Anti-Venom Market Overview
According to Market Research Future (MRFR), the global anti-venom market is expected to record a significant market valuation at a strong CAGR of 6.5% during the forecast period. In contrast, the high cost of anti-venom due to the high production cost in a few regions could hamper the growth of the anti-venom market. However, the rapid development of the economic conditions around the world is creating massive opportunities for the expansion of the anti-venom market. The improving economy is increasing the individual per capita income, which will increase the spending capacity on health care.
The global antivenom market is expected to grow significantly over the review period owing to the considerable demand from the biotechnology, and healthcare industry, especially in the developing nations globally. The primary reason behind the steady growth of the Anti-Venom Market is the growing demand for anti-venom treatment, as it is the only approved treatment for snake bite, without any alternative medicine or treatment options available. Furthermore, violation of forest lands for housing and agricultural needs has increased the presence of poisonous animals and insects in cities, thereby increasing the prevalence of venomous bites. Consequently, the incidence of scorpion bites, snake bites, as well as other deadly animal or insect bites like fish stings is another influential factor playing a significant contribution in the anti-venom market growth. Various research and development activities taking place continually that offer advanced drugs for standard treatment for poisonous insect bite further drives the market growth of anti-venom. Rising demand for anti-venoms in the emerging nations is encouraging the key players to increase product penetration in regions such as in India and Africa, in order to offer anti-venom products at affordable prices, subsequently creating growth in the global anti-venoms market.
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Anti-Venom Market Segmentation
- The global anti-venom market is segmented on the basis of type, type of species, mode of action, product type, and end user.
- The global anti-venom market, by type, is categorized into polyvalent heterologous antivenom, monovalent heterologous antivenom, homologous antivenom, and small molecule anti-toxins.
- By species type, the global anti-venom market is segmented into snakes, scorpions, spiders, and others. The snake segment is further classified as a common cobra, common krait, Russell Viper, and others.
- Based on the mode of action, the global anti-venom market is divided into cytotoxic, neurotoxic, haemotoxic, cardiotoxic, myotoxic, and others.
- The product types in the global anti-venom market include snake anti-venom, scorpion anti-venom, spider anti-venom, and others.
- End-user-wise, the global anti-venom market is segmented into hospitals, clinics, ambulatory surgical centers, and others.
Anti-Venom Market Regional Segmentation
The global anti-venoms market, based on region, is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas account for the leading market share in the global antivenom market and are expected to retain the dominant market standing over the review period. This is attributed to the increasing medical cases of snake bites, as well as scorpion bites, owing to the increasing popularity of hiking and trekking. Additionally, the high healthcare expenditure has increased research and development activities in the region, which is expected to contribute substantially to the antivenom market in the region.
Europe is expected to account for the second largest region in the global anti-venom market, owing to the higher government expenditure for research and development along with the improvement in reimbursements. These factors are likely to drive the European anti-venom market.
The Asia Pacific is anticipated to grow as the fastest growing region in the global anti-venom market, owing to the massive patient pool along with the increasing advancements in the pharmaceuticals sector in the region.
The Middle East and Africa account for the lowest share of the global market owing to the limited economic development, lack of technical knowledge, and inadequate medical facilities. The region is expected to show gradual growth over the forecast period, owing to the rising government initiatives to improve the healthcare sector.
Anti-Venom Market Players
- 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.
- Others
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