by Market Overview:
Rabies antiserum refers to readymade antibody preparations produced in horses or other animals and are administered to humans bitten by suspected rabid animals to prevent rabies. These antiserums work by binding to the rabies virus and neutralizing it before it can enter the central nervous system. They are usually given immediately after inoculation along with rabies vaccine for post-exposure prophylaxis.
Market Dynamics:
Rising prevalence of rabies: The increasing cases of animal bites globally especially in developing regions such as Asia Pacific and Africa is a key factor driving the demand for rabies antiserum. As per the WHO, rabies causes 59,000 human deaths annually, with majority cases occurring in Asia and Africa due to stray dog bites.
Growing pet adoption: With people increasingly adopting pets such as dogs and cats, there is a growing risk of bites that can potentially transmit rabies if preventive therapies are not administered on time. This is augmenting the need for effective post-exposure prophylaxis including rabies antiserum.
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.
The global rabies antiserum market is dominated by the human segment which accounts for over 65% share. This is because rabies is a deadly viral disease that affects humans and vaccination with rabies antiserum is the only means to protect them after suspected exposure to the rabies virus through animal bites or scratches. The human segment is expected to continue dominating the market over the forecast period due to the growing population and rising awareness about post-exposure prophylaxis.
PEST Analysis
Political: Stringent regulations regarding production and supply of rabies antiserum across regions will drive growth. Economic: Increasing healthcare expenditures in developing nations are boosting market size. Social: Rising animal adoption and increasing cases of animal bites are raising demand. Technological: Advancements in production technologies are helping improve product efficacy and yield.
Key Takeaways
The global rabies antiserum market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period, due to increasing awareness about rabies prevention through vaccination.
Regionally, the Asia Pacific market is expected to grow the fastest during the forecast period due to large population, increased animal bites, and supportive government programs for rabies control in countries such as India, China, and Bangladesh.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
