Antivenoms or antitoxins have been successfully used for more than a century. People have adopted these products for ages in the effective treatment of envenomation as well as infections. Treatment with particular Antivenoms is highly useful for a venomous bite. Several reptile bites, which need the Antivenom vaccine include scorpions, spiders, and snakes. Snake Antivenoms are commonly used Antivenoms and snake bite has recently been announced the global public health emergency. By analyzing the global healthcare industry and high occurrence of poisonous snake bite cases, QYR Consulting has introduced a new research report titled, “Global Antivenom Market Report, History and Forecast 2014-2025.”According to the report, the global Antivenom market is prognosticated to register a sluggish CAGR of 2.6% during the forecasted period of 2019-2025. The global Antivenom market is projected to attain a value of US$ 1.02 Bn by the end of 2025, which was around US$ 830 Mn in the year 2018.
Polyvalent Antivenom to show remarkable growth
The report includes a holistic approach to the global market and a detailed analysis of each segment. The global Antivenom market is mainly classified into two segments such as by product and by application. By product, the market is further segmented into polyvalent Antivenom and monovalent Antivenom. Among these two products, polyvalent Antivenom is projected to show impressive growth during the forecast period. Various government and non-government authorities are developing affordable monovalent as well as polyvalent Antivenoms for different regions. By application, the market is segmented into hospitals, retail pharmacies, and Others.
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High Prevalence of snake bites to trigger the global Antivenom market growth
North America is expected to dominate the global Antivenom market followed by Europe because of high spending on healthcare expenses, rising cases of snake bites and scorpion bites. Europe is also anticipated to collect a major share in the global Antivenom market, government emphasis on research and development activities is helping Europe to hold a strong position in the global market. As far as Asia Pacific is concerned, decreasing Antiveonom availability and rising number of snakebite deaths in developing countries is pushing the demand for Antivenom in the region.
Some of the leading market participants functioning in the global Antivenom market are Merck & Co., Pharmaceutical Corporation , Bharat Serums and Vaccines, Rare Disease Therapeutics, Haffkine Bio, Vins Bioproducts, Flynn Pharma, CSL Behring , Pfizer, Serum Biotech, and BTG Plc.
Authorized Antivenom treatment to drive the global Antivenom market
Biotechnology and Healthcare Industry is recording a remarkable demand for Antivenom from developing economies across the globe. Antivenom treatment is the only authorized treatment for snake bite. There is no other substitute for this treatment, which is driving the growth of global Antivenom market. Deforestation and violation of environmental norms for housing and agricultural purposes and encroachment on natural reservoirs have enabled humans near to the poisonous reptiles and animals.
Apart from this, the high frequency of snake bites, scorpion bites, and other insects bites are some of the other factors supplementing the Antivenom market growth. However, ineffective manufacturing processes and high costs Antivenoms are predicted to slow down the market growth. Complex procedure in the manufacturing of Antivenoms is another reason that could affect global market growth.
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