How Will Burden of HSV-1 Infection Boost Lip Cold Sore Treatment Market Growth?

Posted by Pramod Arya on May 9th, 2022

The lip cold sore treatment market will grow at a CAGR of 6.7% between 2021 and 2030, owing to the rising incidence of cold sores, surging prevalence of HSV-1 infection, and increasing research funding. Additionally, the ongoing technological advancements and soaring number of product launches will help the industry growth in SEA, Taiwan, Hong Kong, China, and South Korea.

The rising incidence of HSV-1 infection will fuel the demand for lip cold sore treatment products in the foreseeable future. HSV-1 is transmitted through oral-to-oral contact to infect in or around the mouth. This virus infects during the childhood of people and remains in the body throughout their lifetime. According to the WHO, HSV-1 infection is very common and endemic throughout the world.

As of 1 May 2020, The clinics category, under the end user segment, held the largest share in the lip cold sore treatment industry in the last few years. The dominance of this category is attributed to the expanding patient pool in clinics and the rising public awareness about HSV 1 infection. Furthermore, the clinics category is also projected to display the fastest growth in the coming years, due to the rising number of visits by people suffering from lip cold sores at these healthcare units.

In contemporary times, the lip cold sore treatment industry is fragmented, with the presence of numerous key players, such as Church & Dwight Co. Inc., Integria Healthcare (Australia) Pty. Ltd., Kyungdong Pharmaceutical Co. Ltd., Li & Fung Limited, Perrigo Company plc, and Viatris Inc. Nowadays, these market players are actively engaging in mergers and acquisitions to consolidate their position. For example, in July 2019, Perrigo Company plc acquired Ranir Global Holdings LLC (Ranir) to diversify and expand its store-brand portfolio through its shared self-care strategies, combined scale, and global pipelines.

Geographically, China accounted for the largest share in the lip cold sore treatment market in 2020, due to the increasing cases of HSV-1 infection among the rural population and the growing public awareness about lip cold sores in the country. In addition, the presence of key players and the surging disposable income of people will also drive the demand for lip cold sore treatment in the nation. Owing to these reasons, the Chinese market is also expected to register the fastest growth throughout this decade.