The Genital Warts Treatment Market is estimated to be valued at US$ 1,785.61 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Genital warts are caused by certain types of human papillomavirus (HPV) that can be transmitted through skin-to-skin contact during vaginal, anal, or oral sex. The genital warts treatment market involves different types of treatment options such as podophyllotoxin, imiquimod, trichloroacetic acid, surgical, cryotherapy. These treatments help in removing warts and prevent spreading to others.
Market key trends:
Increasing awareness regarding genital warts and their treatments via government initiatives and rise in HPV vaccination programs across the globe, especially in developing countries, are major factors propelling growth of the genital warts treatment market. As per the National Cancer Institute, HPV infections are common, with around 90% of HPV infections cleared within 2 years by the immune system. However, persistent infections can lead to genital warts or cancer over time. Therefore, increasing awareness that persistent HPV infection can lead to further health complications such as cancer is driving adoption of genital warts treatment.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for R&D, manufacturing and distribution which limits new competition.
Bargaining power of buyers: Large buyers have significant bargaining power due to the availability of alternative treatment options. However, increasing brand awareness and strong product pipeline limit their power.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute raw materials. However, regulatory requirements limit eas of substitution.
Threat of new substitutes: Alternative treatment options limit the threat of substitution.
Competitive rivalry: Intense due to increasing generics competition.
SWOT Analysis
Strengths: Growing prevalence of HPV infections, advanced R&D and strong product pipeline.
Weaknesses: Presence of alternative treatment options, price erosion due to generic competition.
Opportunities: Potential for development of novel targeted therapies, growth opportunities in developing markets.
Threats: Regulatory challenges, reimbursement issues.
Key Takeaways
The global Genital Warts Treatment Market Growth is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing prevalence of HPV infections.
Regionally, North America is expected to dominate the genital warts treatment market owing to high awareness, advanced healthcare infrastructure and presence of major market players. However, Asia Pacific is anticipated to exhibit the fastest growth rate over the forecast period. Factors such as increasing healthcare spending, growing medical tourism industry and presence of generic manufacturers are expected to drive the regional market.
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. Major players are focusing on product launches and acquisitions to strengthen their market position.
For more insights, read- https://www.pressreleasebulletin.com/genital-warts-treatment-market-trends-size-and-share-analysis/
