Bee Venom is also known as apitoxin which is a bitter and colorless liquid. Apitherapy is a therapeutic method to utilize products that are made by honey bees like honey and bee venom. Bee Venom is a kind of poison that causes painful bee stings. Bee Venom is utilized in the preparation of medicines.
One of the major reasons fuelling the growth of the global bee venom extract market is the wide usage of bee venom for medicinal purposes. Bee venom is widely utilized in Europe for treating rheumatic diseases. Both the live bees and venom extracts are utilized in the treatment process. Many startups and big companies are entering the bee venom market due to growing revenue and profits in the market. Furthermore, the innovation and development of advanced technological tools are likely to make the process convenient for manufacturers to extract venom from beehives. Furthermore, the growing utilization of bee venom in treating several other diseases including skin diseases, sciatica, high blood pressure, multiple sclerosis, nerve pain, psoriasis, hematomas, and others is boosting the demand for bee venom extracts globally. Manufacturers are boosting the research and development activities to bring innovative equipment and methods to extract bee venom conveniently.
The global bee venom extract market can be segmented into application, form, and region.
By applications, the market can be segmented into personal care, cosmetics, and pharmaceutical products. The pharmaceutical segment accounts for the largest share in the global bee venom extract market due to the wide utilization of bee venom in a large number of products in the sector that helps in the treatment of several diseases.
By form, the market can be segmented into liquid and powdered forms. The powdered form segment dominates the global bee venom extract market due to its wide utilization in several therapeutic applications.
Europe accounts for the largest share in the global bee venom extract market due to its historic practice of using the bee venom extensively for the treatment of rheumatic diseases. Moreover, growing cases of several diseases including sciatica is likely to escalate the growth of the regional market.
North America is expected to witness significant growth in forthcoming years due to the growing ongoing technological advancements in order to launch advanced tools and equipment to extract venom from the beehives.
Some of the significant players in the global bee venom extract market are Citeq Biologic, Abeeco Pure, Fernz, ApiHealth NZ Ltd, and Bee Whisper. To cite, Illumina Inc. in July 2020 boosted the study abilities of data extracted by their sequencing method with the help of BlueBee, a cloud-based software company that works in delivering genomic study for clinical research clients.