Research Nester published a report titled “Anti-Venom Market : Global Demand Analysis & Opportunity Outlook 2030” which delivers a detailed overview of the network access control market in terms of market segmentation by product type, by services, by verticals, by deployment, and by region.
The global anti-venom market is estimated to garner notable revenue by growing at a CAGR of ~7.5% over the forecast period, i.e., 2022 – 2030. 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 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.
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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.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
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 region is estimated to witness noteworthy growth over the forecast period on the back of 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.
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