Anti-Venom Market Analysis
The global anti-venom market is likely to grow at a 6.5% CAGR between 2017- 2023, reveals the new Market Research Future (MRFR) report. Anti-venom or antivenin, venom antiserum, or anti-venom immunoglobulin, simply put, is a medicine created from antibodies that are used to treat specific venomous bites & stings. This antibody product works wonders in disabling the toxins of the venom. Monovalent heterologous anti-venom, small molecule anti-toxins, polyvalent heterologous anti-venom, and homologous anti-venom are the different types of anti-venom.
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Various factors are boosting the global anti-venom market growth. Such factors, as revealed by the new MRFR report, include enhancing regulatory framework, increasing awareness about anti-venoms, rising government assistance, increasing patient pool, rising funds from the government for R&D activities, unmet medical needs, and increasing cases of snake bites.
On the flip side, shortage of anti-venom stock, inappropriate clinical application, inefficient production processes, high production cost, and inconsistent quality standards are factors that are likely to impede the global anti-venom market growth during the forecast period.
Anti-Venom Market Segmentation
The global anti-venom market has been broadly segmented into type of species, product type, type, and end user.
By type, the global anti-venom market has been segmented into monovalent heterologous anti-venom, small molecule anti-toxins, polyvalent heterologous anti-venom, and homologous anti-venom. Among these, polyvalent heterologous anti-venom will have a major share in the market during the forecast period.
By species type, the global anti-venom market has been segmented into scorpions, snakes, spiders, and others. Snakes are again segmented into common krait, Russell Viper, common cobra, & others.
By mode of action, the global anti-venom market has been segmented into neurotoxic, myotoxic, cytotoxic, cardiotoxic, hemotoxic, and others.
By product type, the global anti-venom market has been segmented into scorpion anti-venom, snake anti-venom, spider anti-venom, and others. Among these, snake anti-venoms will have the largest share in the market over the forecast period.
By end user, the global anti-venom market has been segmented into clinics, surgical centers, hospitals, ambulatory, and others. Among these, hospitals will spearhead the market over the forecast period.
Anti-Venom Market Regional Analysis
The global anti-venom market is geographically segmented into four regions- Europe, the Americas, the Asia Pacific, and the Middle East and Africa. Of these, the Americas will command the largest share in the market over the forecast period for high healthcare expenditure and increasing incidence of scorpion and snake bites.
The global anti-venom market in Europe is expected to hold the second-largest share over the forecast period. Factors propelling the global anti-venom market growth in the region include improvements in the reimbursement scenario and the government’s strong financial support for R&D activities.
The global anti-venom market in the Asia Pacific is expected to grow at the fastest pace over the forecast period. Factors propelling the global anti-venom market growth in the region include constant advances in pharmaceuticals and a huge patient pool. Besides, the increasing incidence of snake bites is also adding market growth.
The global anti-venom market in the Middle East & Africa will have the lowest share over the forecast period for the lack of technical know-how, poor medical facilities, and restricted economic development.
Anti-Venom Market Studied by Top Key Players
Notable players profiled in the anti-venom market report include Allison Medical, Thermo Fisher Scientific, B. Braun Melsungen AG, Medtronic plc, Roboz Surgical Instrument, Dickinson and Company, Boston Scientific Corporation, Stryker Corporation, Johnson & Johnson Services, Inc, Ypsomed Holding AG, Smiths Medical, Hu-Friedy Mfg. Co., LLC, Allison Medical, Inc., Medline Industries, Inc., Novo Nordisk A/s, ArtsanaS.p.a., UltiMed, Inc., Becton, Terumo Corporation, cHill-Rom, and Owen Mumford, Ltd. Industry players have adopted strategies such as acquisitions, contracts, R&D, product launch, collaborations, and mergers, to stay ahead in the competition.
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