Anti-venom Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 26, 2021 by statzyreports

The Antivenom Market was valued at USD 969.38 million in 2020 and it is anticipated to reach USD 1585.01 million in 2026, by registering the CAGR of nearly 8.54% during the forecast period.

 
There is a significant increase in the number of deaths reported due to snake bites during the COVID-19 pandemic in few areas. This is creating a substantial demand for anti-venoms. More than 350 snake bites were reported in Texas in 2020, which is an increase of 40% over the value registered in 2019, as per the June 2020 article titled “Texas snake bites increasing during COVID-19 pandemic“.

Snakebite is one of the neglected public health issues in many tropical and subtropical countries. According to World Health Organization (WHO) in 2017, approximately 5.4 million snake bites occur each year, resulting in up to 2.7 million envenoming’s (poisoning from snake bites) and about 81,000 to 131,000 death due to snake bites. Moreover, it often leads to around three times as many amputations and other permanent disabilities in the world.

Also, according to a study published by the journal eLife in 2019, India has witnessed an estimated 1.2 million deaths due to snakebites between 2001-2020. The study included public health researchers and herpetologists from India, the UK, and Canada.

The prevalence of venomous bites and stings has increased over the years. To cater to the demand for anti-venom drugs, in May 2019, Snakebite Crisis Organization raised funds for developing high quality and treatment enhancing antivenoms to meet the continually rising need for antivenom. Also, in January 2019, Wyeth Pharmaceuticals, a wholly-owned subsidiary of Pfizer, Inc. has extended the expiration date on this lot of Antivenin (Micrurus fulvius) (Equine Origin), for Coral Snake Antivenom product.

All these developments by the player along with rising awareness due to the involvement of international health organizations in producing safe and effective anti-venoms are the factors propelling the market growth.

However, anti-venom production is difficult and expensive. The cost of anti-venoms has increased over the last two decades, making treatment unaffordable for most people. This is the major factor that is expected to may hinder the market growth over the forecast period.

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Key Market Trends

Polyvalent Antivenoms Segment is Poised to Register Robust Growth.

Polyvalent antivenoms consist of antibodies that are capable of counteracting a number of homologous venoms from various species/genera. Polyvalent antivenoms have the ability to save the lives of victims of snake envenomation, even when the culprit snake is unknown, in the most usual cases, about 80% of all the time, and when a monovalent antivenom cannot be chosen. Due to the obvious advantages that they have, polyvalent antivenoms are the most preferred antivenom drug.

Owing to the current covid situation the research and development of all the companies are deployed for COVID-19 researches there has been very little or no researches going on in this segment currently which is going to affect market growth to a certain extent.

Polyvalent anti-venoms are beneficial in regions where there is a presence of a large number of venomous species and when it is difficult to produce monovalent antivenoms against all of them. Owing to the numerous advantages key players dealing in the anti-venom market are focusing to develop polyvalent antivenoms. For instance, in 2019, the University of Arizona launched a polyvalent F(ab)2 Equine, an anti-venom indicated for the treatment against the North American coral snake (Micrurus) bite.

Also, in October 2018, Silanes Laboratories received the United States Food and Drug Administration (FDA) approval for Anavip, a pentavalent anti-venom against the bite of snakes of the Crotalus family. All these developments are propelling the market growth of the pentavalent antivenoms market.

Asia-Pacific is Expected to Retain Significant Market Share During the Forecast Period

Asia Pacific anti-venom market is expected to hold a significant market share during the forecast period, owing to the high incidence of snake bites and other venomous bites in countries such as India and Bangladesh. For instance, in 2017, the Journal of the Association of Physicians of India published data stating that around 50,000 people die in India annually, due to venomous snake bites.

Also, the government and non-profit organizations in these regions are focusing on various researches for the treatment therapeutic. In April 2018, Jawaharlal Nehru Tropical Botanical Garden and Research Institute (JNTBGRI) and University College Thiruvananthapuram, used extracts from the Bael tree to neutralize the adverse effects of cobra venom, the researchers are now planning to formulate the extract.

However, in rural areas of key regions such as India, Bangladesh, and Nepal the adoption rate of anti-venom is quite low due to the lack of awareness, which going to hinder the growth of the market.

Competitive Landscape

Most of the developing countries with established biotechnological facilities have local scientific expertise, which creates favorable conditions and the atmosphere to establish local antivenom manufacturing practices. Countries, such as Brazil, Costa Rica, Egypt, France, India, Mexico, South Africa, and Thailand, have large, well-established anti-venom manufacturers.

Many companies from Costa Rica to Spain to India are developing new techniques to produce economically and medically promising African polyvalent anti-venoms. For instance, in October 2018, Scientists from the Clodomiro Picado Institute of the University of Costa Rica (ICP-UCR) created an antidote capable of neutralizing the venom of the black mamba snake, (Dendroaspis polylepis), an extremely venomous snake of the family Elapidae, and native to parts of sub-Saharan Africa.

The major market players operating in the anti-venom market include BTG PLC, Pfizer Inc., Merck KGaA (Sigma Aldrich), Boehringer Ingelheim, and CSL Limited among others.

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Issued By Statzy Market Research
Country India
Categories Health
Tags antivenom market , antivenom market forecast , antivenom market share , antivenom market size
Last Updated April 26, 2021