New Zealand Anti-Venom Market Analysis

The New Zealand Anti-Venom Market size stood at around xx Bn in 2023 and is projected to reach US $xx Bn by 2033, exhibiting a CAGR of xx% during the forecast period.

The New Zealand Anti-Venom Market Executive Summary

Antivenoms that are used to treat venomous bites are purified antibodies derived from animals who were immunized with venoms. These life-saving treatments have greatly lowered the mortality due to snake bites which was at 45% for tiger snake and over 90% for taipan in Australia prior to use of antivenom. An estimated 5.4 million people worldwide are bitten by snakes each year with 1.8 to 2.7 million cases of envenomings. Around 81,410 to 1,37,880 people die each year because of snake bites, and around three times as many amputations and other permanent disabilities are caused by snakebites annually. CroFab, which is used frequently in North America, is effective in managing envenomings through pit vipers such as rattlesnakes and copperheads and must be provided within 5.5 hours of the bite.

The present global market for anti-venom stands at $1- $ 2 billion and is projected to rise more due to higher snakebite incidences in Asia-Pacific, Africa, and Latin America. These regions observe enhanced governmental activities and higher levels of research and development on enhancing the efficacy of anti-venoms. CSL Limited, Bharat Serums, and Pfizer, among others, are engaging with governments and NGOs to increase access to these vital products. However, various challenges are being experienced in the market, for instance, the highly complex and costly production process, inadequate distribution channels especially in the rural areas, and also the possibility of people developing allergic reactions to the product. In the future, the market players will be able to benefit from employing the next generation synthetic or recombinant anti-venoms, improvements of the methods of storage and distribution that are likely to become the key determinants of the availability and costs, primarily in the regions with increased risk.    

New Zealand Anti-Venom Market Dynamics

Market Growth Drivers

Increased prevalence of snake bites throughout the world especially in the tropical and subtropical countries is driving the demand of antivenom therapies Annually, over 5 million snake bites lead to around 2.7 million envenomings, with significant mortality rates, driven by human encroachment into natural habitats. Increased awareness, better access to anti-venoms, and technological innovations like monoclonal antibodies and recombinant anti-venoms improve treatment outcomes and attract funds. The government and NGOs are also working on lowest snake bite mortality through awareness and availability of treatment. Additional drivers of the market include the growth in the global economy, particularly in developing countries, as well as the established market participants in the area of producing and providing cheap anti-venom remedies. 

Opportunity

Future prospects in this market include the discovery of new and improved methods in the development of anti-venoms like the use of monoclonal antibodies and recombinant anti-venoms that reduce the risks of treatment while enhancing the impacts. Recapturing the emerging markets in Asia-Pacific, Middle East, and Africa where health uptake and income levels are on an upward trend offers greater opportunities. Private sector involvement of pharmaceutical companies along with health-care organization and government will enhance the distribution channel and advance regional anti-venom products. Also, an innovation of new products that specifically target a wider number of snake species will increase the market share. 

Market Restraints

There is a few companies engaged in anti-venom production due to high costs of preparation and technological challenges involved that have to be met. Lack of proper legal frameworks in many developing areas creates gaps in product quality and safety, eroding public confidence in the available cure. Some of the challenges include high costs of production that makes the devices costly hence they are unavailable in the regions where snake bites are most prevalent in low-income areas. The problems of quality control that result in varying quality and the lack of easily accessible products in rural areas contribute to public health problems, and the possibility of developing a negative side effect also discourages use and adoption. However, failure to fund research and production deters innovation and creation of better treatments. 

Competitive Landscape Anti-Venom Market in New Zealand

Key Players

• 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.

Recent Developments

March 2022, Brazilian pharmaceutical company Butantan Institute announced the launch of its new polyvalent antivenom for the treatment of snake bites in Brazil. 

March 2022, Ophirex, Inc. received the U.S. Fast Track Designation (FDA) for varespladib-methyl, which is used to treat snakebites

March 2021, Rare Disease Therapeutics, Inc. announced that the FDA approved Antivenom ANAVIP to treat North American Pit Viper Envenomation.

Healthcare Policies and Regulatory Landscape for Anti-Venom Market in New Zealand

Policy changes and Reimbursement scenario

National authorities are strengthening regulatory agencies for anti-venom production by providing better quality and safety standards for improving trust among the public. National healthcare systems are enhancing access to anti-venom in rural regions through investing in healthcare facilities, and awareness creation campaigns educate the community about snake bite and administration of anti-venom. There is rising concern in funding research and development, this has made it possible to come up with new and efficient anti-venoms. Reimbursement differs from one region to another: insurance covers for anti-venom exist in some regions and are non-existent in others, and therefore access to anti-venom poses financial problems. The governments of States and global health programmes including WHO strive to enhance the accessibility and the cost of anti-venom across the globe.