Market Trends of Anti-venom Industry
This section covers the major market trends shaping the Anti-venom Market according to our research experts:
The Polyvalent Anti-venoms Segment is Expected to Hold Significant Share in the Market Over the Forecast Period
Polyvalent anti-venoms consist of antibodies that are capable of counteracting several homologous venoms from various species/genera. Polyvalent snake antivenom contains the active ingredients brown snake antivenom, tiger snake antivenom, death adder antivenom, taipan antivenom, and black snake antivenom. Polyvalent antivenoms can save the lives of victims of snake envenomation, even when the culprit snake is unknown and a monovalent antivenom cannot be chosen. Due to the obvious advantages that they have, polyvalent anti-venoms are the most preferred anti-venom drug.
Polyvalent anti-venoms are beneficial in regions where there is a large presence of venomous species and when it is difficult to produce monovalent anti-venoms against all of them. Owing to the numerous advantages, the key players dealing in the anti-venom market are focusing on developing polyvalent anti-venoms.
Furthermore, rising research and development activities proving the efficacies of existing treatments are further expected to drive the studied segment. For instance, according to the study published in Toxin Basel in October 2021, two Indian polyvalent anti-venoms, VINS and Bharat, showed positive results in preventing or reversing in vitro myotoxicity induced by common cobra (Naja naja) venom from Sri Lanka and hence can be proactively used as a therapeutic in treating cobra bites.
As a result of the aforementioned factors, such as the advantages of polyvalent anti-venom and expanding research and development activities, the segment's growth is expected to accelerate over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The North American anti-venom market is expected to hold a significant share during the forecast period, owing to the high incidence of snake bites and other venomous bites in the region, the rise in awareness of venomous bites, and rising technological advancements. The United States within North America is expected to contribute significantly to the market growth in the region. As per the June 2021 article by the CDC, each year, an estimated 7,000-8,000 people are bitten by venomous snakes in the United States, and about five of those people die. Workers are far more likely to suffer long-term injuries from snake bites than to die from them. Thus, due to the high prevalence of snake bites in the country, the demand for its therapeutics is expected to increase, thereby boosting the market's growth.
Moreover, product approvals and strategic initiatives by key market players are also expected to augment market growth in the country. For instance, in March 2022, Ophirex, Inc., announced that the US FDA had granted Fast Track designation to varespladib-methyl ("oral varespladib") for the treatment of snakebite. Ophirex is currently conducting a clinical trial of oral varespladib, its lead investigational drug candidate, as a broad-spectrum snakebite antidote in the United States and India.
Furthermore, in April 2021, Rare Disease Therapeutics, Inc. announced that the US FDA approved a new expanded indication for ANAVIP (crotalidae immune F(ab')2 (equine)), an equine-derived antivenin, for the management of adult and pediatric patients with North American pit viper envenomation.
Thus, due to the above-mentioned factors, such as the high prevalence of snake bites and strategic initiatives by market players, the market in the North American region is expected to witness strong growth over the forecast period.
