Anti venom is a medication made from serum and used for treating poisonous animal bites and stings including snakes, scorpions and spiders. Anti venom works by stopping or reversing the effects of venom from the animal's bite. It is administered as soon as possible following animal bites to neutralize the venom.

The global anti venom market size is estimated to be valued at US$ 9229.16 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period of 2023 to 2030.

Key players operating in the anti venom market are Bharat Serums and Vaccines Limited (BSV), Boehringer Ingelheim International GmbH, Boston Scientific Corporation, CSL Limited, Haffkine Bio-Pharmaceutical Corporation Limited, Incepta Pharmaceuticals Limited, Merck & Co. Inc., Merck KGaA, MicroPharm Limited, Pfizer Inc., and Rare Disease Therapeutics Inc.

Key Takeaways

Key players: Key players operating in the anti venom market are Bharat Serums and Vaccines Limited (BSV), Boehringer Ingelheim International GmbH, Boston Scientific Corporation, CSL Limited, Haffkine Bio-Pharmaceutical Corporation Limited, Incepta Pharmaceuticals Limited, Merck & Co. Inc., Merck KGaA, MicroPharm Limited, Pfizer Inc., and Rare Disease Therapeutics Inc.

Key opportunities: Rising incidence of snakebites across tropical and subtropical regions globally is expected to drive market growth. According to WHO, around 5 million snakebites occur each year resulting in over 81,000 to 138,000 deaths.

Global expansion: Key players are focusing on expanding their geographical footprint in emerging markets through collaboration with local entities. Companies are also investing in R&D for development of novel anti venoms with wider species specificity and improved safety profiles.

Market drivers: The key driver for the anti venom market growth is the rising incidence of snakebites worldwide. According to WHO, around 2.7 million people are bitten by snakes annually resulting in fatal consequences. Countries in tropical regions like India, Africa, Brazil and South East Asia bear majority of the burden. Increasing awareness regarding post-bite interventions is also boosting the market growth.

PEST Analysis

Political: The anti venom market is regulated by various health authorities across different regions and countries.Approvals from these regulatory bodies are mandatory for the sale and marketing of anti venom products.

Economic: Rise in healthcare expenditure and increasing focus on tropical diseases like snake bites is driving the growth of the anti venom market. Improvement in economic conditions is enabling people to spend more on their healthcare needs.

Social: Increasing awareness about snake bites and availability of anti venom treatment is encouraging people to opt for medical help in case of such incidents. Rising education levels is positively impacting the social factors.

Technological: Advancements in antibody production techniques and development of novel anti venom products is supporting the market growth. Identification of venomous species and customization of anti venoms accordingly is aided by latest research methods and tools.

The anti venom market in terms of value is highly concentrated in Asia Pacific region, especially in countries like India, Sri Lanka and China. These countries collectively account for over 50% of the global snake bites cases. Australia is another prominent regional market due to presence of multiple venomous snake species.

The anti venom market is forecast to witness fastest growth in Latin American region during the period of 2023 to 2030. Countries like Brazil, Mexico and Colombia are expected to offer lucrative opportunities. Growing healthcare infrastructure and increasing spending on tropical disease management are driving the anti venom demand in Latin America.