Segmentation by Treatment (Physical Destruction, Chemical Destruction, Immunomodulation, and Others); by Mode of Administration (Injectable, Oral, and Others); by Drug Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies); and by End User (Hospitals, Homecare, Specialty Clinics, and Others) – Global Demand Analysis & Opportunity Outlook 2030
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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:
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.
Our in-depth analysis of the global viral warts treatment market includes the following segments:
By Treatment
By Mode of Administration
By Drug Distribution Channel
By End User
Growth Drivers
Challenges
September 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).
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are growing prevalence of skin disorders across the world and rising clinical trials conducted by various pharmaceutical companies.
Ans: The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2030.
Ans: Lack of awareness about diagnosis of viral warts is estimated to hamper the market growth.
Ans: North America will provide more business opportunities for market growth owing to the rising awareness regarding different treatment options, and well-established healthcare infrastructure.
Ans: The major players in the market are Pfizer, Inc., Teva Pharmaceutical Industries Ltd, Phio Pharmaceuticals Corp., GlaxoSmithKline Plc, Bausch Health Companies, Inc., and others.
Ans: 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.
Ans: The market is segmented by treatment, drug distribution channel, mode of administration, end user, and by region.
Ans: 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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