According to the report “Global Antivenom Market”, published by Market Data Forecast, the global market is projected to reach USD 1,493.2 million by 2021, at a CAGR of 6.12% from 2016 to 2021.
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Antivenom is described as the biological product that detoxifies poisoning of venomous bites. Antivenom is prepared from the milking venom of animals such as snakes, spiders, scorpions, and other venomous animals. Venomous bites result in certain clinical conditions such as secretion of excessive saliva, muscle weakness, breathing problems, and other difficulties that may lead to death also. It is estimated that, approximately 100,000 people die worldwide with snake bites annually. To overcome poisonous effects after venomous bites the global manufacturers developed number of Antivenom products including vaccines and hyperimmune sera.
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Increasing government initiations to promote the development of high quality antivenom products, presence of highest number of snake bite victims (especially from Asia & Africa regions), and estimated pipeline products launch are driving the growth of global Antivenom Market. In addition, growing of deaths from venomous animal’s bites and increasing research to develop advanced antivenom products are further stimulating the growth of global Antivenom Market. However, withdrawal of antivenom products, insufficient funding to develop the antivenom products to meet demand, high cost of the products, regulatory complexities, and high costs of maintaining livestock for antivenom production are restraining the growth of global Antivenom Market.
Middle-East & Africa
Instituto Bioclon, S.A. de C.V. (Mexico), Pfizer AG (Switzerland), CSL Limited (Australia), F. Hoffmann-La Roche Ltd. (Switzerland), Merck & Co., Inc. (U.S.), Rare Disease Therapeutics, Inc. (U.S.), Vins Bioproducts Limited (India), BTG Plc (U.K.), Incepta Vaccine Ltd. (Bangladesh), and Bharat Serum and Vaccines Limited (BSV) (India).
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