Number of pages: 100 | Report Format: PDF | Published date: April 12, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market size Value in 2022 |
US$ 739.6 million |
Market Size Value in 2031 |
US$ 988.9 million |
CAGR |
3.28% |
Base Year For Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Treatment Type, Patient Type, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global common warts treatment market was valued at US$ 739.6 million in 2022 and is expected to register a revenue CAGR of 3.28% to reach US$ 988.9 million by 2031.
Common Warts Treatment Market Fundamentals
Common warts, often known as verruca vulgaris, are caused by non-malignant HPV strains. These are typically abnormal cells that rarely progress to malignancy. They show on the skin as rough, painless papules that can be grey or flesh-colored and seen in various body parts. Verruca vulgaris is spread by direct skin contact, particularly in areas of the human body with epithelial breaches.
Some driving trends of the global common warts treatment market are the increasing prevalence of common warts, growing awareness about them and their treatments, rapidly growing demand for enhanced treatments, and rising disposable income. This report provides the global common warts treatment market analysis in terms of revenue, market growth, market dynamics, regional landscape, and overall competitive positioning of the major market players.
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Common Warts Treatment Market Dynamics
The global incidence of common warts has risen in recent years, driven by factors such as poor hygiene, weakened immune systems, and the spread of the human papillomavirus (HPV). As more people become aware of the availability of common warts treatment options, they seek medical help. This increased demand for various treatment methods, ranging from over-the-counter medications to medical procedures. Advances in healthcare, such as laser therapy and immunotherapy, have led to the development of new and more effective treatment options for common warts. These new treatment options attract more patients and drive the market's growth. As healthcare expenditure increases globally, people are becoming more willing to seek treatment for common warts. This has led to an increased number of patients seeking medical attention for the condition, driving the market revenue growth. As disposable incomes rise, patients are becoming more willing to spend on healthcare, including treatment for common warts. This drives the demand for more effective and expensive treatment options, such as laser therapy.
However, some restraining factors obstructing the global common warts treatment market revenue expansion are treatment resistance. Moreover, some of the most recent and effective treatments for common warts, such as laser therapy, may be quite costly. This could also hinder market revenue expansion since some patients can face the issue with the treatment finance. Several conventional wart therapies, such as cryotherapy and immunotherapy, can have negative side effects. Further, due to regulatory hurdles and safety concerns, developing and approving novel treatment options for common warts can be lengthy and costly. This can also impede market revenue growth since organizations may be skeptical about investing in discovering new therapies.
Common Warts Treatment Market Ecosystem
The global common warts treatment market is analyzed from three perspectives: treatment type, patient type, and region.
Common Warts Treatment Market by Treatment Type
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Based on treatment type, the global common warts treatment market is segmented into pharmacological therapy, cryotherapy, laser therapy, and others.
The pharmacological therapy segment accounts for a prominent revenue share in the global market. Topical medications, such as salicylic acid and cantharidin, and oral medications, such as cimetidine and interferon, are widely available and can be easily obtained with a prescription from a healthcare provider. This makes them a convenient and accessible option for patients. Salicylic acid is a topical chemical treatment that kills the diseased epithelium layer. It is seen as a form of destructive therapy. It is also the primary therapy approved by the Food and Drug Administration (FDA). As a result, salicylic acid is regarded as a first-line therapy. Additionally, compared to other treatment options, such as cryotherapy and laser therapy, pharmacological therapy is generally more affordable, making it a cost-effective option for patients. Pharmacological treatment is non-invasive and does not require surgical procedures or interventions, which can be a major advantage for patients who are hesitant to undergo medical procedures. Pharmacological therapy treats common warts in many patients, particularly mild to moderate cases. This has led to the widespread use and acceptance of pharmacological treatment among healthcare providers and patients. Pharmacological therapy is generally safe and well-tolerated, with few side effects reported. This makes it a preferred option for patients concerned about the risks associated with other treatment options.
