The global Genital Warts (Condyloma Acuminatum) Market is expected to be worth US$ 1.87 billion in 2023, rising to US$ 3 billion by 2033 at a CAGR of 4.84%. The global market is expected to benefit from government initiatives and increasing financing for cancer research. The rising expenditure on R&D connected with oncologic disorders, on the other hand, presents significant potential growth for the market. For instance, the 2010 Affordable Care act provides the human papillomavirus vaccine, HPV testing, and Pap testing for most of the covered patients. Although the Healthy People 2020 goal in the U.S. sets a target of 80% vaccination coverage against HPV, a 2016 national survey projected that only 50% of girls have completed all doses.
In July 2014, Paladin Labs Inc., a subsidiary of Endo International plc., a pharmaceutical company declared the launch of Veregen (sinecatechins) Ointment, 10%, a topical treatment for external genital and perianal warts (condylomata acuminata) in immunocompetent patients aged 18 years and older. Furthermore, continuous innovation in healthcare sector increased consumer awareness and investments in medical infrastructure. Emerging and less developed countries are likely to produce several opportunities that will have an influence on market growth during the forecast period.
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However, the lack of public awareness and understanding about the accessibility, usage of vaccines, and HPV, along with growing concerns about the side effects of therapies for a longer period and expensive treatment alternatives are expected to act as significant restraining factors. There is a high unmet need for targeted drugs with enhanced clinical profile at reduced costs and convenient administration schedule. However, growing R&D expenditure on oncologic diseases offers a promising future for the market in the foreseeable future.
Key Takeaways
- FMI estimates the Genital warts market to achieve valuation of US$ 3 Billion by 2033.
- North America is set to dominate the market with 40% market share.
- Hospital pharmacies are estimated to rule the segment by accounting highest share on the basis of distribution channel.
- Dominating genital warts companies such as Verrica Pharmaceuticals, Tamir Biotechnology, Novan Inc., and others are developing novel genital warts drugs that can be available in the genital warts market in the forthcoming years.
- The prevalent genital warts therapies in the pipeline include VP-102, Ranpirnase (RanTop), Berdazimer sodium (SB 206), and others.
- The increase in genital warts market size is a consequence of the expected approval of emerging therapies in the major markets during the forecast period.
- APAC is projected to be fastest growing industry for Genital warps treatment.
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Competitive Landscape
Key players in the Genital Warts market are: Verrica Pharmaceuticals, Tamir Biotechnology, Novan Inc., Medicis Pharmaceuticals, Aresus Pharma, AbbVie, Sanofi S.A., AbbVie Inc, Perrigo Company PLC, Glenmark Pharmaceuticals. Some key developments in this market are:
- In 2019, GenieMD, a global provider of telemedicine services, developed their telemedicine app iVisit that would allow patients to be diagnosed and treated for genital warts via virtual visit with the physician.
- For instance, in August 2018, Oceanside Pharmaceuticals, a company which delivers pharmaceutical services, created an authorized generic version of Bausch Health’s Zyclara (imiquimod) 3.75% cream pump. Zyclara (imiquimod) 3.75% is indicated for the topical treatment of external genital and perianal warts/condyloma acuminata (EGW) in patients of age 12 years or older.
- In June 2020, Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., had announced the U.S. FDA approval for GARDASIL9 (Human Papillomavirus 9-valent Vaccine, Recombinant) for the prevention of HPV-related cervical, vaginal, vulvar, anal, oropharyngeal, and other head and neck cancers. The FDA approval received would result in addressing the unmet clinical needs for the patients, increased distribution of the vaccine in hospitals and cancer research institutes, for the rise in product sales.
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Key Segments Profiled in the Genital Warts Market Industry survey
Genital Warts Market by Treatment:
- Chemical Treatment
- Ablative Treatment
- Preventive Treatment
- Other Treatments
Genital Warts Market by Distribution Channel:
- Hospital Pharmacies
- Retail pharmacies
- Online Pharmacies
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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