Seattle, Jan. 23, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the anti-venom market was valued at US$ 504.9 million in 2018, and is projected to exhibit a CAGR of 4.7% over the forecast period (2018–2026).

Key Trends and Analysis of the Anti-venom Market:

Approvals and launches of novel drugs in key regions is expected to be a major factor to drive global anti-venom market growth during the forecast period. For instance, in October 2018, Silanes Laboratories received the U.S. Food and Drug Administration (FDA) approval for Anavip, an anti-venom against bite of snakes belonging to the Crotalus family, which includes rattlesnake. In 2017, Rare Disease Therapeutics, Inc., partner of Silanes Laboratories, launched Anavip in the U.S. market.

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Robust pipeline of new anti-venoms for treatment of various types of animal bites is expected to support the global anti-venom market growth over the forecast period. For instance, the University of Arizona is developing polyvalent F(ab)2 Equine, an anti-venom indicated for the treatment against the North American coral snake (Micrurus) bite. Currently (2018), the product is under phase 3 clinical trial and is expected to get approval in the near future.

Key players in the market are focused on adopting merger and collaboration strategies in order to develop novel anti-venoms and to enhance their market share. For instance, Rare Disease Therapeutics Inc., in collaboration with Instituto Bioclon, S.A. de C.V. and Laboratorios Silanes, S.A. de C.V. is developing an anti-venom, Analatro, for the treatment of black widow spider bites. Currently (2018), Analatro is in phase 3 clinical trial.

Furthermore, key players in the market are partnering with regulatory bodies to spread awareness about snake bite and to promote their anti-venom products. For instance, in April 2018, Seqirus Pty Ltd  (a subsidiary of CSL Limited) entered into partnership with the Papua New Guinea (PNG) Department of Health, the Australian High Commission, and the Charles Campbell Toxinology Center (CCTC), at the University of PNG. Under the partnership, Seqirus Pty Ltd will offer an annual donation of 600 vials of snake and marine creature anti-venoms to PNG.

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Key Market Takeaways:

  • The market is expected to exhibit a CAGR of 3.6% during the forecast period (2018–2026). This growth is attributed to frequent approval and launch of new anti-venom and increasing number of incidents of animal bites in key regions. For instance, according to the data published by Journal of The Association of Physicians of India in 2017, around 50,000 people die annually in India due to venomous snake bite.
  • Asia Pacific anti-venom market is expected to account for the largest market share during the forecast period, owing to high incidence of snake bites in countries such as India and Bangladesh.
  • Key players in the market are focusing on increasing shelf life of its products. For instance, in September 2018, BTG plc. announced that the U.S. Food & Drug Administration (FDA) approved updating the shelf life of CroFab Crotalidae Polyvalent Immune Fab (Ovine) to 60 months.
  • However, high cost of anti-venoms and related treatment procedures is expected to be a major factor hindering the market growth during the forecast period. For instance, according to the data published by World Health Organization (WHO) in March 2018, in sub-Saharan Africa in 2010 and 2011, the direct cost of anti-venom alone ranged from US$ 55 to US$ 640 for an effective treatment, using recommended doses, with the average cost being US$ 124.7. Such high prices are not easily affordable by population in emerging economies.
  • Some of the major players operating in the anti-venom market include, BTG plc. Laboratorios Silanes, CSL Limited, Pfizer, Inc., Merck & Co., Inc., Bharat Serums and Vaccines Limited, Haffkine Bio-Pharmaceutical Corporation Ltd., Vins Bioproducts Limited, Incepta Pharmaceuticals Ltd., and Rare Disease Therapeutics Inc.
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