The global warts therapeutics market size surpassed at US$ 1.6 Bn in 2019 and expected to reach US$ 2.3 billion by 2027. It is projected to expand at a CAGR of 2.8% from 2020 to 2027.
Warts are skin growth caused by the human papillomavirus (HPV). There are more than 60 types of HPV, some of which tend to cause warts on the skin. Topical treatments could predictably resolve warts in a few weeks with minimal side effects. Topical treatment of may not be effective all the time. Hence, cryotherapy with liquid nitrogen is a suitable option for treatment, where cure rate is 60% to 90% with less than 20% to 10% recurrence rate. North America dominated the global warts therapeutics market in 2019. The trend is anticipated to continue during the forecast period. Rise in awareness regarding different treatment option and launch of new products in the region are estimated to drive the warts therapeutics market in North America.
Recurrence of Warts to Drive Warts Therapeutics Market
Warts is a highly common disease, which may regress spontaneously. It persists for years and recurs at the same or different sites, even with treatment. Factors influencing recurrence appear to be related to the patient’s overall immune status as well as local factors. As per an article published in NCBI, the recurrence rates for genital warts treated with topical podophyllotoxin treatments is 6% to 100%. According to the Centers for Disease Control and Prevention, recurrence of anogenital warts within 3 months is common. Thus, increase in recurrence rate of warts leads to increase in utilization of products and treatment and this drive the market for warts therapeutics.
Common Warts to Dominate Warts Therapeutics Market
Based on warts type, the global warts therapeutics market has been classified into common warts, genital warts, flat warts, and others. Common warts is a cutaneous viral infection caused by HPV. Students are more prone to acquiring common warts, owing to increased chances of contact with multiple individuals in schools and colleges. According to numerous published journals, among different warts, common warts are a highly common type of warts.
Physical Destruction to be Highly Lucrative Treatment Type
In terms of treatment type, the global warts therapeutics market has been segmented into physical destruction, chemical destruction, and immunomodulation. The physical destruction segment held a major share of the global market in 2019. Currently, physical destruction, such as cryotherapy with liquid nitrogen, represents the first line of therapy treatment for warts such as common warts, genital warts, which provides cure rates of 50% to 80%. This drives the physical destruction segment of the global warts therapeutics market.
Clinics to be Major End User
In terms of end user, the global warts therapeutics market has been classified into hospitals, clinics, and others. The preference for outpatient treatment to avoid hospital stay is a key factor that drives the segment. Moreover, an increase in number of clinics with advanced treatment options for warts is anticipated to drive the segment.
North America to Dominate Global Warts Therapeutics Market
In terms of region, the global warts therapeutics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global warts therapeutics market in 2019, followed by Europe. North America accounted for a major share of the global warts therapeutics market in 2019. According to available data, the prevalence of common warts 22 million among men and women, and more than 8% diagnosed annually.
The global warts therapeutics market is fragmented in terms of number of players. Key players in the global warts therapeutics market include 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.
Warts Therapeutics Market, by Wart Type
Warts Therapeutics Market, by Drug Type
Warts Therapeutics Market, by End User
Warts Therapeutics Market, by Region
Scope of the Report
VRR’s report on the global warts therapeutics market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2030. The report provides revenue of the global warts therapeutics market for the period 2020–2030, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global warts therapeutics market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global warts therapeutics market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global warts therapeutics market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global warts therapeutics market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global warts therapeutics market.
The report delves into the competition landscape of the global warts therapeutics market. Key players operating in the global warts therapeutics market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global warts therapeutics market that have been profiled in this report
Key Questions Answered in Warts Therapeutics Market Report
A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global warts therapeutics market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global warts therapeutics market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, and market intelligence managers, who contributed to the production of VRR’s study on the addiction treatment market as primary research sources.
These primary and secondary research sources have provided exclusive information during interviews, which serves as a validation from the addiction treatment market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global warts therapeutics market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global warts therapeutics market more reliably and accurately.