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$ 1.69 billion |
Market Size Value in 2031 |
US$ 2.49 billion |
CAGR |
4.35% |
Base Year For Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Treatment Type, Gender, End User, 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 genital warts market was valued at US$ 1.69 billion in 2022 and is expected to register a revenue CAGR of 4.35% to reach US$ 2.49 billion by 2031.
Genital Warts Market Fundamentals
Condyloma acuminatum is the medical term for genital warts. This sexually transmitted infection is caused by human papillomavirus (HPV) types 6 and 11. It is often spread by skin-to-skin contact, usually during sexual contact. It can be found in the genital or anal areas and appear alone or in clusters. They appear as small, flesh-colored, or gray bumps in the genital area and can grow in clusters or singly. In women, they can appear on the vulva, cervix, vagina, or anus, while in men, they can appear on the penis or anus. Genital warts can be spread through skin-to-skin contact during sexual activity and sometimes even when there are no visible warts. They are not usually painful but can cause discomfort, itching, or bleeding. In some cases, genital warts can lead to complications such as cervical cancer in women. Treatment options for genital warts include topical creams, cryotherapy (freezing warts with liquid nitrogen), surgical removal, or laser therapy. There is also a vaccine available to prevent certain strains of HPV, which can help to prevent the development of genital warts and other HPV-related conditions.
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Genital Warts Market Dynamics
The human papillomavirus (HPV) is the primary cause of genital warts. The prevalence of HPV is increasing globally, which is expected to drive the demand for genital warts treatment. There is a growing awareness of STIs, including genital warts, among the general population. This is expected to lead to increased diagnosis and treatment of genital warts. Significant advances have been made in treating genital warts in recent years, including the development of topical creams, cryotherapy, laser therapy, and surgical removal. These treatment options are becoming more widely available, expected to drive market revenue growth. Vaccines are available to prevent certain strains of HPV, which can help to prevent the development of genital warts and other HPV-related conditions. Increasing use of these vaccines is expected to reduce the incidence of genital warts. Global healthcare expenditure is increasing, and there is a growing demand for effective and affordable treatments for STIs. This is expected to drive the revenue growth of the genital warts market.
The increase in pharmaceutical research and development activities for the efficient and focused treatment of genital warts drives market revenue growth. Various clinical trials for therapeutic approaches, such as interferon intralesional injections and topical medicines, are being performed. Furthermore, the recurrence of the disease after surgery and therapy can be exploited to design a permanent cure for treating the underlying cause of genital warts. A high number of acquisition strategies, firm alliances for bringing novel treatments, and a rise in financing for research and development all impact the market. Every type of genital wart is linked with a different particular strain of HPV, and by discovering and developing a customized vaccination against the virus, revenue growth in the illness treatment market is being driven.
Ineffective and inadequate treatment of genital warts is one of the reasons hindering market revenue growth. In addition, the treatment of genital warts comes at a high cost, which limits the market’s revenue growth. The treatment’s negative effects, such as antimetabolites, limit the market’s revenue growth. Several nonpharmacological and surgical treatments for genital warts are accompanied by consequences and discomfort, making them less effective. Furthermore, the market for managing genital warts is expected to be impacted by a preference for laser treatments, surgeries, and liquid nitrogen ablation over pharmaceutical techniques. These are the factors that will limit market revenue growth. Furthermore, current therapies for genital warts are largely ablative or topical doses of Imiquimod cream and Sinecatechins (Polyphenon E) ointment. Still, there have been considerable concerns with low patient compliance and high recurrence rates due to systemic adverse effects.
Genital Warts Market Ecosystem
The global genital warts have been analyzed from four perspectives: treatment type, gender, end user, and region.
Genital Warts Market by Treatment Type
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Based on treatment type, the global genital warts market is segmented into pharmacological therapy, cryotherapy, CO2 laser therapy, and others.
CO2 laser therapy is expected to grow rapidly during the forecast period. CO2 laser therapy has become a popular treatment option for genital warts due to several factors contributing to its dominance in the global genital warts treatment market. CO2 laser therapy has shown high success rates in treating genital warts, with low recurrence rates compared to other treatment options. CO2 laser therapy causes minimal scarring, making it an attractive option for patients concerned about the cosmetic appearance of their genital area. CO2 laser therapy typically has a shorter recovery time than other treatment options, such as surgical excision or cryotherapy. CO2 laser therapy is an outpatient procedure that can be performed in a doctor’s office, which makes it a convenient option for patients. CO2 laser equipment is widely available in medical facilities, which makes it a practical option for healthcare providers. CO2 laser therapy can be cost-effective in the long term, as it has a low recurrence rate and may require fewer treatment sessions than other treatment options.
