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Genital Warts Market Size, Key Drivers, Growth, Demand, Analysis: 2024-2033
Genital Warts Market Size
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According to The Business Research Company's, The genital warts market size has grown strongly in recent years. It will grow from $1.87 billion in 2023 to $1.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to the focus on patient-centered care, growing emphasis on early detection and treatment, increasing availability of therapies developed for self-target applications, and the increase in clinical trials and recurrence of genital warts.
The genital warts market size is expected to see strong growth in the next few years. It will grow to $2.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to the adoption of telemedicine and digital health platforms for remote consultation and treatment monitoring, growing demand for effective and affordable treatments for STIs, the emerging popularity of loop electrosurgical excision procedures, the escalating demand for interferon alfa-n3 injection and increasing availability of therapies. Major trends in the forecast period include advancements in diagnostic technologies, a shift towards combination therapies, expansion of telehealth and online consultations, emergence of novel therapeutic targets, and expansion in emerging markets.
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Market Drivers and Trends:
The increasing prevalence of sexually transmitted infections (STIs) propels the growth of the genital warts market going forward. Sexually transmitted infections (STIs) are infections that are primarily transmitted through sexual contact, including vaginal, anal, and oral se*x, and are caused by bacteria, viruses, or parasites. The prevalence of sexually transmitted infections is growing due to increased sexual activity, inadequate use of protection, and limited access to education and healthcare services. Genital warts are a common sexually transmitted infection (STI) caused by specific strains of the human papillomavirus (HPV). They spread through direct skin-to-skin contact during sexual activity. For instance, in October 2023, according to the Joint United Nations Programme on HIV/AIDS, a Switzerland-based, comprehensive global program to prevent HIV infection, in 2021, around 38.7 million people were infected with HIV, which increased to 39.0 million people in 2022, with 1.3 million newly infected people in the year 2022. Therefore, the increasing prevalence of sexually transmitted infections (STIs) is driving the growth of the genital warts market.
Major companies operating in the genital warts market are developing novel treatment options, such as novel dermatology drugs, to address the challenges faced by patients with genital warts. Dermatology drugs refer to newly developed pharmaceuticals or therapeutic agents specifically designed to treat various dermatologic conditions, such as genital warts. For instance, in March 2023, Verrica Pharmaceuticals Inc., a US-based dermatology pharmaceutical company, received New Chemical Entity (NCE) status for its drug candidate YCANTH. YCANTH is being developed to treat genital warts and has completed phase 2 trials. With FDA NCE status, the company now has at least five years of protection from generic competition.
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Major Key Players of the Market:
Merck & Co.Inc., AbbVie Inc, Sanofi S.A, Novartis AG, 3M Company, Teva Pharmaceutical Industries Ltd, Bausch Health Companies Inc, Sun Pharmaceuticals, Perrigo Company plc, Glenmark Pharmaceutical Inc, Taro Pharmaceutical Industries Ltd, Serum Institute of India Pvt. Ltd., ANI Pharmaceuticals Inc, Ligand Pharmaceuticals Incorporated, Orgenesis Inc, Verrica Pharmaceuticals Inc, CryoConcepts LP, CryoIQ global AB, Cassiopea Inc, Aresus Pharma Inc.
Genital Warts Market 2024 Key Insights:
• The genital warts market size is expected to see strong growth in the next few years. It will grow to $2.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Rising Sexually Transmitted Infection (STI) Rates Propel Growth In Genital Warts Market
• Innovative Dermatology Drugs For Genital Warts
• North America was the largest region in the genital warts market in 2023
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