Podophyllin Market Size, Share, Growth, and Industry Growth by Type (<20% of Podophyllin, 20%-50% of Podophyllin, and >50% of Podophyllin), By Application (Podophyllotoxin Tincture, Podophyllotoxin Cream, and Others) Regional Forecast (2022-2028)

REPORT OVERVIEW

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The global podophyllin market size was USD 1 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with podophyllin experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 1 million by 2028, exhibiting a CAGR of 2.5 % during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Podophyllin is non-alkaloid toxin lignin extracted from the rhizomes of podophyllum species and roots. It is a plant compound that causes cells to arrest in mitosis. It can also lead to tissue necrosis. Further, it is used in the standard provider-administered therapy with a resin of 10%-25% in compound tincture of benzoin. In addition, the product is used in medical applications as vesicant, purgative, antirheumatic, antiviral, and antitumor agents. They are also used on the skin as a topical treatment of external genital warts, commonly caused by human papillomavirus (HPV) and other warts.

The growing use of podophyllin in podophyllotoxin tincture is expected to boost market growth. Rising medical applications demand for podophyllin is an essential factor in driving market growth. Further, growing industrialization and urbanization are anticipated to accelerate product demand globally. The growing use of podophyllotoxin cream among patients is projected to drive market growth. Additionally, the product is also used to control cell growth and is projected to drive podophyllin market growth during the forecast period.

COVID 19: Lockdown Restrictions Hampered Export and Import Activities

sudden outbreak of the COVID-19 pandemic led to the implementation of stringent curfew and lockdown regulations globally, resulting in disruptions in export and import activities of the product. The pandemic affected production activities. The demand for the product gradually decreased due to work from home culture. The market witnessed disruptions in supply chains and manufacturing activities. Further, the market witnessed slowed down in economic growth.

On the contrary, the market is expected to grow due to growing health concerns. During the pandemic need to control spreading of virus, is expected witness a positive response for the market. The rising concern about personal safety and social distancing is expected to propel market growth. Further, the growing demand for medical applications during the pandemic is expected to increase growth of the podophyllin market.

LATEST TRENDS

"Growing Medical Applications to Boost the Product Adoption "

Growing demand to remove genital warts is expected to accelerate market growth. Strong demand for podophyllin for multiple medical purposes in healthcare sector is anticipated to propel demand. Podophyllin is commonly used by health professionals, the increasing demand to treat HPV infection is projected to drive market growth. The product is also used to control cell growth. Further, the product helps to remove benign (not cancerous) growth The product is usually applied under the supervision of doctors to control side effects. In addition, the product is used in for other medical applications such as vesicant, purgative, antirheumatic, antiviral, and antitumor agents. These factors are expected to drive podophyllin market growth during the forecast period.

SEGMENTATION

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• By Type

Based on type, the market is divided into 20% of podophyllin, 20%-50% of podophyllin, and >50% of podophyllin.

20% of podophyllin is the leading part of the type segment.

• By Application

On the basis of application, the market is classified into podophyllotoxin tincture, podophyllotoxin cream, and others.

 Podophyllotoxin tincture is the leading part of the market application.

DRIVING FACTORS

"Growing Industrialization and Urbanization to Foster Market Growth "

Growing residential and commercial construction activities is projected to drive podophyllin market growth. The urbanization and industrialization is expected to facilitate the growth of the healthcare sector which is projected to drive adoption of product. Increasing disposable income of consumers in developing countries is expected to increase product demand. The increasing urbanization and industrialization are predicted on propelling market growth. Further, the growing use of podophyllin in podophyllotxin tincture is projected to boost product adoption. The use of the product in multiple industries is propelling market growth.

"Increasing Number of HIV-Infected Patients to Develop Market Growth "

The growing number of HIV-infected patients is projected to drive market growth. Also, demand for treating genital warts is expected to accelerate product demand among patients. Further, the growing concern about removing warts is anticipated to boost market growth. The ever-increasing health awareness among population is promoting market growth. In addition, the increasing demand to remove white patches on the tongue is responsible for driving product adoption among patients. The rising awareness to control sexually transmitted warts is expected to boost market growth during the forecast period.

RESTRAINING FACTORS

"Common Side Effects of the Product to Restrict Market Growth "

The product is considered harmful during pregnancy and is projected to hinder podophyllin market growth. Lack of skilled labor force is expected to hamper product demand. The product has common side effects such as pain, itching, burning, redness, and swelling. These factors are expected to restrict market growth during the forecast period.

REGIONAL INSIGHTS

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North America is expected to hold highest part of the podophyllin market share due to the increasing number of HIV patients. The growing demand to control cell growth is projected to drive market growth. Further, the rising urbanization and industrialization is estimated to propel market growth. In addition, the growing use of the product in multiple healthcare applications is projected to boost product adoption. The use of the product in numerous industries of the region is expected to propel market growth.

Europe is expected to show considerable growth due to growing healthcare sector. Further, rising awareness of controlling sexually transmitted warts is expected to boost market growth. In addition, the ever-increasing concern about removing warts is anticipated to grow market growth. The growing health awareness among population is expected to promote market growth.

Asia Pacific is predicted to witness a significant growth due to increasing health concerns. Further, the growing industrialization and urbanization is predicted to drive product demand.

KEY INDUSTRY PLAYERS

"Leading Players Adopting Partnership Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• MP Biomedicals (India)
• Perrigo (Ireland)
• Himpharm (U.S.)
• Haoxiang (China)
• Haoxuan (China)
• Dajiang (China)
• Huahai (China)
• Huawei (China)

INDUSTRIAL DEVELOPMENT

May 2022 - MP Biomedicals partnered with INOVIQ (ASX: IIQ). The partnership is regarding manufacturing of bio-medicals to manufacture SubB2M- based protein. SubB2M specifically detects the pan-cancer biomarker which is found in multiple human cancer diseases such as in breast, prostate, ovarian and other parts of body.

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.