One of the major factors hampering the growth of global genital warts treatment market is high cost of treatment. Genital warts, also known as human papillomavirus (HPV) infection, requires prolonged treatment using prescription medications, cryotherapy, or surgery in severe cases. All of these treatment options are quite expensive for a common person. Prescription medications for genital warts include topical creams containing drugs like podofilox or imiquimod. A single tube of these creams which lasts for 4-6 weeks costs US$ 50 to US$ 150 without insurance in the U.S. Cryotherapy which involves freezing off the warts using liquid nitrogen is also an extensively used method. However, multiple sittings are required which increases the overall cost. Even a single sitting of cryotherapy performed by a dermatologist cost over US$ 100 in developed countries. Furthermore, for symptomatic genital warts which are large, raised or resistant to topical treatments, surgeries like electrocautery or laser ablation are required. But the average cost of a single session of surgical removal ranges from US$ 300 to US$ 500. This makes surgery an impractical option for most patients given the high out-of-pocket expenditure needs to be paid. The high cost of treatment leads to decreased adherence to the prescribed line of treatment. In 2018, according to the data from International Agency for Research on Cancer, nearly 20% of patients in developing countries of Africa and South-East Asia discontinued the medication halfway mostly due to financial constraints. This leads to persistence of the disease which further transmits among population. It also negatively impacts the patient outcomes and overall disease management efforts.
Market Opportunities: Growth in the development of nanotechnology-based treatment
The development of nanotechnology-based treatment offers immense potential for global genital warts treatment market growth. Nanotechnology allows development of novel drug delivery systems that can efficiently target affected areas and cells. Nanoparticles can be designed to specifically recognize genital warts and deliver antiviral drugs or immunotherapy directly at the sites of infection. This targeted treatment ensures optimal drug concentrations are achieved locally while minimizing systemic exposure and side effects. Some promising nanotechnology platforms being researched include Lipid-based nanoparticles, Inorganic nanoparticles and Dendrimers. Lipid nanoparticles encapsulating siRNA or small molecule drugs have shown ability to penetrate warts and silence viral gene expression. Gold and silica nanoparticles conjugated with genetic materials or immune stimulants are under investigation. Dendrimers synthesized from branched monomers can entrap antiviral compounds internally and slowly release them. Working on these advanced mechanisms of delivery hold potential to achieve higher treatment efficacy and response rates compared to conventional topical medications. As per WHO, over 30 nanomedicine products and vaccines are in different trial phases for HPV related diseases globally. Researchers from Massachusetts Institute of Technology reported progress in an animal study published in February 2022 assessing an anti-HPV nanovaccine based on self-assembling polymers. If human trials prove successful, it may radically transform genital warts management. With persistent efforts, first generation of nanotechnology drugs for HPV are anticipated to be available in late 2020s or early 2030s. Their widespread adoption can drive the market growth through more effective clinical outcomes and patient acceptability.
Genital Warts Treatment Market Report Snapshots
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