Dublin, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The "Antivenom Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
Antivenom, also known as antivenin, is an antibody therapy that can block the poisons inside a specific venom if injected soon after a bite. It is generally used to treat poisonous animal bites or stings, such as rattlesnakes, moccasins, and copperheads.
The global antivenom market is expected to grow from $1.66 billion in 2022 to $1.80 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%.
The main types of antivenom include monovalent, polyvalent, and others. Monovalent antivenom is a formulation of antivenom that is specifically made to combat the effects of a single species of snake venom or a particular toxin. They are used to treat antivenoms produced by various animals, including snakes, scorpions, spiders, and others, and are operated through various modes of action, including cytotoxic, neurotoxic, hemotoxic, cardiotoxic, myotoxic, and others. These are used by various end-users, such as hospitals, clinics, ambulatory surgical centers, and others.
The antivenom market research report is one of a series of new reports that provides antivenom market statistics, including antivenom industry global market size, regional shares, competitors with a antivenom market share, detailed antivenom market segments, market trends and opportunities, and any further data you may need to thrive in the antivenom industry. This antivenom market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Product innovations are a key trend gaining popularity in the antivenom market. Companies operating in the antivenom market are developing innovative products to sustain their position in the market. For instance, in April 2021, Rare Disease Therapeutics, Inc., a US-based pharmaceutical company, launched Antivenom ANAVIP, a new expanded FDA-approved indication. This medication is licensed to treat pit viper bites in adults and children, including rattlesnakes, copperheads, and cottonmouth/water moccasins. It was created with a lengthy half-life to lessen the possibility of re-emergent venom effects (such as platelet drop, longer bleeding times, and other abnormal blood coagulation tests), which commonly necessitated additional doses of a shorter-acting antivenom.
In March 2021, SERB Specialty Pharmaceuticals, a Belgium-based specialty pharmaceutical company specializing in prescription treatments for rare and life-threatening diseases, acquired BTG Specialty Pharmaceutical for an undisclosed sum. This acquisition broadens, diversifies, and enriches SERB's portfolio by adding a worldwide specialty pharmaceutical firm with a diverse portfolio of critical care medications and a rising presence in rare diseases to the company. BTG Specialty Pharmaceuticals is a US-based developer of snakebite antivenom drugs.
North America was the largest region in the antivenom market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in antivenom report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the antivenom market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The growing incidence of snake bites is expected to propel the growth of the antivenom market going forward. Snake bites are injuries that can lead to a potentially fatal disease caused by toxins in a venomous snake's bite. Antivenom is a specialized treatment that, when taken early and in an adequate therapeutic dose, can potentially prevent or reverse most of the symptoms of snakebite envenoming. For instance, in May 2021, according to the highlights shared by the World Health Organization (WHO), a Switzerland-based United Nations organization responsible for public health, every year, around 5.4 million snake bites occur, resulting in 1.8 to 2.7 million cases of envenoming (poisoning from snake bites). Moreover, Snake bites kill between 81 000 to 138 000 people each year, and they additionally cause three times the number of amputations and other severe injuries. Therefore, the growing incidence of snake bites is driving the growth of the antivenom market.
The antivenom market consists of sales of taipan antivenom and death adder antivenom. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
A selection of companies mentioned in this report includes
- Pfizer Inc.
- CSL Limited
- Merck KGaA
- Incepta Pharmaceuticals Limited
- Bharat Serums and Vaccines Limited
- Rare Disease Therapeutics Inc.
- Vins Bioproducts Limited
- Boehringer Ingelheim International GmbH
- Boston Scientific Corporation
- Haffkine Bio-Pharmaceutical Corporation Ltd.
- MicroPharm Limited
- Latoxan SAS
- Serum Institute of India
- BSV Group
- Shanghai Serum Bio-technology Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/ykdded
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