New technological innovations promote demand in Global Bee Venom Extract Market
Market overview:
The Global Bee Venom Extract Market is expected to experience reasonable growth to record a considerable CAGR throughout the foreseen period (2020-2025). Bee venom, well known as apitoxin, is a colorless, bitter liquid. Bee venom treatment is preferred for ailments that do not respond to traditional Western medicine. Some of the functions of bee venom can heal arthritis, anti-inflammatories, pain relief and others like acne, psoriasis, and skin cancer scars.
Recent developments:
In June 2020, Illumina, Inc. completed the acquisition of BlueBee, a software company in cloud that offers genomic study solutions to clinical and research end-users. Based in the Netherlands, BlueBee has developed a secure and compliant cloud platform that reduces access to data and tools.
In November 2018, Alternate Health Corp., a world leader in technology solutions for the regulated cannabis industry, announced that it had signed an agreement to acquire a majority stake in California-based cannabis company Kare MMJ.
Market Drivers and Restrains:
One of the main drivers of the global bee venom extract market is high drug use. For example, bee venom has been used primarily in Europe for several decades, especially for the treatment of rheumatic diseases. People are also entering the bee venom market because it is a profitable business and a source of income for venom collectors. Another important factor affecting the global bee venom extract market is innovation in extraction equipment that facilitates the process of collecting venom from hives. However, the main limitation when collecting bee venom is the support technique and this results in the death of the bee if not handled properly. During this process, many bees are crushed and cause poison contamination.
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Market Segmentation:
The bee venom market is globally fragmented based on the application and form.
Depending on the application, the market is divided into cosmetics and personal care and pharmaceutical products.
According to the form, the market is classified into liquid and powder.
COVID 19 Impact on the Bee Venom Extract Market
COVID-19 will continue to impact the food industry and its supply chains. Meeting short-term demands shouldn't be a major challenge for most businesses in the food industry, but industry experts and analysts have expressed a lack of clarity on the scope and extent of the impact germs. Due to this uncertainty, the F&B segment experienced product supply delays. Many companies have launched contingency plans to build deep supply chain facilities around the world.
Geographical Segmentation:
The global Bee Venom Extract Market is segmented by region into North America, Latin America, Western Europe, Eastern Europe, Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ), and Japan. Bee Venom Extract is not widely used in the United States. The main reason is the lack of available hives in the country. Honey bees are never available in sufficient quantity in the country for analysis and clinical trials. Bee Venom Extract has major applications in the nations like Russia, USA, New Zealand, Japan, and Eastern countries.
Key market players:
Key players in the Global Bee Venom Extract Market include ApiHealth NZ Ltd., Fernz, Bee Whisper, Abeeco Pure, and others.
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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