Antivenom Market: By Product Type (Monovalent, Polyvalent), By Animal (Snake, Scorpions, Spiders, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Others), and Geography

 

Antivenom Market size was valued at USD 2.48 billion in 2022 and is poised to grow at a CAGR of 5.9% from 2023-2029. Antivenom is also called as antivenin. Antivenom is a medication prepared from antibodies that are used to treat certain venomous bites. Poisonous bites result in certain clinical conditions such as muscle weakness, secretion of excessive saliva, breathing problems, along with other difficulties, in some instances that might lead to death as well. Antivenins are recommended only if there is significant toxicity or a high risk of toxicity. Antivenom is made by collecting venom from the relevant venomous species of spider, snake, fish, injecting venom in little amounts to domestic animals and antibodies are separated from blood purification. These antibodies are used as antivenom. Growing demand of antivenom worldwide, especially in Africa and the Asia-Pacific region owing to more number of venomous bite incidents. According to World Health Organization (WHO), about 5 Mn snake bites occur each year, resulting 2.5 Mn envenomings (poisoning because of snake bites), minimum 100,000 deaths and around three times as many amputations and other permanent disabilities. Withdrawal of antivenoms like Fav-Afrique by Pfizer further grew demand for the market. Market players are also actively involved in R&D to develop antivenoms and to enhance their market position. In addition, many market players and institutions are actively involved in the development of new antivenoms. For instance, Equine F (ab') 2 in antivenin is being developed by Instituto Bioclon S.A (clinical trials phase 2) for the treatment of poisoning by a scorpion sting. Based on the aforementioned factors market is expected to grow with a significant CAGR rate during the forecast period. Polyvalent anti-venoms are antibodies that can neutralize a variety of homologous venoms from different species/genera. In most circumstances and roughly 80% of the time when a monovalent antivenom cannot be chosen, polyvalent antivenoms can save the lives of snake envenomation victims, even when the perpetrator snake is unknown. Polyvalent anti-venoms are the most recommended anti-venom medication due to their evident advantages. Because of the current COVID-19 situation, all firms' research and development resources are being diverted to COVID-19 research, and there has been little or no research in this category in recent years, which will have an impact on market growth.