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Rabies antiserum plays a key role in preventing rabies infection by neutralizing rabies virus in patients exposed to rabid animal bites or scratches. It contains rabies antibodies that are administered to patients to boost their immune system against the rabies virus. Globally, over 59,000 people die from rabies each year with majority deaths occurring in Asia and Africa, where dog population remains uncontrolled. With increasing incidents of rabid dog bites across developing regions, the demand for effective post-exposure prophylaxis including rabies immunoglobulin is on the rise.
The global Rabies Antiserum Market 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.
Market key trends:
One of the key trends in the rabies antiserum market is the increasing public-private partnerships for rabies elimination. Numerous non-profit organizations are collaborating with governments of developing nations to vaccinate stray dog population and improve access to affordable rabies preventive care for humans. For instance, the Global Alliance for Rabies Control (GARC) has partnership with over 100 organizations including WHO, CDC, and industries to strengthen rabies prevention programs across the globe. Such initiatives are promoting mass dog vaccination drives as well as raising awareness about significance of timely post-exposure prophylaxis, thereby facilitating market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the rabies antiserum market due to high research and development costs required to develop new antiserum products.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of alternative treatment options for rabies exposure.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few manufacturers with necessary capabilities for rabies antiserum production.
Threat of new substitutes: The threat of new substitutes is low as rabies antiserum remains the most effective post-exposure prophylaxis for rabies.
Competitive rivalry: The competitive rivalry is high among the few established players in the rabies antiserum market.
Key Takeaways
The global rabies antiserum market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America dominates the global rabies antiserum market share currently and is expected to retain its leading position over the forecast period owing to rising R&D investments for the development of advanced antiserum products in the region.
Key players: Key players operating in the rabies antiserum market are CSL Behring and Sanofi. CSL Behring offers an equine rabies immunoglobulin called Imogam Rabies-HT which is widely used post-exposure prophylaxis for rabies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
