Drivers and Constraints Impacting the Market

With the rising cases of snake bites, growing patient population, growing funding from the government, unmet medical needs, enhancing regulatory framework, and augmenting awareness regarding antivenoms are some of the major factors considered to propel the anti-venom market growth throughout the appraisal period. Launches and approvals of novel drugs in major regions are anticipated to flourish the market growth. For instance, Silanes Laboratories, in October 2018, had received the FDA approval for Anavip, which is an anti-venom acting against snake bites of the Crotalus family. Market giants are also focusing on increasing shelf life and are extending the expiry date of their products. For instance, BTG plc. in September 2018 had announced that the U.S. FDA had approved for upgrading the shelf life CroFab Crotalidae Polyvalent Immune Fab (Ovine) to 60 months. Moreover, continuous R&D activities in order to offer standard treatment and advanced drugs for poisonous bites has further led to the development of the anti-venom market across the globe. The augmenting demand for anti-venom in developing economies like Africa and India ha

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s led the market players to embrace new strategies and offer anti-venom items at an affordable price. Such factors have contributed to the market growth to a great extent.

On the contrary, strict regulations from the FDA, the high cost of the available anti-venoms, poor healthcare infrastructure especially in the low and middle-income economies and poor healthcare infrastructure are some of the major concerns considered to vitiate the market growth in the coming years.

Other factors positively impacting the market growth include unmet medical needs, increasing awareness about antivenoms, increasing government assistance, and improving the regulatory framework. On the other hand, various restraints are affecting the market health, such as the high cost of available anti-venom, strict FDA regulations, complex production methods, and inadequate healthcare systems in underdeveloped and developing countries. Also, side effects and poor efficacies associated with some counterfeit anti-venoms such as low penetration rate of the blood-brain barrier, etc. are some of the major factors hampering the anti-venom market size. The low selectivity of the antivenoms towards their targets and the subsequent generation of resistant also hampers the growth of the antivenom market.

outlook

Various factors are propelling the anti-venom market growth. These factors, as stated by the MRFR report, include rising incidence of snake bites, rising government funding for research and development activities, unmet medical needs, and increasing patient pool. Additional factors pushing market growth include increasing government assistance, enhancing regulatory framework, and growing awareness about anti-venoms.On the contrary, the soaring price of anti-venom due to high production cost in various regions, inappropriate clinical application, inconsistent quality standards, lack in availability of anti-venom stock, and inefficient production According to a recent industry analysis published by Market Research Future (MRFR), the global Anti-Venom Market Growth has been booming and projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value. In its anti-venom market growth analysis, MRFR also asserts that the market would register around 6.5% CAGR during 2020 – 2027. Additionally, the market is driven by the rise in healthcare expenditure and growing research and development investments.

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Anti-Venom Market Segmentation

• The product types in the global anti-venom market are snake anti-venom, spider anti-venom, scorpion anti-venom, and others. The segment of snake anti-venom accounts for the largest share in the global market on account of the high prevalence of poisonous snake bites that lead to high rate of mortality as well as morbidity with no anti-venom treatment.

• The report states that the global anti-venom market has been segmented on the basis of type, type of species, mode of action, product type, and end user.
• According to the type, the global anti-venom market is considered for polyvalent heterologous antivenom, monovalent heterologous antivenom, homologous antivenom, and small molecule anti-toxins.
• The types of species covered in the report include snakes, scorpions, spiders, and others. Further, the snake segment is further segmented into common cobra, common krait, Russell Viper, and others.
• Considering the mode of action, the global anti-venom market covers cytotoxic, neurotoxic, haemotoxic, cardiotoxic, myotoxic, and others.
• The end-users in the global anti-venom market are hospitals, clinics, ambulatory surgical centers, and others.

Anti-Venom Market Regional Segmentation

The report also identifies the Asia Pacific to be the fastest growing market, with the primary reasons being the large patient pool combined with the continuous advancements in pharmaceuticals. The Indian Brand Equity Foundation (IBEF) had noted that in 2016, the generics market in the country was valued at USD 26.1 billion. On top of that, on account of the high incidence of snake bites in India and Bangladesh, the overall market for anti-venom in the region is expected to flourish in the coming years. To illustrate, the Journal of the Association of Physicians of India had reported in 2017 that roughly 50,000 individuals die in the country every year, mostly owing to venomous snake bites.

The regions where the global anti-venom market is set to expand from 2017 to 2023 include Asia Pacific, Europe, the Americas, and the Middle East and Africa.

Gaining significant speed in the global anti-venom market is the region of Americas, which has secured the leading position backed by the rising cases of snake bites and scorpion bites, in addition, the presence of well-established healthcare infrastructure as well as high expenditure. Plus, the high disposable income and strong economic conditions of the region will bring lucrative results for the anti-venom market in the following years.

Securing the second spot in the global anti-venom market, the Europe market will thrive on the back of strong support lent by the government for research and development, in terms of funding. Also, the enhanced reimbursement scenario is touted to be the driving force behind the lucrative growth of the Europe anti-venom market. As reported by Eurostat, among all the EU Member States, Germany recorded the highest value of healthcare expenditure in 2014, estimated at around EUR 321 billion, with France right behind with the estimated value of EUR 237 billion. Moreover, the United Kingdom had reached the valuation of EUR 223 billion that year.

Finally, the Middle East and Africa market will be able to grab hold of the lowest share of the worldwide anti-venom market, as a result of the slacking development of economy, poor medical facilities and lack of technical know-how.

July 2019: A research team in Bangladesh for the very first time is reviewing native snake species with an aim to offer local patients with an effective anti-venom at a mass scale production. The researchers will be collecting venoms from various snakes, analyzing their properties, and developing methods for producing the antidote.

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