by Telemedicine: Key Revenue Generation Source for Companies amidst COVID-19 Outbreak
Though lockdown regulations have been relaxed in most countries, individuals are still reluctant to visit doctors in person, owing to the fear of acquiring coronavirus (COVID-19). Hence, companies in the warts therapeutics market are tapping opportunities in telemedicine, since individuals prefer remote healthcare services amidst the COVID-19 era. As such, the demand for telehealth technology is anticipated to rise dramatically in the upcoming months and years. Telemedicine apps are helping to expedite the process of quality medical care in the sphere of warts therapeutics.
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The critical need for social distancing between clinicians and patients has catalyzed the demand for telemedicine services in the domain of warts therapeutics. Due to high prevalence of active COVID-19 cases in the U.S., telemedicine services are expected to register a staggering market growth during the pandemic. This is expected to drive the warts therapeutics market during the forecast period.
Microwave Technology Helps to Stimulate Body’s Immune System for Clearing HPV
The microwave technology is an innovative treatment option, which is transforming the market for warts therapeutics. For instance, Scotland-based medical equipment supplier Emblation Ltd., has gained proficiency in microwave technology and named it Swift, which helps to stimulate the body’s own immune system to clear the HPV (Human Papillomavirus). Thus, podiatrists and dermatologists in the warts therapeutics market are benefitting from the introduction of microwave technology devices that are similar to the functionality of mobile phones.
Warts patients in the U.K. have been long-standing sufferers of the HPV. Moreover, limited options for treatment have influenced med-tech companies to gain efficacy in the microwave technology. Since the Scottish Government banned the use of liquid nitrogen in clinics, med-tech companies have gained the opportunity to innovate in the microwave technology. Success stories of patients are fueling the demand for non-invasive microwave technology devices.
Salicylic Acid Helps Improve Clinical Outcomes Due to Cost Efficiency Attributes
There is a growing demand for wart treatment that offers no scarring post-treatment and provides lifetime of immunity against the HPV. Hence, companies in the warts therapeutics market are increasing their focus in cryotherapy, tissue keratolysis, and immunotherapy to increase patient outcomes. As such, tissue keratolysis involves the use of salicylic acid and is popular in over-the-counter (OTC) options for warts therapeutics. This is evident since salicylic acid, being a chemical destruction treatment option, is expected to register exponential revenue growth in the warts therapeutics market during the assessment period.
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Evidence-based data shows that high efficacy of salicylic acid is grabbing the attention of both clinicians and patients. Salicylic acid’s cost efficiency and less painful attributes are being highly preferred by patients. On the other hand, topical retinoids are also emerging as anti-inflammatory agents that inhibit cell proliferation.
Topical Treatments Highly Preferred by Patients Seeking to Inhibit Cellular Proliferation
Clinical evidence of topical zinc oxide ointment holds promising potentials in warts therapeutics. As such, zinc is associated with immunotherapy, implying that the element regulates the body’s immune system to manage common warts. This explains why the revenue of immunomodulation treatment is projected for aggressive growth in the warts therapeutics market. As such, the global warts therapeutics market is estimated to reach ~US$ 2.4 Bn by the end of 2030.
Ready availability, low cost attributes, and low chance of complications associated with topical zinc oxide ointments are generating incremental opportunities for pharmaceutical companies. Clinicians are recommending zinc oxide ointments for the management of cutaneous viral warts. Similarly, Topical 5-fluorouracil (5-FU) is also emerging as an effective solution for warts, since 5-FU inhibits cellular proliferation. Hence, healthcare professionals are recommending 5-FU application under tape occlusion to derive better results in patients.
Telemedicine Apps Expedite Process of Quality Medical Care for Genital Warts Patients
The trend of telemedicine is bringing about a significant change in the warts therapeutics market. For instance, in December 2019, GenieMD— a California-based virtual care delivery company, has introduced its telemedicine app called iVisit that helps to connect genital warts patients with the best physicians through a virtual visit. Such innovations are bolstering growth for the warts therapeutics market. Thus, telemedicine is helping to expedite the process for acquiring quality medical care, which is currently the need of the hour for patients suffering from genital warts.
Companies in the market of warts therapeutics are increasing their R&D muscle in developing improved formulations of vaccines for patients who have not been previously vaccinated against HPV. On the other hand, manufacturers are increasing their production capabilities to develop prescription creams and gels that help to effectively treat genital warts.
