by The genital warts treatment market is estimated to be valued at US$ 1785.61 Mn or in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: –
Genital warts are soft, pinkish or flesh-colored growths that appear around the genitals, groin, thighs or buttocks. They are usually caused by certain strains of the human papillomavirus (HPV) passed through sexual contact. Main treatment options include cryotherapy which uses liquid nitrogen, trichloroacetic acid or bichloroacetic acid to freeze off the warts, laser surgery to burn off the warts using a laser beam and topical creams like podophyllotoxin or imiquimod that help clear the warts.
Market Dynamics: –
The genital warts treatment market is primarily driven by rising prevalence of HPV infections globally. According to the World Health Organization, HPV is responsible for approximately 6% of all cancers globally each year. Annually, around 570,000 cases of cervical cancer is diagnosed and over 300,000 cervical cancer deaths occur which are attributed to HPV. Early treatment is important to avoid the spread of infection and possible complications. Other key driving factor is advances in treatment options such as new topical drugs with improved efficacy and reduced side-effects compared to older drugs which are aiding the market growth.
SWOT Analysis: –
- Strength: – One strength for the Genital Warts Treatment Market is availability of effective treatment options. Drugs like Imiquimod and Podophyllin resin provide good therapeutic response and cure rates. Growing research and development activities are increasing treatment efficacy and success rates.
- Weakness: – One weakness for the Genital Warts Treatment Market is stigma associated with warts diseases. People hesitate to openly discuss their condition or seek timely medical help due to social taboo. Affordability can also be a concern for certain segments as advanced treatment require substantial costs.
- Opportunity: – Increasing prevalence of HPV infections worldwide presents lucrative growth prospects. Favorable government initiatives to spread awareness about STDs and promote treatment are helping more patients seek care. Untapped rural markets in developing nations offer scope for player penetration.
- Threats: – Patent expiries of blockbuster drugs pose pricing challenges. Stringent regulations for new product approvals can defer market entry of novel therapies.
Key Takeaways: –
The Global Genital Warts Treatment Market Demand is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing prevalence of HPV infections worldwide. The market size for 2023 is US$ 1785.61 Mn.
Regional analysis: –
The North America region currently dominates the Genital Warts Treatment Market and is expected to retain its dominance over the forecast period. This can be attributed to growing cases of STDs, developed healthcare infrastructure, and rising medical spending in the region. Asia Pacific exhibits the fastest growth due to large patient population, improving access to diagnostics and treatment, and rising awareness in developing nations.
Key players: –
Key players operating in the Genital Warts Treatment Market are Sanofi S.A., AbbVie Inc., Perrigo Company PLC, 3M, Lee’s Pharmaceutical Holdings Ltd, Cassiopea, Glenmark Pharmaceuticals, Bausch Health, and Novartis International AG. These leading manufacturers are focused on expanding their product portfolios through mergers, acquisitions, and new product launches.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
