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Rabies Antiserum Market Breakdown: Understanding Market Segments

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Roger
Rabies Antiserum Market Breakdown: Understanding Market Segments

Rabies antiserum is derived from the blood of animals immunized with killed rabies virus and is used to prevent rabies in humans following potential exposure to the virus. It provides passive, short-term immunity until the patient develops their own active immunity by vaccination. The global Rabies Antiserum Market is estimated to be valued at US$ 1.24 billion in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Opportunity:

Emerging markets in Asia Pacific and Latin America present significant growth opportunity for rabies antiserum market players. Countries in these regions have high prevalence of rabies with limited access to healthcare and immunization. According to WHO, over 59,000 people die annually from rabies globally, with majority of deaths occurring in Asia and Africa. Improved diagnosis and treatment rates in developing nations can prevent human rabies deaths. Market players can target these nations by developing distribution networks and partnering with local healthcare providers to increase availability of rabies antiserum and immunoglobulins. This presents an opportunity for companies to tap into unmet demand and achieve faster market penetration in Asia Pacific and Latin American regions.


Porter's Analysis

Threat of new entrants: Low, research and development costs and regulatory requirements to enter the market are high. Bargaining power of buyers: Moderate to high as there are a limited number of established players operating in the market. Bargaining power of suppliers: Moderate as key raw materials are commoditized. Threat of new substitutes: Low, there are limited treatment alternatives for rabies. Competitive rivalry: High, major players compete on the basis of pricing, innovation and geographic expansion.


SWOT Analysis

Strengths: Established production facilities and distribution network. Weaknesses: High R&D costs for new products. Opportunities: Increasing incidence of dog bites in developing nations. Threats: Stringent regulatory norms and price control measures imposed by various governments.


Key Takeaways

The global rabies antiserum market is expected to witness high growth over the forecast period of 2023 to 2030.

North America dominates the market currently due to increasing animal adoption and high healthcare expenditure. The Asia Pacific region is expected to grow at the fastest rate due to rising awareness about rabies treatment and growing pet ownership in countries like India and China.


Key players operating in the rabies antiserum market are CSL Behring, Sanofi, and GSK. CSL Behring offers a type-specific antirabies immunoglobulin called Imogam Rabies-HT. Sanofi provides an antirabies immunoglobulin called Kedrab.



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