Cryotherapy-Salicylic Acid Combination Therapy Helps Reduce Adverse Events of Scarring
Cryotherapy serves as the gold standard for the treatment of warts. As such, cryotherapy, a part of physical destruction treatment, is expected to lead the warts therapeutics market in terms of treatment types. However, possible risks of scarring and chances of infection due to cryotherapy pose a major concern for warts patients. This explains why the warts therapeutics market is slated to register a modest CAGR of ~3% during the forecast period. Hence, pharmaceutical companies are suggesting combination therapy involving salicylic acid to reduce incidence of adverse events in patients.
On the other hand, cantharidin is acquiring popularity as an ancient Chinese medicine that aids in warts therapeutics. However, cantharidin is not FDA (Food and Drug Association)-approved, which is why patients are ordering the medicine from distributors where it is commonly acceptable to use cantharidin.
Analysts’ Viewpoint
The telehealth sector is projected to experience exponential growth amidst the COVID-19 pandemic, as individuals wants to know about remote medical care services for warts management. With continued growth of telemedicine, companies in the warts therapeutics market are increasing the availability of topical ointments and bleomycin, owing to their antibacterial and antitumor properties.
The topical zinc oxide ointment improves patient outcomes. However, zinc might have different penetration profiles and deliver variable amounts of elemental zinc in different patients. Hence, companies should educate patients to seek consultation from clinicians about combination therapy of zinc oxide ointment with salicylic acid to prevent any adverse events in patients.
Warts Therapeutics Market: Overview
The global warts therapeutics market for the historical period 2018–2019 and forecast period 2020–2030, the global warts therapeutics market is driven by an increase in prevalence of warts & HPV infections
According to the report, the global warts therapeutics market was valued at US$ 1.7 Bn in 2019. It is anticipated to expand at a CAGR of ~3% from 2020 to 2030.
Increase in Prevalence of Warts & HPV Infections: Key Drivers of Warts Therapeutics Market
Wart is a dermatological infectious disease caused by a virus that belongs to the Human Papilloma Virus (HPV) family. HPV viruses cause excessive and rapid growth of keratin, which is a hard protein on the top layer of the skin.
For instance, according to the Anal Cancer Foundation, each year an estimated 14 million people are infected with HPV in the U.S. As per the Centers for Disease Control and Prevention, in the U.S., approximately 340,000 to 360,000 women and men are affected by genital warts caused by HPV every year. So, increase in prevalence of warts & HPV infections drive the warts therapeutics market.
Low Diagnostic Rate Due to Lack of Awareness: Key Restraints of Warts Therapeutics Market
Lack of awareness regarding diagnosis leads to fewer reported cases and subsequently, leads to less significance for treatment options, which in turn hampers the global warts therapeutics market
Prevalence of warts is higher among the population; however, the diagnosis rate is low in patients, this restraints the market of warts therapeutics. For instance, according to the Health Protection Report, in England, in 2018, the rate of genital warts diagnosis among girls aged 15 to 17 years attending sexual health services decreased 92% as compared to that in 2014.
Promising Pipeline: Key Trends of Warts Therapeutics
Prevalence of warts is increasing across the globe. Thus, key industry players engage in strategic development, focusing on research and development, in order to develop new products for warts treatment are some trend observed during the study of warts therapeutics market.
For instance, Verrica Pharmaceuticals specializes in the development and commercialization of dermatological treatments. Currently, the company’s VP-102 is in clinical trial phase for common and external genital warts indication.
Novan, Inc. is a biotechnology company that engages in the development of SB206 as a topical antiviral gel for the treatment of external genital warts. SB206 is in clinical trial phase 2.
Warts Therapeutics Market: Competition Landscape
This report profiles major players in the global warts therapeutics market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global warts therapeutics market is highly fragmented, owing to the presence of numerous international as well as regional players
Leading players operating in the global warts therapeutics market include
- 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 Questions Answered in Warts Therapeutics Market Report
- What is the scope of growth of product companies in the global warts therapeutics market?
- What will be the Y-o-Y growth of the global warts therapeutics market between 2020 and 2030?
- What is the influence of changing trends in treatment procedures on the global warts therapeutics market?
- Will North America continue to be the most profitable market for warts therapeutics providers?
- Which factors are anticipated to hamper the growth of the global warts therapeutics market during the forecast period?
- Which are the leading companies in the global warts therapeutics market?
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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