July 23, 2024

Anti Venom Is Driven by Growing Prevalence of Chronic Diseases

Anti Venom leverages stem cell therapeutics and tissue engineering to regenerate and repair damaged tissues and organs. It holds tremendous potential for treating chronic diseases like cardiovascular disorders, diabetes, neurological conditions and cancer that significantly impact quality of life. Stem cell based therapies facilitate regeneration of cells and tissues by modulating the body’s natural healing responses. They are being investigated for a wide range of applications like developing insulin producing cells for diabetes, generating heart and nerve cells to repair damage, producing new bone and cartilage to aid orthopedic procedures and reprogramming immune cells to fight cancer more effectively.

The global Anti Venom Market size is estimated to be valued at US$ 9229.16 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rising insights into regenerative capabilities of different cell types are unlocking new therapeutic avenues. Mesenchymal stem cells obtained from bone marrow, adipose tissue or umbilical cord are being repurposed to regenerate musculoskeletal tissue, treat cardiovascular disease and repair neural injury. Endothelial progenitor cells are demonstrating potential to regenerate blood vessels and promote cardiac repair post myocardial infarction. Induced pluripotent stem cells generated from adult somatic cells through reprogramming hold promise due to their unlimited self-renewal and ability to differentiate into diverse cell lineages. Advancements in tissue engineering are complementing cell based therapies through development of biomaterial scaffolds, growth factors and bioreactors to facilitate tissue regeneration. Combination strategies leveraging distinct regenerative modalities could achieve superior clinical outcomes in the future.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the anti venom market is moderate. High capital requirements and limited availability of raw materials increase barriers for new companies to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate. The availability of substitutes and necessity of anti venoms in case of snake bites gives moderate power to buyers.
Bargaining power of suppliers: The anti venom manufacturers depend on a limited number of venom suppliers for raw materials. This gives higher bargaining power to suppliers of venom.
Threat of new substitutes: There is limited threat from new substitutes. While research efforts continue on alternative treatments, anti venoms remain the frontline treatment for snake bites.
Competitive rivalry: The anti venom market sees moderate to high competitive rivalry owing to presence of few large players and low differentiation between products. Key players compete on manufacturing capacity, distribution networks and pricing.

Key Takeaways
The global anti venom market is expected to witness high growth. The rising prevalence of snake bites and increasing healthcare funding in developing countries are driving the demand for anti venoms.

Regional analysis: The Asia Pacific region currently dominates the anti venom market owing to high incidence of snake bites. India, China, and Southeast Asian countries account for a major share of the market. North America and Europe are also sizable markets due to increase in outdoor recreational activities and anti venom production facilities in key players.

Key players operating in the anti venom market are Bharat Serums and Vaccines Limited (BSV), Boehringer Ingelheim International GmbH, Boston Scientific Corporation, CSL Limited, Haffkine Bio-Pharmaceutical Corporation Limited, Incepta Pharmaceuticals Limited, Merck & Co. Inc., Merck KGaA, MicroPharm Limited, Pfizer Inc., and Rare Disease Therapeutics Inc. The key players are focused on partnerships, collaborations and geographic expansions to strengthen their product portfolios and market shares.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it