In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
April, 2021: Rare Disease Therapeutics, Inc. announced the approval from United States (US) Food & Drug Administration (FDA) of a new expanded indication for ANAVIP, an equine-derived antivenin.
The global anti-venom market is estimated to garner notable revenue by growing at a CAGR of ~7.5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rising technological innovation in the treatment for venomous bite, along with the increasing investment in development of new drugs. Moreover, the growing incidences of snakebites across the globe, is anticipated to further boost the market growth. According to the data by the World Health Organization (WHO), around 5.4 million people are bitten by snakes each year. Moreover, up to 2.7 million people are envenomed yearly. This has resulted in a very high demand for anti-venoms, which is estimated to drive the market growth. Along with this, the government concerns to reduce deaths caused by envenoming, and initiatives to produce novel anti-venoms, are projected to boost the market growth. However, several challenges lie with the production of anti-venoms as several countries around the globe do not have regulatory norms to control and monitor the production of these anti-venoms.
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The global anti-venom market is segmented by anti-venom type into polyvalent anti-venom, monovalent anti-venom, and others, out of which, the polyvalent anti-venom segment is anticipated to hold the largest share in the market on account of rising demand for polyvalent anti-venom, as they are more effective in neutralizing the effect of the venom of a broad spectrum of snakes.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global anti-venom market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing cases of snakebites, which require anti-venom for treatment. According to the data by the WHO, up to 2 million people are envenomed by snakes each year in Asia. Moreover, the improving healthcare sector is estimated to fuel the market growth. The market in the North America is estimated to gain significant share over the forecast period owing to the presence of major pharmaceutical companies in the region manufacturing anti-venoms. Moreover, the high awareness amongst the people in the region for the availability of such drugs is expected to boost the market growth.
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The global anti-venom market is further classified on the basis of region as follows:
Our in-depth analysis of the global anti-venom market includes the following segments:
Ans: Technological innovation in the treatment for envenoming, and rising awareness about available anti-venoms, is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~7.5% over the forecast period, i.e., 2022-2030.
Ans: Absence of any regulatory measures for manufacturing anti-venom is estimated to hamper the market growth.
Ans: The market in the Asia Pacific region is projected to provide more growth opportunities over the forecast period, owing to the high incidence of snake bites and other venomous bites in the region.
Ans: The major players in the market are CSL Limited, Flynn Pharma Ltd (Micropharm), Medtoxin Venom Laboratories, Merck & Co. Inc., Pfizer Inc., Rare Disease Therapeutics Inc., Amgen Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by species, anti-venom type, and by region.
Ans: The snake segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.