the highest value of healthcare expenditure followed by France and the U.K.
The Asia Pacific region is predicted to expand at the fastest growth rate due to the presence of a huge patient population coupled with the augmenting advances in the pharmaceutical sectors in this region.
The prominent players mentioned in the anti-venom market trends report are Stryker Corporation, Boston Scientific Corporation, Smiths Medical, Allison Medical Inc., Owen Mumford Ltd., Ypsomed Holding AG, Terumo Corporation, Hamilton Company, Medline Industries Inc., UltiMed Inc., Artsana S.p.a., Hu-Friedy Mfg. Co. LLC, Thermo Fisher Scientific, Dickinson and Company, Roboz Surgical Instrument, B. Braun Melsungen AG, Hill-Rom, Medtronic plc, Novo Nordisk A/s, Johnson & Johnson Services Inc, Becton, and others.
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