Anti Venom Market Growth Research Boost by Medical Applications Majorly Enhance the Business Outlook 2019 to 2023. Anti-Venom market is expected to grow at a CAGR 6.5% during the forecast period of 2017–2023
Pune, India – February 4, 2019 —
Anti-venom is currently the cornerstone of therapy for the victims of venomous snake bites and has reduced the mortality of this condition. It can be species-specific, regional, or polyvalent. For instance, anti-venom directed against coral snake venom is regenerated by immunizing horses with venom from the eastern coral snake i.e. Micrurus fulvius.
Some of the key players in the global anti-venom market are Allison Medical, Inc., Artsana S.p.a., B. Braun Melsungen AG, Becton, Dickinson and Company, Boston Scientific Corporation, Hamilton Company, Hill-Rom, Hu-Friedy Mfg. Co., LLC, Johnson & Johnson Services, Inc, Medline Industries, Inc., Medtronic plc, Novo Nordisk A/s, Owen Mumford, Ltd., Roboz Surgical Instrument, Smiths Medical, Stryker Corporation, Terumo Corporation, Thermo Fisher Scientific, UltiMed, Inc., Ypsomed Holding AG, and others.
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Anti-Venom: The increasing cases of snake bite are projected to boost the market growth at a healthy CAGR of ~ 6.5%.
Anti-venom is made up of hyperimmune globulins and various other proteins extracted from the serum of various animals. In the process animals have been immunized with the venom of a snake, and then proteins are extracted from it.
The global anti-venom market is segmented by type, type of species, mode of action, product type, and end-user.
On the basis of type, the global anti-venom market is classified as polyvalent heterologous antivenom, monovalent heterologous antivenom, homologous antivenom, and small molecule anti-toxins.
On the basis of type of species, the global anti-venom market is classified as snakes, scorpions, spider, and others. The snake segment is further classified as common cobra, common krait, Russell viper, and others.
On the basis of mode of action, the global anti-venom market is classified as cytotoxic, neurotoxic, haemotoxic, cardiotoxic, myotoxic, and others.
On the basis of product type, the global anti-venom market is classified as snake anti-venom, scorpion anti-venom, spider anti-venom, others.
On the basis of end-user, the global anti-venom market is segmented into hospitals, clinics, ambulatory surgical centers, and others.
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The Americas dominates the anti-venom market owing to the increasing cases of snake bites, and scorpion bites and high healthcare expenditure.
Europe holds the second position in the anti-venom market. The financial support by the government towards research and development and improvement in the reimbursement scenario are expected to drive the European anti-venom market. According to the data suggested by Eurostat, it is observed that among the EU Member States, the highest value of healthcare expenditure was recorded in Germany in 2014 i.e. EUR 321 billion which is further followed by France with EUR 237 billion and the United Kingdom with EUR 223 billion. In 2016, the R&D expenditure in the pharmaceutical industry was EUR 35000 million, suggested by the European Federation of Pharmaceutical Industries and Association.
Asia Pacific is the fastest growing anti-venom market owing to a huge patient pool and rising advancements in pharmaceuticals. According to the Indian Brand Equity Foundation (IBEF), in 2016 the generics market of India stood at USD 26.1 billion. As per the statistics suggested by the World Health Organization (WHO), it has been estimated that around 2.8 million people are bitten by snakes and nearly 46 900 people die from snakebite every year.
The Middle East and Africa holds the lowest share of the global market due to slow development, lack of technical knowledge, and poor medical facilities.
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MRFR leverages its in-house expertise for drawing insightful conclusions into the market. Extensive primary and secondary research are undertaken which include SEC filings, interviews with stakeholders across the value chain, whitepaper references, etc. for backing the research findings. Top-down and bottom-up approaches employed validate the authenticity of the statistical observations available in the report. Furthermore, a multi-layer verification process is applied for eliminating deviations and discrepancies.
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