Rabies Antiserum Market Estimated To Witness High Growth Owing To Increasing Number of Animal Bites Cases

Market Overview:
Rabies antiserum is a type of antivenom produced from the hyperimmunized horse serum or equine antirabies immunoglobulin. It acts by neutralizing the rabies virus and preventing the development of clinical rabies in humans. Rabies antiserum is administered as a post-exposure prophylaxis, mainly for category III exposure as recommended by the World Health Organization. Some key applications of rabies antiserum include prevention of rabies in humans exposed through dog bites, exposure to other infected animals, and prevention of rabies in unpaid caregivers exposed to a rabid animal while caring for that animal.

Market Dynamics:
The growth of the global rabies antiserum market is majorly driven by the increasing incidence of animal bites across the world. According to the World Health Organization (WHO), an estimated 59,000 people die of rabies globally each year, and India accounts for 36% of the global rabies deaths. As per WHO data, every year over 15 million people receive post-exposure vaccination worldwide. Additionally, lack of primary vaccination of dogs and increasing stray dog population in developing regions are further fueling the risk of human exposure to rabies, thereby propelling the demand for rabies antiserum. Moreover, increasing public awareness about rabies prevention through antiserum administration is another factor aiding the market growth. However, high cost associated with the production of equine antirabies immunoglobulin is a major challenge for market players. Players are focusing on development of affordable biosimilar rabies immunoglobulin to expand their market share.

The global Rabies Antiserum Market Share is estimated to be valued at US$ 1.24 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength:
– Rising incidence of rabies worldwide is augmenting the demand for rabies antiserum.
– Increasing focus of governments across world to control and prevent rabies.
– Availability of effective post exposure prophylactic treatment options.

Weakness:
– High costs associated with production and storage of rabies antiserum.
– Low awareness regarding rabies prevention in under developed regions.

Opportunity:
– Growing biopharmaceutical industry in emerging markets offers lucrative opportunities.
– Increasing investment by key players to develop more effective and affordable treatment options.

Threats:
– Stringent regulatory framework for production and marketing approval of rabies biologics.
– Threat from alternative post-exposure prophylaxis like human rabies immunoglobulin.

Key Takeaways

The global rabies antiserum market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing incidence of animal bites worldwide.

Regional analysis:
The Asia Pacific region is expected to witness highest growth in the rabies antiserum market during the forecast period. This is attributed to factors such as presence of major manufacturing hubs in countries like India and China and growing biopharmaceutical industry in the region. North America dominate the global market, owing to increasing spending on animal health.

Key players:
Key players operating in the rabies antiserum market are CSL Behring, Sanofi Pasteur, Grifols S.A., Bharat Serum and Vaccines Ltd., Novartis AG, Kedrion Biopharma Inc., Biogenesis Bago SA, MassBiologics, Serum Institute of India Ltd., Green Cross Corp., Haffkine Bio-Pharmaceutical Corporation Ltd., Shanghai Institute of Biological Products Co. Ltd., CNBG (China National Biotec Group) Co. Ltd., Harbin Pharmaceutical Group Co. Ltd., Beijing Tiantan Biological Products Co. Ltd.

Read More: https://www.ukwebwire.com/the-growth-of-rabies-antiserum-market-trend-and-share-analysis/

 

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