Antivenom Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM1857 | Last Updated On: Jun 15 2022 | Available Formats

Global Antivenom Market Expected to reach a high CAGR of 6.5% by 2029: DataM Intelligence

Global Antivenom Market is segmented By Type (Polyvalent heterologous antivenom, Monovalent heterologous antivenom, Homologous antivenom, Small molecule anti-toxins), By Species (Snakes, Scorpions, Spiders, Others), By Mode of action (Cytotoxic, Neurotoxic, Haemotoxic, Cardiotoxic, Myotoxic, Others), By End-User (Hospitals, Clinics, Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Antivenom Market Growth Drivers Analysis 2022-2029

The Global Antivenom Market is expected to grow at a CAGR of 6.5% during the forecasting period 2022-2029. Antivenom is a medication made from hyperimmune globulins and various other serum proteins extracted from animals and used to treat venomous bites and stings. They are generally recommended if there is significant toxicity or a high risk of toxicity. Antivenom is currently the mainstay of therapy for venomous snakebites victims, which has reduced the mortality of this condition. As antivenom treatment is the only authorized treatment for snakebites with no other alternative options, it gives the key players opportunities to emerge in the global antivenom market.

Market Dynamics

Global antivenom market growth is driven by increasing government initiatives to promote the development of antivenom products of high quality, increased number of snakebites victims, recent FDA approvals of antivenom products, expanded research in developing high quality and advanced antivenom products.

Increasing government initiatives to develop high-quality antivenom products and funds from non-profit organizations are expected to boost the forecast. For instance, in December 2015, a program was launched by WHO to evaluate the potential safety and effectiveness of current antivenom products intended for use in sub-Saharan Africa. On December 9, 2016, the global snake initiative, an internationally active non-profit organization registered in Australia, issued the position statement on the steps needed to control snakebite envenoming globally. In 2017, a Snakebite Envenoming Working Group was formed, which deals with the WHO road map on snakebites. This strategy mainly focuses on a 50% reduction in mortality and disability caused by snakebite envenoming by 2030. Wellcome's Trust has announced a (103 USD Million) program, on May 16, 2019, that aims to improve the existing therapies and supports the development of high-quality antivenoms that can treat toxins of different species of snakes.

Increased research in the development of antivenom is expected to boost the market. For instance, the investigation of the use of small-molecule inhibitors, which are currently being evaluated for their ability to neutralize the effects of enzymatic toxins, is being done. They include small molecule inhibitors against enzymatic toxins and peptides, oligonucleotide-based aptamers, and antibody-based biotherapeutics against both enzymatic and non-enzymatic toxins. One of the promising small molecule inhibitors is varespladib. It may potentially become a broad-spectrum orally administered first-line treatment for snakebite victims or possibly an anti-PLA2-specific supplement to conventional antivenom therapy. Also, the increased research efforts on nanobodies and human antibody formats will occur over the forecast period. Other research efforts within recombinant antivenom include polyclonal antivenom, which uses phage display technology to optimize production rather than antivenom stability.

An increase in the number of snakebites may boost the market over the period of forecast. For instance, according to WHO, 4.5–5.4 million people a year are bitten by snakes, and 1.8–2.7 million of them will develop clinical illness (envenoming) after snakebite. The deaths may range from 81,000 to 138,000.

Recent FDA approvals are expected to drive the global anti-venom market over the forecast period. For instance, in October 2018, Silanes Laboratories received FDA approval for Anavip against rattlesnake bites.

However, withdrawal of antivenom products, high cost of products, stringent regulations, and high cost of maintaining livestock for antivenom production are restraining the market. The high price of anti-venom products is likely to hamper the market. A typical antivenom vial costs $1,500 to $2,200, but a snake bite requires 20 and 25 vials to be neutralized. Hence, a man bitten in the US by a venomous snake would have to spend $30,000 in pharmacy costs alone.

Antivenom Market Scope

Metrics

Details

Market CAGR

6.5%

Segments Covered

By Type, By Species, By Mode of action, By End User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Segment Analysis

Based on type, the global antivenom market is segmented into polyvalent heterologous antivenom, monovalent heterologous antivenom, homologous antivenom, and small molecule anti-toxins.

