Global antivenom serum market is expected to grow at a CAGR of 5.1% from 2020 to 2027

Published Date: April 4, 2021 |

Global antivenom serum market is expected to grow at a CAGR of 5.1% from 2020 to 2027

Antivenom serum have been successful utilized for neutralizing the toxic effects associated with the bites of venomous species in the human beings worldwide. Few challenges associated with the antivenom serum production is the preparation of correct immunogens due to poor data on the number and type of envenomation across the globe coupled with poor regulatory framework existing in developing countries cause a major hurdle in the antivenom serum market growth.

Browse the full report Antivenom Serum Market – Growth, Future Prospects, Competitive Analysis, 2020 – 2027 report at https://www.researchcorridor.com/antivenom-serum-market/

Snakes are reigning the species segment for antivenom serum market growth. According to the latest research citings presented by the World Health Organization, (WHO), approximately 137, 880 deaths associated with snake bites occur annually worldwide. Depending upon the species of the venomous snakes involved severe deformity and amputation occurs in majority of the victims suffering with snake bites across the globe. Spiders are going to register steady market growth during the forecast period. Few well known species of spiders such as widow spiders, recluse spiders, Australian funnel web spider and South American wandering spiders causes symptoms produces conditions such as latrodectism, loxoscelism, accompanies by severe pain, muscle cramps and vomiting post envenomation.

Hospital pharmacy is presently dominating the distribution channel segment for antivenom serum market. Accurate prescription needs to be given for the treatment of a snake bite victim depending upon the species causing the envenomation, hence precise dispensing of accurate antivenom serum is imperative only under the supervision of the hospital pharmacist. It is expected in the near future that retail pharmacy shall witness comfortable market growth in the developing regions owing to the availability of antivenom serums at affordable prices and ability to cater the medicinal requirements of patients residing in the remote locations.

Asia Pacific is currently leading the geography segment for antivenom serum market. Significant increase in the number of envenomation cases in human being associated with snake bites primarily drives the market growth in the region. Reclamation of marshy lands especially in the tropical regions of Asia Pacific region has resulted in the significant increase in the number of reported cases of snake bites in farmers. Domicile of major players such as Serum Biotec Limited, Vins Bioproducts Limited, Incepta Vaccines Ltd. etc further propel the market growth in the region. Latin America is the second largest regional segment owing to the presence of the campos grassland which is teeming grounds for venomous scorpions causing significant increase in the number of envenomation cases. North America is anticipated to be the fastest growing regional segment in the antivenom serum market. Existence of developed healthcare infrastructure and rising public health awareness together determine the antivenom serum market growth in the region.

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Pharmaceutical manufacturers actively engaged in the production of antivenom serum are Merck KGaA, Summerland Serums, Haffkine Bio Pharmaceutical Corporation Ltd., MicroPharm, Serum Biotec Limited, SAVP, Vins Bioproducts Limited., Incepta Vaccines Ltd., Pfizer, Inc., and Rare Disease Therapeutics, Inc.

Key Market Movements:

  • Growing incidence of envenomation in human beings due to bites of venous species worldwide
  • Rising public health awareness regarding the therapeutic efficacy and safety of antivenom serum in the treatment of venom bites
  • Significant growth in the research activities in the development of novel antivenom serums will further accentuate the market growth
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