Antivenom serum has been successfully utilized for neutralizing the toxic effects associated with the bites of venomous species in human beings worldwide. Few challenges associated with the antivenom serum production are 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.
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 occur in the majority of the victims suffering from 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 spiders, and South American wandering spiders cause symptoms to produce conditions such as latrodectism, loxoscelism, accompanies by severe pain, muscle cramps and vomiting post envenomation.
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Hospital pharmacy is presently dominating the distribution channel segment for the 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 the ability to cater to the medicinal requirements of patients residing in the remote locations.
The Asia Pacific is currently leading the geography segment for the antivenom serum market. A 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 the Asia Pacific region has resulted in a 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 propels 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 a significant increase in the number of envenomation cases. North America is anticipated to be the fastest-growing regional segment in the antivenom serum market. The existence of developed healthcare infrastructure and rising public health awareness together determine the antivenom serum market growth in the region.
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