The polyvalent heterologous antivenoms segment is expected to boost the market over the period of forecast. This is owing to the presence of FDA-approved antivenoms. The polyvalent anti-venoms are produced by using the hyper-immunizing venom from two or more species. The resultant anti-venom usually contains neutralizing antibodies against the venom of two or more species. They are generally useful in regions where there are too many poisonous species to produce monovalent anti-venoms against all of them. For instance, CROFAB® Crotalidae, a polyvalent immune fab (ovine) Lyophilized Powder for Solution for Intravenous Injection, manages adult and pediatric patients with North American crotalid envenomation. Antivenin (Micrurus fulvius), of Wyeth pharmaceuticals (equine origin), is indicated for the treatment of envenomation caused by the bites of Micrurus and Micruroides.

The global antivenom market is segmented into snakes, scorpions, spiders, and others based on species. The Snakes segment is further segmented into common krait, common cobra, Russell viper, and others.

The snakes segment is expected to propel the global antivenom market. This is owing to the increased number of snakebites globally. For instance, according to WHO, more than 5 million snakebites occur worldwide each year, resulting in 2.5 million envenomations and 81,000 to 138,000 deaths. Snakebite envenoming causes as many as 400,000 amputations and other permanent disabilities. Of the 3000 or so snake species in the world, around 600 are venomous snakes.

The scorpion's segment is expected to grow at a significant rate in the market over the period forecast. This is owing to the FDA approvals. For instance, on August 4, 2011, US FDA approved antivenom specifically to treat Centruroides scorpion stings for the first time.

The global antivenom market is segmented into cytotoxic, neurotoxic, haemotoxic, cardiotoxic, myotoxic, and others based on the mode of action.

Based on end-users, the global Antivenom market is segmented into hospitals, clinics, ambulatory surgical centers, etc. The hospital's segment is expected to hold a significant share in the market. This is owing to the easy availability and accessibility of antivenoms in the hospitals, which is the mainstay of treatment for snakebites. However, the ambulatory surgical center's segment is expected to grow high over the forecast period by 2.1X times by 2019.

Geographical Analysis

North America is dominating the global antivenom market in 2018 and is estimated to hold the largest market size over the forecast period (2020-2027). This is due to the abundance of snake population in the region, the rising number of snakebites, FDA approvals, and government initiatives to develop high-quality antivenoms.

For instance, the US has about 20 species of venomous snakes, including 16 species of rattlesnakes, 2 species of coral snakes, one species of cottonmouth (or water moccasin) species copperhead. Also, at least one species of venomous snake is found in every state except Hawaii. Thus, the presence of an abundant snake population may lead to an increased number of snakebites over the forecast period.

FDA approvals for the antivenoms of North American inhabitant snakes are expected to boost the market. For instance, Rare Disease Therapeutics has announced FDA approval of Crotalidae Immune F(ab')2 (Equine), an equine-derived antivenin for the treatment of North American rattlesnake bites in adult and pediatric patients.

The increasing number of snakebites is expected to boost the market. For instance, according to CDC in 2013, it has been estimated that 7,000–8,000 people per year have venomous snake bites in the US, and about five of those people die.

Competitive Landscape

Some of the major players in the Global antivenom market are Pfizer, Merck, Haffkine Bio-Pharmaceutical Corporation Ltd, CSL Behring, Bharat Serums and Vaccines Ltd., Rare Therapeutics, Incepta vaccines Ltd and Vins Bioproducts Limited.

  1. The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the growth of the Antivenom market globally. For instance,
  2. The FDA has extended the expiration date on Antivenin (Micrurus fulvius) (Equine Origin), from January 31, 2019, to January 31, 2020, for Coral Snake Antivenom product manufactured by Wyeth Pharmaceuticals, which is now a wholly-owned subsidiary of Pfizer, Inc.
  3. In September 2018, BTG plc. announced the FDA approval for updating the shelf life of CroFab Crotalidae Polyvalent Immune Fab (Ovine) to 60 months.

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

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