The global genital warts (condyloma acuminatum) market is on the cusp of significant expansion, according to the latest industry analysis. Currently valued at USD 1.87 billion in 2023, the market is forecasted to achieve an impressive valuation of USD 3 billion by 2033, representing a robust Compound Annual Growth Rate (CAGR) of 4.84%.
This remarkable growth trajectory is primarily driven by the introduction of novel medications and the efficacy of widespread vaccination campaigns aimed at preventing genital warts. Leading pharmaceutical companies, including Tamir Biotechnology (Orgenesis), Verrica Pharmaceuticals, and Novan Inc., are at the forefront of this advancement, spearheading innovative drug development for the treatment of genital warts.
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The substantial progress in the genital warts market underscores the critical role of continued research and development, as well as the importance of preventative healthcare measures. With the collaborative efforts of key industry players, the future of genital warts treatment and prevention looks promising, offering hope and improved health outcomes for millions worldwide.
Genital warts, caused by certain strains of the human papillomavirus (HPV), represent a considerable burden on global healthcare systems and individuals alike. With the advent of cutting-edge therapies, there is newfound hope for more effective management and control of this prevalent condition.
One of the pivotal drivers behind this growth is the success of vaccination campaigns, raising public awareness of the importance of vaccinations in preventing genital warts. Immunization rates have seen a noticeable uptick, and a direct correlation has been observed with a decreased incidence of genital warts.
Government initiatives and increased funding for cancer research are playing a crucial role in propelling the global genital warts market forward. The escalating investments in Research and Development (R&D) related to oncologic disorders present substantial growth opportunities for the market. Initiatives like the 2010 Affordable Care Act, which provides access to the human papillomavirus vaccine, HPV testing, and Pap testing for a significant portion of covered patients, have contributed to the overall positive trajectory.
Despite these advancements, challenges persist. The Healthy People 2020 goal in the U.S., aiming for 80% vaccination coverage against HPV, has not been met, with a 2016 national survey revealing that only 50% of girls have completed all doses. This underscores the need for continued efforts to enhance vaccination rates and further reduce the incidence of genital warts.
As the global genital warts market continues to evolve, with promising medications in the pipeline and increased awareness through vaccination campaigns, the future holds significant potential for growth and improved public health outcomes.
Key Takeaways:
- FMI estimates the Genital warts market to achieve valuation of USD 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.
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
Genital Warts Market by Region:
- North America
- Latin America
- Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa (MEA)
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