ALBANY, New York, December 11, 2017 /PRNewswire/ --
Presence of several enterprises has rendered the global anti-venom market highly fragmented. In a new study, Transparency Market Research (TMR) identifies companies such as Bharat Serums and Vaccines Ltd., CSL Behring, Bio-Pharmaceutical Corporation Ltd, Vins Bioproducts Limited, Haffkine Vacsera, and Rare Therapeutics as some of the key market players. These companies adopt diverse policies and strategies to pace up with dynamic consumer preference. While a majority of the companies rely on product launches to strengthen their hold in the market, others forge partnerships and strategic collaborations to expand their regional footprint besides product portfolio.
TMR forecasts the global anti-venom market to report a positive 6.8% CAGR between 2017 and 2025. At this pace the market will reach US$2,946 mn by the end of 2025. In 2016, the market was valued at US$1,653 mn. In terms of anti-venom type, the global market is bifurcated into polyvalent and monovalent anti-venom. Of these, the polyvalent anti-venom segment held the leading market share in 2016. Regionally, the Middle East and Africa held the dominant market share. However, during the course of the forecast period, the market is likely to witness highly lucrative prospects in Asia Pacific.
Rising Incidence of Snakebites witness Worldwide to Stoke Demand for Anti-venom
While the exact number of snakebites in a year is not known, the WHO estimated that nearly 5.4 million people around the world are bitten every year with 2.7 million reports of envenoming. Also there are reports of 81,000 to 138,000 deaths each year due to snake bites. These statistics clearly show a high incidence of venomous bites, which represent a serious health concern worldwide. About 3000 snake species are discovered worldwide, out of which nearly 200 species are venomous and thus hold medical importance. Also snake bites are more common in comparison to spider, scorpion or other bites. Over the years anti-venom treatment has remained the only available treatment for snakebites. This is a chief driver of the anti-venom market especially in regions such as the Middle East and Africa, Asia Pacific, and Latin America, which witness a high incidence of snakebites.
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In the last couple of years, the market witnessed significant investment in research and development. Extensive studies were conducted to provide an improved understanding of immunotherapy. These studies have revealed that immunoglobulin fragments can be used to purify anti-venom thereby delivering increased efficiency and tolerance to antivenoms. On top of this modern technologies can be used for further improvement in purification and immunization procedures. While improvements in research initiatives are enabling the market gain momentum, recent advancements in diagnosis methods have paved way for its promising future. Immunologically-based techniques are used to detect the presence of specific venom antigens in the blood. Techniques such as enzyme immunoassay helps in the identification of specific species for victim's treatment. Such developments augur well for the overall anti-venom market and is likely to support its growth through the forecast period.
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Prevalence of Unawareness could Stall Growth to an Extent
On the downside, anti-venoms come at a very high cost as a result of its high cost of production and limited availability. This has emerged as a key concern for the anti-venom market, limiting its growth to an extent. Furthermore, snake bites are listed as one of the top neglected topical diseases, which is indicative of hindrances the market may have to face when penetrating in remote locations across emerging markets. Nonetheless, significant efforts are adopted at national and international levels alike to boost anti-venom production and bridge the gap between the demand and supply of the same. Such initiatives are likely to bode well for the global anti-venom market in the coming years.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research