by Genital warts are sexually transmitted infections caused by the human papillomavirus (HPV). Treatment options for genital warts include cryotherapy, topical medications, laser surgery, or immunotherapy. Cryotherapy uses liquid nitrogen to freeze off the warts. Topical medications such as podofilox or imiquimod are applied directly to the warts to boost the immune system’s response. Laser surgery uses a laser beam to remove the warts. Immunotherapy involves the administration of vaccines to prevent HPV infection and reduce the risk of developing genital warts. The global genital warts treatment market offers treatments for genital warts caused by certain types of HPV infection.
The global Genital Warts Treatment Market is estimated to be valued at US$ 1.2 Billion in 2023 and is expected to exhibit a CAGR of 15 % over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
While there is no cure for HPV infection, vaccination plays a key role in preventing new HPV infections that can potentially cause genital warts. Various HPV vaccines such as Gardasil and Cervarix protect individuals from the HPV types known to cause most genital warts. Increasing vaccination rates especially in adolescent populations are helping to control the spread of HPV and lower the risk of developing genital warts in the future. This is recognized as a major trend positively impacting the growth of the genital warts treatment market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the genital warts treatment market is moderate. High capital requirements and economies of scale present barriers to entry.
Bargaining power of buyers: Individual consumers have moderate bargaining power over treatment options due to the sensitive nature of the condition. However, larger healthcare providers are able to negotiate lower prices for drugs and equipment.
Bargaining power of suppliers: A few large companies control the supply of drugs and equipment, giving them strong bargaining power over buyers in the genital warts treatment market. Suppliers differentiate products to maintain pricing power.
Threat of new substitutes: No close substitutes currently exist for treating genital warts effectively. Ongoing research could yield new treatment methods with fewer side effects over time.
Competitive rivalry: Competition in the genital warts treatment market is high. Companies compete intensely on treatment efficacy, ease of use, and product portfolios.
Key Takeaways
The global genital warts treatment market size is expected to witness high growth over the forecast period.
Regional analysis:
North America is dominating the genital warts treatment market, with the United States accounting for the majority of the regional revenue. High adoption of therapies and surgical procedures to treat genital warts contributed to the large market share. However, Asia Pacific is likely to grow at the fastest rate, driven by countries such as China and India. Rising incomes and health awareness are enabling more individuals to access diagnosis and care for STDs including genital warts.
Key players
operating in the genital warts treatment market are Merck & Co., Bausch Health Companies, and INOVIO Pharmaceuticals. Merck’s ZEPATIER and GARDASIL vaccines are top-selling products for treating genital warts. Bausch Health offers condyline topical solutions, cryotherapy devices, and other therapies. INOVIO is developing VGX-3100, a DNA-based immunotherapy to prevent recurrent respiratory papillomatosis and genital warts.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
