Wilmington, Delaware, United States, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The warts therapeutics market was estimated to have acquired US$ 1.92 billion in 2018. It is anticipated to register a 3.0% CAGR from 2019 to 2030 and by 2030, the market is likely to gain US$ 2.5 billion.
Warts are a common dermatological condition, affecting people of all ages. The high prevalence of warts, including common warts, plantar warts, and genital warts, creates a substantial market for therapeutics. Growing awareness of warts and their treatment options among healthcare providers and patients leads to higher diagnosis rates and greater demand for therapeutics.
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The demand for warts therapeutics is also being driven by advancements in treatment. Research and development efforts are ongoing to develop more effective and less invasive treatments for warts, which includes topical treatments, cryotherapy (freezing), laser therapy, and immunotherapy.
Over-the-counter (OTC) wart removal products, such as salicylic acid-based solutions and freezing kits, are readily available to consumers. The convenience of OTC options contributed to market growth. The availability and promotion of vaccines against certain types of human papillomavirus (HPV) that can cause genital warts created opportunities for preventing this type of wart. HPV vaccination campaigns contributed to market growth.
Global Warts Therapeutics Market: Key Players
Various dominant worldwide firms hold the majority of the market share in the warts therapeutics industry. The market's major companies are concentrating on diversifying their product lines. The big players' primary strategy includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services.
The following companies are well-known participants in the global warts therapeutics market:
- 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.
- AIM ImmunoTech Inc.
Key developments in the global warts therapeutics market are:
- In 2023, Can-Fite BioPharma announced the initiation of a Phase 2 clinical trial of its drug candidate, Namodenoson, for the treatment of common warts. Namodenoson is a Toll-like receptor 7 (TLR7) agonist that is designed to activate the immune system to fight off the warts virus.
- In 2023, Imprimis Pharmaceuticals announced the launch of its new topical wart treatment, DuoClear®. DuoClear is a combination of two well-established wart treatments, salicylic acid and podophyllum resin.
- In 2023, Verrica Pharmaceuticals announced the launch of its new wart treatment, Zirabev™. Zirabev is a topical wart treatment that contains imiquimod, a TLR7 agonist.
Key Findings of the Market Report
- Cosmetic concerns drove some individuals to seek wart removal treatments. The trend is expanding the market beyond medical necessity.
- Advances in medical technology, including laser systems and cryotherapy devices, are enhancing the efficacy and precision of wart removal procedures.
- Changes in regulations and approvals for wart therapeutics are expected to significantly impact the market. Regulatory decisions and clearances for new treatments will create opportunities for market growth.
- Patient education and self-care resources, including online information and mobile apps for monitoring and treating warts at home, can empower patients to take an active role in their treatment. The trend can enhance market growth.
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Market Trends for Warts Therapeutics
- Ongoing research into the underlying causes of warts and potential new treatment modalities is expected to drive innovation in the market. Investments in research and development are essential for addressing unmet medical needs.
- There are opportunities for companies to expand their presence in regions with growing healthcare needs, as healthcare infrastructure is improving in emerging markets.
- A patient-centric approach in dermatology and dermatological therapeutics aimed to improve patient outcomes and experiences. Understanding patient preferences and needs contributed to market growth.
- Human papillomavirus (HPV) is associated not only with warts but also with various cancers, including cervical, anal, and oropharyngeal cancers. Efforts to prevent HPV-related cancers through vaccination and early detection could indirectly drive awareness and treatment of warts, which are caused by the same virus.
Market for Warts Therapeutics: Regional Outlook
Various reasons are propelling the growth of the warts therapeutics market in different regions. These are:
North America
- Warts are a common dermatological issue, affecting people of all ages. The high prevalence of warts, including common warts, plantar warts, and genital warts, creates a significant market for wart therapeutics.
- North America boasts advanced healthcare infrastructure, including dermatology clinics and specialized treatment centers. The infrastructure makes it easier for patients to access wart therapeutics and dermatological care.
Europe
- Europe is known for its advanced healthcare infrastructure and access to specialized dermatological care. The infrastructure facilitates the diagnosis and treatment of warts, contributing to market growth.
- Europe is a hub for medical technology and research. Advances in medical technology, including laser systems and cryotherapy devices, enhance the effectiveness and precision of wart removal procedures.
Global Warts Therapeutics Market Segmentation
Warts Type
- Common Warts
- Genital Warts
- Flat Warts
- Others
Treatment Type
- Physical Destruction
- Freezing
- Liquid Nitrogen
- Nitrous Oxide
- Dimethyl Ether and Propane
- Surgical Removal
- Laser Treatment
- Chemical Destruction
- Bleomycin
- Cantharidin
- Salicylic Acid
- Others
- Immunomodulation
- Interferons
- Zinc
- Retinoid
Distribution Channel
- Hospitals
- Clinics
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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