Anti venoms are immunoglobulins derived from the blood of animals that have been immunized against snake venom. They are used to treat cases of snakebite envenoming by blocking the activity of venom in the body. Anti venoms provide effective treatment for snakebite envenomings and reduce deaths caused due to snake bites. The rising incidence of snakebites around the world has increased the need for developing more advanced and effective anti venom treatments. The global anti venom market is estimated to be valued at US$ 9229.16 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The growing incidence of snakebites around the world represents a major market opportunity for anti venom manufacturers. According to the World Health Organization, snakebites cause as many as 138,000 deaths globally every year. The majority of snakebite cases and deaths occur in rural tropical and subtropical areas of Asia, Africa and Latin America. The demand for anti venoms is growing in these regions owing to lack of adequate treatment facilities and underdeveloped healthcare infrastructure. Improving access to high quality and effective anti venoms in emerging economies through initiatives focused on rural communities can help reduce deaths due to snakebites significantly. This presents a major market opportunity for anti venom manufacturers to expand access and strengthen healthcare systems in underserved regions heavily impacted by snakebites.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as capital requirement and stringent regulations for product approval hinder new players from entering the market easily. However, presence of underpenetrated regions provides opportunities.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitute anti-venom medicines and differentiated products from various brands. Buyers can opt for alternative treatment options as well.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of venom from multiple sources. However, supply constraints and dependence on venom collection seasons impacts the market.

Threat of new substitutes: The threat of substitutes is low as no close substitutes are available for anti-venom medicines. However, alternative treatment methods provide limited threat.

Competitive rivalry: The competition in the market is high due to the presence of global and regional players offering differentiated products.

SWOT Analysis
Strength: Growing incidence of snakebites, strong product pipeline, growing urbanization and healthcare infrastructure.
Weakness: High R&D costs, supply constraints, vulnerability to venom collection, seasonality impact profits.
Opportunity: Untapped rural markets, scope for combination therapies, partnerships for regional availability.
Threats: Alternative treatment options, pricing pressures, stringent regulations.

Key Takeaways
The global Anti Venom Market is expected to witness high growth at a CAGR of 6.7% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 9229.16 Mn by 2024.

Regional analysis: Asia Pacific region dominates the global market and is expected to maintain its lead over the forecast period. Growing prevalence of snake bites and scarcity of treatment options in countries like India, Sri Lanka, Taiwan etc. are the key factors driving growth.

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. These players are focused on expanding their presence by adopting inorganic growth strategies such as collaborations and acquisitions in high growth regions.