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IN THE NEWSSeptember 2021- Mylan received approval from the Subject Expert Committee of the Central Drugs Standard Control Organization, or CDSCO, for importing and marketing Cutaneous Cryogenic Spray of Endwarts Freeze and Endwarts Freeze XL.
December 2020- Verrica Pharmaceuticals announced the resubmission of New Drug Application (NDA) for VP-102 for the treatment of molluscum contagiosum (molluscum) to the U.S. Food and Drug Administration (FDA).
The global viral warts treatment market is estimated to garner a sizeable revenue and grow at a CAGR of ~3% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing prevalence of skin disorders across the world, and rapid growth in the number of cases of people suffering from warts. As of August, 2021, warts affect approximately 10 percent of the population around the world. The prevalence of the diseases is as high as 10 percent to 20 percent in young children.
Along with these, rise in clinical trials conducted by various pharmaceutical companies, and surge in investments for developing specific and sophisticated treatment for viral warts are also crucial factors expected to boost the growth of the market in the upcoming years. Furthermore, escalating developments in the healthcare sector in developed and developing nations, coupled with increasing population are projected to offer lucrative opportunities for market growth in the near future.
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The market is segmented by treatment into physical destruction, chemical destruction, immunomodulation, and others, out of which, the physical destruction segment is anticipated to hold the largest share in the global viral warts treatment market. This can be accounted to the fact that physical destruction, such as cryotherapy with liquid nitrogen, represents the first line of treatment for different types of warts, providing cure rates of 50 percent to 80 percent. Apart from this, the immunomodulation segment is also assessed to grab a significant share over the forecast period ascribing to the low cost, readiness in availability and low chance of complications associated with this type of treatment. Additionally, on the basis of end user, the specialty clinics segment is predicted to acquire the largest share by the end of 2030, which can be credited to the growing preference of people to pursue treatment in a facility specializing in the treatment of the disorder.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global viral warts treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America is estimated to gather the largest share over the forecast period on the back of the rising awareness regarding different treatment options, well-established healthcare infrastructure and high healthcare spending in the region. As per the data provided by the Centers for Disease Control and Prevention, the total national health expenditure in the United States accounted for a value of USD 3.6 trillion in 2018, or USD 11,172 per capita. The total value of the same as share of GDP was 17.7 percent that year. In addition, increase in drug approvals is also expected to boost the region’s market growth in the coming years. Moreover, the market in Europe is also predicted to acquire a notable share during the forecast period, which can be credited to the growing research and development activities in the healthcare sector, and presence of prominent market players in the region.
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The global viral warts treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global viral warts treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing prevalence of skin disorders across the world and rising clinical trials conducted by various pharmaceutical companies.
The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2030.
Lack of awareness about diagnosis of viral warts is estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the rising awareness regarding different treatment options, and well-established healthcare infrastructure.
The major players in the market are Pfizer, Inc., Teva Pharmaceutical Industries Ltd, Phio Pharmaceuticals Corp., GlaxoSmithKline Plc, Bausch Health Companies, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by treatment, drug distribution channel, mode of administration, end user, and by region.
The physical destruction segment is anticipated to hold largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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