Growing Prevalence of HPV Infections Driving Growth in Warts Therapeutics Market from 2020 to 2030: Says TMR
- Topical treatments are seeing high demand in the market due to their low costs, low chances of complications and their easy availability in the market
- Players are focusing upon improving production capacity in order to meet the growing demand
Albany NY, United States: Growing awareness regarding warts and their treatment is helping the global warts therapeutics market take on a high growth curve. It is significant to note here that companies would do well to educate people regarding therapy and need for timely consultation.
Transparency Market Research opines, “Growing prevalence of warts and HPV infections is driving the global warts therapeutics market, which is set to grow at a moderate compound annual growth rate of about 3% from 2020 to 2030. The CAGR will translate to a higher market worth of about USD 2.4 billion by the end of this period from USD 1.7 billion in the year of 2019.”
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Key Findings of Global Warts Therapeutics Market Study:
- Cryotherapy is a prominent warts treatment, especially in combination with salicylic acid, set to drive the market forward in a major way
- Cantharidin, a non-FDA approved Chinese medicine, is gaining popularity in the market
- Salicylic acid and topical ointments to witness notable growth in demand over the forecast period
- Increase in number of clinic will lead the segment to be a major end-user; this is also an outcome of avoidance of hospital stays, which is often costly
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Key Drivers of Growth of Global Warts Therapeutics Market:
Growing prevalence of warts is a major factor driving growth in global warts therapeutics market, as per Transparency Market Research. It also notes several other trends and drivers that are contributing positively to this growth. A glimpse can be found below:
- Research and development (R&D) activities are increasing and this is set to pave way for growth in the market by encouraging development of better therapeutics
- Incidence of HPV infections is growing, leading to a higher incidence of warts; 14 million people in the United States of America alone are suffering from HPV infections
- Incremental opportunities are being generated for pharmaceutical players owing to ready availability of topical ointments, which are highly preferred, and their low cost attributes
- Telemedicine is making way in healthcare and this is set to pave way for growth in the global warts therapeutics market
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Regional Analysis of Global Warts Therapeutics Market:
- North America is expected to lead global warts therapeutics market over the forecast period, followed by Europe
- High prevalence of warts and HPV infections in the region driving growth, paving way for regional dominance
Competitive Landscape of Global Warts Therapeutics Market:
The market is both fragmented and competitive. Over the next few years, Transparency Market Research notes, players will focus on new product launches, regulatory approvals and will dabble with strategies that lead to expansion in terms of market operations.
Some of the renowned market players that are driving the global warts therapeutics market are GlaxoSmithKline plc, Pfizer, Inc., Teva Pharmaceutical Industries Ltd, Phio Pharmaceuticals Corp., Verrica Pharmaceuticals, Bausch Health Companies, Inc., Mylan N.V., Prestige Consumer Healthcare Inc., Scholl’s Wellness Co, Taro Pharmaceutical Industries Ltd, Cipla Ltd., Novan Inc, Merck & Co., Inc, and AIM ImmunoTech, Inc, among others.
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