Antivenom Market Overview 2024: Size, Growth Drivers, and Major Segments
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What is the Expected Growth Rate of the Antivenom Market for the Period 2024 to 2033?
The size of the antivenom market has seen substantial growth over the past few years. It is projected to rise from a net worth of $1.8 billion in the year 2023 to $1.94 billion in 2024, with a compound annual growth rate (CAGR) of 7.9%. Factors attributable to this significant growth during the historic period include a high prevalence of snake bites, the widespread dispersion of poisonous snakes, inadequate reach to medical amenities, agrarian and rural operations, as well as public health endeavors.
The antivenom market is predicted to experience considerable expansion in the upcoming years, reaching a valuation of $2.55 billion in 2028, at a 7.0% compound annual growth rate (CAGR). The projected upswing over the forecast period can be credited to the effects of climate change on snake habitats, an increasing population in areas where snakes are common, advancements in antivenom concoctions, worldwide health security initiatives, and collective efforts towards antivenom development. Key trends to note in this period are the integration of data analytics, emphasis on education and training, strategic partnerships for production enhancement, the betterment of regulatory frameworks, and extensive research on new therapeutic targets.
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What Factors Are Responsible for the Growth of the antivenom Market?
The rise in snake bite incidents is likely to spur the antivenom market’s expansion. Snake bites, which have the potential to cause a possibly deadly disease due to the toxins in a venomous snake’s bite, are viewed as damaging wounds. When administered early and in a suitable therapeutic dosage, antivenom, a specialized remedy, can possibly prevent or reverse the majority of snakebite envenoming symptoms. For example, in May 2021, the World Health Organization (WHO), a Switzerland-based United Nations agency focused on public health, highlighted that approximately 5.4 million snake bites occur annually, leading to 1.8 to 2.7 million envenoming instances. Snakebites are also responsible for the deaths of around 81,000 to 138,000 individuals annually and result in thrice the number of amputations and other significant injuries. As a result, the escalating prevalence of snake bites is fueling the antivenom market’s development.
Which Segments Are Important for Insight into the Antivenom Market?
1) By Type: Monovalent, Polyvalent, Other Types
2) By Animal: Snakes, Scorpions, Spiders, Other Animals
3) By Mode of Action: Cytotoxic, Neurotoxic, Hemotoxic, Cardiotoxic, Myotoxic, Other Modes Of Action
4) By End User: Hospitals, Clinics, Ambulatory Surgical Centers, Other End-Users
What Are the Significant Trends Reshaping the Antivenom Sector?
A growing trend in the antivenom market is the increasing focus on product innovations. To maintain their competitive edge, several businesses in this market are turning to the development of unique products. Take for instance Rare Disease Therapeutics, Inc., an American based pharmaceutical firm, which launched an innovative product in April 2021 called Antivenom ANAVIP®. This product, which received an expanded FDA-approval, is designed to treat bites from pit vipers, such as rattlesnakes, copperheads, and cottonmouths or water moccasins, in both adults and children. The product was formulated to have a long half-life to reduce the risk of venom re-emergence symptoms like platelet decrease, prolonged bleeding times and irregular blood clotting tests, issues that often require additional shorter-acting antivenom doses.
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Which Regions Are Essential for the Growth of the Antivenom Market?
North America was the largest region in the global antivenom market size in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the antivenom market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Antivenom Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the antivenom market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Antivenom Market Include
1. Antivenom Market Executive Summary
2. Antivenom Market Segments
3. Antivenom Market Size And Template Market Growth Rate
4. Key Antivenom Market Trends
5. Major Antivenom Market Drivers
……
25. Key Mergers And Acquisitions In The Antivenom Market
26. Top Antivenom Companies
27. Antivenom Market Opportunities And Strategies
28. Antivenom Market, Conclusions And Recommendations
29. Appendix
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