DUBLIN--(BUSINESS WIRE)--The "Anti-venom Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Antivenom Market was valued at USD 969.38 million in 2020 and it is anticipated to reach USD 1585.01 million in 2026, by registering the CAGR of nearly 8.54% during the forecast period.
There is a significant increase in the number of deaths reported due to snake bites during the COVID-19 pandemic in few areas. This is creating a substantial demand for anti-venoms. More than 350 snake bites were reported in Texas in 2020, which is 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".
Snakebite is one of the neglected public health issues in many tropical and subtropical countries. According to World Health Organization (WHO) in 2017, approximately 5.4 million snake bites occur each year, resulting in up to 2.7 million envenoming's (poisoning from snake bites) and about 81,000 to 131,000 death due to snake bites. Moreover, it often leads to around three times as many amputations and other permanent disabilities in the world.
Also, according to a study published by the journal eLife in 2019, India has witnessed an estimated 1.2 million deaths due to snakebites between 2001-2020. The study included public health researchers and herpetologists from India, the UK, and Canada.
The prevalence of venomous bites and stings has increased over the years. To cater to the demand for anti-venom drugs, in May 2019, Snakebite Crisis Organization raised funds for developing high quality and treatment enhancing antivenoms to meet the continually rising need for antivenom. Also, in January 2019, Wyeth Pharmaceuticals, a wholly-owned subsidiary of Pfizer, Inc. has extended the expiration date on this lot of Antivenin (Micrurus fulvius) (Equine Origin), for Coral Snake Antivenom product.
All these developments by the player along with rising awareness due to the involvement of international health organizations in producing safe and effective anti-venoms are the factors propelling the market growth.
However, anti-venom production is difficult and expensive. The cost of anti-venoms has increased over the last two decades, making treatment unaffordable for most people. This is the major factor that is expected to may hinder the market growth over the forecast period.
Key Market Trends
Polyvalent Antivenoms Segment is Poised to Register Robust Growth.
Polyvalent antivenoms consist of antibodies that are capable of counteracting a number of homologous venoms from various species/genera. Polyvalent antivenoms have the ability to save the lives of victims of snake envenomation, even when the culprit snake is unknown, in the most usual cases, about 80% of all the time, and when a monovalent antivenom cannot be chosen. Due to the obvious advantages that they have, polyvalent antivenoms are the most preferred antivenom drug.
Owing to the current covid situation the research and development of all the companies are deployed for COVID-19 researches there has been very little or no researches going on in this segment currently which is going to affect market growth to a certain extent.
Polyvalent anti-venoms are beneficial in regions where there is a presence of a large number of venomous species and when it is difficult to produce monovalent antivenoms against all of them. Owing to the numerous advantages key players dealing in the anti-venom market are focusing to develop polyvalent antivenoms. For instance, in 2019, the University of Arizona launched a polyvalent F(ab)2 Equine, an anti-venom indicated for the treatment against the North American coral snake (Micrurus) bite.
Also, in October 2018, Silanes Laboratories received the United States Food and Drug Administration (FDA) approval for Anavip, a pentavalent anti-venom against the bite of snakes of the Crotalus family. All these developments are propelling the market growth of the pentavalent antivenoms market.
Competitive Landscape
Most of the developing countries with established biotechnological facilities have local scientific expertise, which creates favorable conditions and the atmosphere to establish local antivenom manufacturing practices. Countries, such as Brazil, Costa Rica, Egypt, France, India, Mexico, South Africa, and Thailand, have large, well-established anti-venom manufacturers. Many companies from Costa Rica to Spain to India are developing new techniques to produce economically and medically promising African polyvalent anti-venoms.
The major market players operating in the anti-venom market include BTG PLC, Pfizer Inc., Merck KGaA (Sigma Aldrich), Boehringer Ingelheim, and CSL Limited among others.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Awareness on Antivenoms Available
4.2.2 Technological Advancements
4.3 Market Restraints
4.3.1 Complexities Involved in The Preparation of the Correct Immunogens
4.3.2 Lack of Regulatory Capacity for the Control of Antivenoms in Countries
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Species
5.1.1 Snake
5.1.2 Scorpion
5.1.3 Spiders
5.1.4 Other Species
5.2 By Antivenom Type
5.2.1 Polyvalent Antivenoms
5.2.2 Monovalent Antivenom
5.2.3 Others
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
- Allison Medical
- B. Braun Melsungen AG
- Bharat Serums and Vaccines Ltd
- Boehringer Ingelheim International GmbH
- Boston Scientific Corporation
- CSL Limited
- Dickinson and Company
- Flynn Pharma Ltd (Micropharm)
- Incepta Pharma.
- Merck & Co., Inc.
- Merck KGaA (Sigma Aldrich)
- Pfizer Inc.
- Rare Disease Therapeutics, Inc
- Terumo Corporation
- Thermo Fisher Scientific
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