Genital Warts Treatment Market Estimated To Witness High Growth Owing To Rising Cases of STDs
The Genital Warts Treatment market is estimated to be valued at US$ 1785.61 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Genital warts are flesh-colored growths that can appear on and around the sex organs and anal areas. They are caused by certain strains of human papillomavirus (HPV) that are transmitted through skin-to-skin contact during vaginal, anal or oral sex with someone infected. Treatment options for genital warts include prescription creams, lotions, cryotherapy, electrosurgery, laser therapy and surgical procedures.
Market Dynamics
Rising prevalence of sexually transmitted diseases (STDs): The increasing cases of STDs such as chlamydia, gonorrhea, syphilis and HIV globally is driving the growth of this market. Genital warts being an STD as well, rises hand in hand with other STDs. As per the US Center of Disease Control and Prevention, over 1 million cases of chlamydia were reported in the United States in 2018.
Increasing awareness through campaigns: Various awareness campaigns conducted by governments and healthcare organizations regarding safe sex practices and STDs are informing people more about genital warts. This is encouraging people to get screened as well as seek treatment timely, thereby supporting market growth.
SWOT Analysis
Strength: The genital warts treatment market has strong growth opportunities due to the rising prevalence of HPV infection globally. Several treatment options and drugs are available to treat genital warts effectively. The increasing awareness about STDs is encouraging more people to seek treatment.
Weakness: The high cost of advanced treatment options such as cryotherapy can limit their adoption in developing regions. Lack of awareness in underdeveloped nations about genital warts results in late diagnosis and treatment.
Opportunity: Growing demand for non-invasive treatment procedures will provide new avenues for market growth. Development of novel drugs with fewer side-effects will help expand the customer base.
Threats: Limited healthcare infrastructure and lack of insurance in developing nations are major restraints. Long FDA approvals delay the entry of new drugs into the market.
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 infection worldwide. According to recent estimates, approximately 563,000 cases of genital warts are reported each year in the United States. Growing awareness campaigns about causes and risk factors of STDs are encouraging more people to opt for treatment.
The North America dominates the global market, with the US accounting for majority share. Favorable reimbursement policies and healthcare infrastructure facilitate early diagnosis and treatment in the region. Meanwhile, Asia Pacific region is anticipated to exhibit fastest growth during the forecast period driven by improving access to healthcare in countries like India and China.
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 focused on developing advanced topical treatment formulations with fewer applications needed for complete cure. They are also investing in clinical trials to evaluate the safety and efficacy of pipeline drugs.
For more insights, read- https://dailynewsmotion.weebly.com/report-blog/genital-warts-treatment-market-estimated-to-witness-high-growth-owing-to-rising-cases-of-stds
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