by Genital warts, also known as condylomata acuminata, are skin growths that develop on the genital areas of both men and women. They are caused by certain types of human papillomavirus (HPV) that are transmitted through skin-to-skin contact during vaginal, anal, or oral sex with an infected partner. The global genital warts treatment market comprises drugs and vaccines for the treatment and prevention of genital warts. Therapeutic drugs help in clearing existing warts while vaccines aid in preventing new infection by HPV strains known to cause genital warts. The global Genital Warts Treatment Market is estimated to be valued at US$ 1.2 billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends
Increased demand for therapeutic drugs and vaccines: The key driver for the genital warts treatment market is the rising demand for therapeutic drugs and HPV vaccines globally, driven by increasing incidence of genital warts worldwide. According to the statistics provided by the World Health Organization (WHO), nearly 340 million new cases of genital HPV infections occur every year worldwide. This has prompted major pharmaceutical manufacturers to develop new and more effective drugs for clearing existing warts as well as prophylactic HPV vaccines for prevention of new HPV infections, thereby supporting growth of the market. Continuous investments in R&D of novel drugs and vaccines have led to introduction of new treatment options with improved efficacy and safety profile, widening the umbrella of therapeutic choices available to physicians and patients.
SWOT Analysis
Strength: Genital warts treatments are readily available over-the-counter or with a prescription. Certain treatments are fast-acting and provide relief within a few weeks. Weakness: Some treatments may cause pain, blistering or scarring in the treated area. The virus can recur in some cases even after treatment. Opportunity: Rising awareness regarding sexually transmitted diseases and their prevention provides growth opportunities. Innovation in drugs and therapies to enhance efficacy and reduce side effects also presents opportunities. Threats: Social stigma associated with genital warts discourages people from seeking timely treatment. Lack of education in certain regions regarding safe sex practices also poses a challenge.
Key Takeaways
The global genital warts treatment market demand is expected to witness high growth.
North America currently dominates the market due to growing patient awareness levels and easy accessibility to advanced treatment options. However, Asia Pacific is likely to emerge as the fastest growing regional market over the forecast period due to rising prevalence of HPV infections in developing nations.
Key players
operating in the genital warts treatment market include Merck & Co., Cadila Healthcare Ltd., Johnson & Johnson, Bausch Health, Teva Pharmaceutical Industries, Perrigo Company plc, Mylan N.V., F. Hoffmann-La Roche AG, Sun Pharmaceutical Industries Ltd
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
