by The global Genital Warts Treatment Market is estimated to be valued at US$ 1785.61 Mn or Bn 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, also known as condyloma acuminata, are soft, skin-colored bumps that develop on the genital skin or in the genital areas inside the body. They are caused by infection with certain types of human papillomavirus (HPV). Genital warts are transmitted through sexual contact with someone infected with HPV. Risk of transmission is present even when warts are not visible or present. Treatment options for genital warts include cryotherapy, treatment with prescription medications applied to the skin, procedures to remove genital warts, and laser surgery. Advancements in treatment options are focused on improving safety, efficacy, and tolerability with convenient modes of delivery.
Market key trends:
One of the key trends in the genital warts treatment market is growing awareness initiatives regarding HPV infection and importance of screening. Various government and non-government organizations conduct awareness programs to educate people about HPV infection and its possible long-term health consequences. This is increasing screening rates and early diagnosis. This is an important factor driving adoption of genital warts treatment options. Another notable trend is increasing research into developing more effective therapeutic vaccines against HPV infection. Such vaccines could potentially reduce incidence of genital warts and related morbidities in the long-run. However, development and approval of therapeutic vaccines still remains an ongoing challenge.
Porter’s Analysis
Threat of new entrants: Low barrier to entry however established brands and patents restrict competition.
Bargaining power of buyers: Large customer base allows buyers to negotiate on price however need for treatment increases power of suppliers.
Bargaining power of suppliers: Major players control supply chain reducing individual supplier power. Innovation and alternate treatments balance supplier dominance.
Threat of new substitutes: Alternative treatments constantly researched but established therapies remain effective first line treatment.
Competitive rivalry: Major multinational corporations compete on innovation, cost and geographic expansion though market remains consolidated.
Key Takeaways
The global Genital Warts Treatment Market Growth is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period 2023 to 2030, due to increasing incidence of HPV infections. The market size for 2023 is US$ 1785.61 Mn.
Regionally, North America is expected to dominate the genital warts treatment market owing to rising awareness, advanced healthcare facilities and growing rate of HPV infections in the region. However, Asia Pacific is anticipated to exhibit fastest growth rate during the forecast period due to large patient pool, increasing healthcare expenditure and emergence of regional market 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 companies compete on basis of continuous innovation, cost effective solutions and geographic expansion to increase market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
