The anti-venom market has grown in prominence owing to the rising prevalence of snake bites and scorpion stings globally. Anti-venom is a formulation produced by injecting small, repeated, and gradually increasing doses of venom into animals such as horses or sheep until they develop antibodies against the venom without becoming seriously ill. The antivenin collected from the animals contains antibodies that can neutralize or reduce the toxic effects of the venom of the associated venomous animal.

The global anti-venom market 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 2023 to 2030.

Key Takeaways
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.
The key opportunities in the anti-venom market include increasing investments for the development of novel anti-venom therapies and the scope for geographic expansion in emerging markets.
Advancements in venom extraction technologies help develop anti-venoms that are more effective, affordable, and accessible. Companies are focusing on recombinant antibody production techniques to develop pathogen-specific anti-venoms.

Market Drivers
The rising incidence of snake bites, especially in rural areas of Asia, Africa, and Latin America, is a major market driver. It is estimated that 5 million snake bites occur globally every year, out of which around 1.8 to 2.7 million cases require treatment with anti-venom and up to 100,000 deaths occur. Growing initiatives by regulatory authorities and non-profit organizations to promote the production and global availability of anti-venoms will further support the market growth.

Current challenges in Anti Venom Market

The anti venom market is facing few challenges currently which need to be addressed to achieve overall growth of the industry. Firstly, the anti venom production process is very complex which require specialized infrastructure and skilled professionals. Secondly, the regulations for production and supply of anti venom drugs are very stringent to ensure safety and efficacy. This increases clinical trial cost and approval time for new anti venoms. Thirdly, the demand of anti venom is seasonal and regional in nature. Developing an efficient supply chain network to cater the timely requirement is a challenge. Lastly, low awareness among public in many regions regarding snake bites and availability of anti venom treatment impacts the overall market growth negatively.

SWOT Analysis

Strength: Standardized production process ensure consistent quality of anti venoms. Growing research activities help in developing novel anti venoms for globally prevalent snake species.

Weakness:Dependence on animal derived venom and immunoglobulin make the production process costly. Short shelf life of certain anti venoms require an uninterrupted cold chain supply.

Opportunity: Untapped rural markets in developing countries present lucrative growth opportunities. Collaborations can help in transferring production technology to develop local manufacturing capabilities.

Threats: Threat from alternative snake bite treatment methods can impact sales. Stringent regulatory norms in developed regions increase market entry barriers for small players.

The geographical regions where anti venom market is concentrated in terms of value includes Asia Pacific and Latin America. This is because these are the regions where snake bites is a major public health concern. Countries like India, China, Brazil, and Mexico accounts for nearly 60% of the global anti venom market currently.

North America region is projected to be the fastest growing market for anti venoms during forecast period. This is attributed to factors like increasing adoption of anti venom therapy, growing research activities, availability of advanced healthcare infrastructure and rising awareness among public and healthcare professionals in the region.