Anti-venom Market Size

Anti-Venom Market Analysis

The anti-venom market is expected to register a CAGR of nearly 8.54% during the forecast period.

During the COVID-19 epidemic, there was a considerable increase in the number of deaths reported from snake bites in a few regions. This caused a significant need for anti-venoms. However, shifting priorities due to the pandemic in already vulnerable health systems impacted snakebite care on all levels. According to the study published in the British Medical Journal in October 2021, after the COVID-19 pandemic was proclaimed in 2020, an estimated 2.7 million cases of snakebite envenoming (SBE) caused over 100,000 fatalities and 400,000 long-term impairments across Asia, Africa, and Latin America's poorest and most rural communities. Such studies greatly highlighted the treatment gap amid the outbreak. On the other hand, the market is expected to grow at a stable pace in the post-pandemic phase with the emerging strains of the SARS-CoV-2 virus worldwide. For instance, according to the study published by Cold Spring Herber Laboratory in January 2022, snake venom phospholipases A2 were found to have high virucidal activity against SARS-CoV-2 in vitro and to prevent cell fusion mediated by spike glycoprotein binding with the ACE2 receptor. Thus, as per the analysis, such instances are likely to augment the demand for anti-venoms among COVID-19 patients, in turn propelling the market's growth over the forecast period.

The studied market growth can largely be attributed to factors such as the increasing awareness of anti-venoms available in the market, the surge in cases of venomous bites, and technological advancements. Snakebite is one of the most neglected public health issues in many tropical and subtropical countries. According to the May 2021 update by the WHO, approximately 5.4 million snake bites occur each year, resulting in up to 2.7 million envenomings (poisonings from snake bites) and about 81,000 to 138,000 deaths. Moreover, it often leads to around three times as many amputations and other permanent disabilities. According to the August 2022 report "Accidental Deaths & Farm Suicides in India," 10,450 snakebite cases were reported in India in 2021, with 10,382 individuals dying and 64 injured. Furthermore, the data indicated that in 2021, Madhya Pradesh scored first in terms of snake bite deaths (2,732), followed by Odisha (1,019), Chhattisgarh (909), and Uttar Pradesh (844). Thus, the growing incidence of snake bites is expected to increase demand for anti-venom treatment, thereby boosting the growth of the market.

Furthermore, the prevalence of venomous bites and stings has increased over the years. To cater to the demand for anti-venom drugs, market players are opting for many initiatives to strengthen their market presence. For instance, in September 2021, a partnership between Papua New Guinea (PNG) and Australia to donate anti-venom and help save the lives of people bitten or stung by venomous snakes and marine creatures was extended for a further two years, 2021-2023. This will increase the accessibility of anti-venomous drugs across countries, thus driving the market growth.

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