Anti-Venom Market - Major Factors Driving the Industry
The global anti-venom market is prophesied in a report by Transparency Market Research (TMR) finds highly competitive owing to presence of strong players in the market. The Anti-Venom Market is fragmented, with presence of several large industry players. Some of the key players in the global anti-venom market including CSL Behring, Haffkine Bio-Pharmaceutical Corporation Ltd, Bharat Serums and Vaccines Ltd., Vacsera, Rare Therapeutics, and Vins Bioproducts Limited.
The global anti-venom market report by TMR expects to be valued at a US$2.9 bn by the end of 2025 registering a CAGR of 6.8% during the forecast period from 2017 to 2025. In 2016, the market was valued at US$1.6 bn. In terms of anti-venom type, polyvalent is dominated with largest share in 2016. In 2017, the Middle East and Africa (MEA) dominated the market with revenue of around US$0.7 bn.
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Increasing Prevalence of Venomous Bites to Boost Demand for Anti-Venom Treatment
Biotechnology and healthcare industry is witnessing a significant demand from developing economies globally. The key factor driving the growth of anti-venom market is the demand for anti-venom treatment being the only authorized treatment for snake bite with no option for alternative treatment. Violation of forest lands for agricultural and housing purposes has enabled human to be in close in poisonous insects and animals, thus increasing prevalence of venomous bites. High prevalence of scorpion bites, snake bites, and other animal or insect bites such as fish stings are other factors supporting growth of anti-venom market.
Continuous research and development (R&D) to provide advanced drugs and standard treatment for poisonous insect bite has boosted the development of the anti-venom market. Rising demand for anti-venoms in developing countries has encouraged key players to be present in the countries including India and Africa to offer anti-venom products at affordable price. This is another factor supporting growth of the global anti-venoms market over forecast period.
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Increased in Individual Per Capita Incomes to Offer Lucrative Opportunity for Growth
However, high cost of anti-venom owing to high production cost in some regions and lack in availability of essential anti-venom stock is hampering growth of anti-venom market. Nevertheless, the developing economic conditions globally is creating a huge opportunity for the expansion of the anti-venom market. This has increased in individual per capita incomes is bound to increase spending capacity on health care. Especially in the developing countries of Asia Pacific and Middle East, growing population coupled with per capita income are important factor that are boosting growth of the market.
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