by The global genital warts treatment market is primarily driven by rising prevalence of human papillomavirus (HPV) infections, which is the primary cause of genital warts. Genital warts are skin growths that occur in the genital areas including the vulva, vagina, cervix, penis, scrotum, groin, or anus. According to CDC, HPV is the most common sexually transmitted infection in the United States. More than 75% of the American population will be infected at some point in their lives. Genital warts can cause significant psychological stress and sometimes physical discomfort. They may appear as a small bump or group of bumps in the genital area and most often appear within three months after sexual contact with an infected partner. Treatment of genital warts usually involves topical creams, gels or solutions that are applied directly to the warts. However, some cases may require cryotherapy (freezing), laser surgery, or surgical removal of the warts.
The global genital warts treatment market is estimated to be valued at US$ 1785.61 in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing awareness regarding screening and treatment of genital warts is expected to drive the growth of the genital warts treatment market over the forecast period. Rising awareness regarding STIs including genital warts through government initiatives and education programs is encouraging more people to undergo screening and early treatment. This is helping reduce transmission and complications associated with genital warts. Furthermore, rising affluence and improving access to healthcare facilities in developing regions is also fueling market growth. According to the Pan American Health Organization, countries like Brazil and Mexico have shown significant progress in expanding health insurance coverage to more people, thus improving access to diagnostics and treatment services for STIs.
Segment Analysis
The genital warts treatment market is segmented based on type, treatment, and distribution channel. The treatment type segment is further divided into therapeutic, prophylactic, and therapeutic & prophylactic. The therapeutic segment dominates the market, accounting for over 60% market share in 2023. This is because therapeutic drugs help cure genital warts faster and more effectively compared to prophylactic drugs that are only used for prevention.
PEST Analysis
Political: Governments across the world are focusing on vaccination programs to reduce the spread of HPV virus. For instance, in the US it is mandatory for children to be vaccinated against HPV.
Economic: Rising per capita healthcare expenditure globally is driving the growth of this market. Developed economies with high disposable incomes allocate more funds towards genital warts treatment.
Social: Increasing awareness about STDs and their treatment options through education programs results in early diagnosis and treatment seeking behavior. Also reduced social stigma aids people to openly discuss such issues.
Technological: Advancements in diagnostic techniques help identify HPV types responsible for genital warts. Drug delivery methods are also improving through transdermal patches, creams, gels etc for locally applied therapies.
Key Takeaways
The Global Genital Warts Treatment Market Size is expected to witness high growth at a CAGR of 6.3% during the forecast period of 2023 to 2030. The global genital warts treatment market is estimated to be valued at US$ 1785.61 in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
North America dominates the market currently due to developed healthcare infrastructure and availability of advanced treatment options in the region. The US accounts for over 40% of the North American market share.
Key players related content comprises Key players operating in the genital warts treatment market are DJO Global, Inc., BSN medical (now part of Essity), Smith & Nephew plc, medi GmbH & Co. KG, SIGVARIS Group, Bio Compression Systems, Inc., Tactile Medical, RIKEN SEIKI CO., LTD., Paul Hartmann AG, 3M Company, Gottfried Medical, Inc., Mego Afek AC Ltd., Abov Semiconductor, Persys Medical, BTL Industries, Human Meditek Co., Ltd., Huntleigh Healthcare Limited (part of Arjo), KCI Licensing, Inc., Beijing Huibo Medical Device Co., Ltd., Bioinicia S.L.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