Similarly, laser therapy segment is also expected to show lucrative revenue growth from 2023 to 2031, attributed to its growing demand among patients. Laser therapy is highly effective in treating common warts, with a high-efficiency rate. This is because the laser targets and destroys the blood vessels that supply the wart with nutrients, causing it to die and fall off. Laser therapy is a non-invasive treatment option; thus, it does not require any surgical procedures or incisions. This can be a major advantage for patients who are hesitant to undergo medical procedures. Laser therapy can be precisely targeted to the affected area, effectively treating warts without damaging surrounding tissue. This can result in faster healing and reduced scarring. Laser therapy is a relatively quick procedure that can be performed in a healthcare provider's office. The treatment usually takes less than 30 minutes to complete. Laser therapy reduces the risk of wart recurrence compared to other treatment options, such as cryotherapy or pharmacological therapy. Laser therapy is becoming increasingly available as more healthcare providers offer treatment in their practices. However, this type of treatment can be more expensive than other options, limiting its accessibility for some patients.
Common Warts Treatment Market by Patient Type
Based on the patient type, the global common warts treatment market is segmented into pediatric and adults.
The pediatric segment registered the largest revenue share in the global common warts treatment market, attributed to a larger patient pool in the pediatric segment. Children with common warts may experience discomfort or embarrassment due to the appearance of warts, which can affect their quality of life. This means there is a greater need for effective treatment options in the pediatric segment. Parents of children with common warts are often highly motivated to seek treatment for their children, which can lead to higher demand for treatment options in the pediatric segment. Pediatric healthcare providers, such as pediatricians and dermatologists, are often more accessible to children and their families than adult healthcare providers. This can make it easier for children to receive treatment for common warts. Healthcare providers may be more conservative in their treatment approach for children with common warts, leading to greater use of non-invasive treatment options such as pharmacological therapy or cryotherapy.
Common Warts Treatment Market by End User
Based on the end user, the global common warts treatment market is segmented into hospitals, clinics, and homecare settings.
The hospital segment leads the global market with a significant revenue share. Hospitals have advanced treatment options, such as laser therapy and surgical removal, which may not be available in smaller healthcare settings. Thus, these hospitals can offer more comprehensive treatment options for common warts. Hospitals often have a referral network of healthcare providers who can refer patients with common warts to their facility for treatment. This can lead to a larger patient population in the hospital segment. Patients with more severe or complex cases of common warts are mostly likely to seek treatment in a hospital setting, which can contribute to the dominance of the hospital segment. Hospitals can receive higher reimbursement rates for common warts treatment than smaller healthcare settings, making it more financially viable for them to offer these services. This healthcare facility often has research and development departments that can contribute to developing new and innovative treatment options for common warts.
Common Warts Treatment Market by Region
Based on the region, the global common warts treatment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share of the global common warts treatment market in terms of revenue in the global market. North America has a relatively high incidence of common warts, meaning the region has a larger patient population. This region also has a well-developed healthcare system with advanced treatment options, such as laser therapy and surgical removal, which may not be available in other regions. Since patients in North America have access to more comprehensive treatment options for common warts, this enhances the revenue growth of this region's common warts treatment market. North America has a higher healthcare spending per capita than other regions, which may contribute to greater investment in research and development of new treatment options for common warts. This region also has a robust healthcare infrastructure with a high number of healthcare providers and facilities, which may contribute to greater access to common warts treatment. Reimbursement policies for common warts treatment in North America are generally favorable, which may encourage healthcare providers to offer these services. There is increasing awareness of common warts and their treatment options in North America, which may lead to greater demand for these services.
Europe is the second largest revenue shareholder in the global market. Europe has a well-developed healthcare system with advanced treatment options, such as laser therapy and surgical removal, which may not be available in some other regions. Reimbursement policies for common warts treatment in Europe are generally favorable, which may encourage healthcare providers to offer these services. There is increasing awareness of common warts and their treatment options in Europe, which may lead to greater demand for these services.
Competitive Landscape of the Global Common Warts Treatment Market
The prominent players operating in the global common warts treatment market are:
Strategic Development in Common Warts Treatment Market
The pharmacological therapy segment dominates the global common warts treatment market with the largest revenue share.
The global common warts treatment market will grow at a CAGR of 3.28% during the projected period.
Asia Pacific is expected to be the fastest-growing region in the common warts treatment market in terms of revenue growth.
Nielsen BioSciences Inc., Veloce BioPharma LLC, Verrica Pharmaceutical Inc., and Maruho Co. Ltd. are some of the key companies operating in the global common warts treatment market.
The expected size of the common warts treatment market is US$ 988.9 million in 2031.
*Insights on financial performance are subject to the availability of information in the public domain