Anti-Venom Market size was valued at USD 674.8 million in 2023 and is set to cross USD 1.99 billion by 2036, expanding at more than 8.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of anti-venom is evaluated at USD 721.77 million. 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 anti-venom 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.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
8.7% |
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Base Year Market Size (2023) |
USD 674.8 million |
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Forecast Year Market Size (2036) |
USD 1.99 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments:
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By Species |
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By Anti-Venom Type |
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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 industry is estimated to account for largest revenue share by 2036, led by 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.
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.
Author Credits: Radhika Pawar
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