Genital Warts Market by Gender
Based on the application, the global genital warts market is segmented into females and males.
The female segment has a significant revenue share in the global genital warts market. While genital warts can affect both males and females, studies have shown that they are slightly more common in women. This higher prevalence in females has contributed to the higher revenue share in the female segment of the market. There is a growing awareness of the importance of regular screening for cervical cancer, which HPV often causes. This has led to increased detection and treatment of genital warts in women, contributing to the higher revenue share in the female segment. There is a greater emphasis on women’s health in many countries, with increased investment in research and development of treatments for conditions that primarily affect women. This has contributed to the development of new treatment options specifically for genital warts in women, increasing the revenue share of the female segment. HPV vaccines, which can help prevent certain strains of HPV that can cause genital warts and other HPV-related conditions, are more commonly used in females than males. This has led to a reduction in the incidence of genital warts in females but also an increased demand for treatment options among those who are already affected.
Genital Warts Market by End User
Based on the end user, the global genital warts market is segmented into hospitals, clinics, and home care settings.
The hospital segment accounts for the largest revenue share in the global market. Hospitals are equipped with advanced treatment options, such as cryotherapy, electrocautery, and laser therapy, often used to treat genital warts. These options may not be available in smaller healthcare facilities or clinics, making hospitals a preferred treatment location for patients and healthcare providers. Hospitals typically see a higher volume of patients than other healthcare facilities, which means they have a larger pool of potential patients with genital warts. This has contributed to the dominance of the hospital segment in the genital warts treatment market. Hospitals often have access to a wide range of medical specialists, including dermatologists, gynecologists, and urologists, who are experienced in treating genital warts. This expertise can lead to better patient treatment outcomes and a greater hospital treatment demand. Hospitals often collaborate with pharmaceutical companies to conduct clinical trials and research on new treatments for genital warts. This collaboration can lead to developing some new treatment options, which can contribute to the dominance of the hospital segment in the market. Insurance coverage for genital warts treatment may be more readily available at hospitals than at other healthcare facilities, making hospitals a preferred treatment location for patients concerned about treatment costs.
Genital Warts Market by Region
Based on the region, the global genital warts market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominates the global market. The prevalence of genital warts is relatively high in North America, contributing to the region’s dominance in the market. According to the Centers for Disease Control and Prevention (CDC), an estimated 79 million Americans are currently infected with HPV, and approximately 360,000 cases of genital warts are reported each year. North America has some of the highest healthcare spending in the world, which has led to a greater availability of advanced treatment options for genital warts. This has contributed to the dominance of the region in the market, as patients are able to access more effective treatments. North America is home to several major pharmaceutical companies specializing in developing and marketing treatments for genital warts. This has led to the development of new and innovative treatment options for the condition, which has further contributed to the region’s dominance in the market. There is a high level of awareness and screening for HPV and genital warts in North America, which has led to increased detection and treatment of the condition. This has further contributed to the dominance of the region in the market. North America has relatively favorable reimbursement policies for genital warts treatment, which has made it easier for patients to access treatment and has contributed to the dominance of the region in the market.
Similarly, Asia Pacific is expected to be the fastest-growing region in the global market. There has been a growing awareness of the importance of early detection and treatment of HPV and genital warts in Asia. This has increased screening rates and diagnosis of the condition, which has further contributed to the demand for treatment options. The Asia Pacific region has seen a rapid increase in healthcare spending in recent years, particularly in countries like China and India. This has led to expanding healthcare facilities and increased availability of advanced treatment options for genital warts. The Asia Pacific region is a popular destination for medical tourism, particularly for cosmetic and dermatological procedures. This has led to an increase in demand for genital warts treatment options from international patients, further contributing to the revenue share of the region in the market. Despite the significant demand for genital warts treatment in Asia, there is still a large unmet medical need, particularly in rural and underdeveloped areas. This presents an opportunity for companies to develop and market new treatment options in the region.
Competitive Landscape of the Global Genital Warts Market
The prominent players operating in the global genital warts market are:
Strategic Development in Genital Warts Market
The global genital warts market is expected to grow at a revenue CAGR of 4.35% during the forecast period.
Pfizer Inc., Teva Pharmaceutical Industries Ltd., Sanofi S.A., GSK Plc., and other notable players are a few key players operating in the global genital warts market.
The pharmacological therapy segment accounts for a prominent revenue share in the global genital warts market.
Asia Pacific region is expected to observe the largest global genital warts market revenue growth during the forecast period.
The global genital warts market was US$ 1,698.40 million in 2022.
*Insights on financial performance are subject to the availability of information in the public domain