The global varicose veins treatment device market was estimated at USD 415.9 million in 2017, and is speculated to be surging at a CAGR of 7.4% during the forecast period (2022–2030), says Market Research Future (MRFR).
Market Drivers and Top Barriers
According to reports, roughly 24% of adults in the United States (U.S) suffer from varicose veins, with approximately 6% afflicted with more advanced chronic venous diseases, like hyperpigmentation, healed and active ulcer. In general, the elderly population is comparatively more prone to varicose veins compared with other age groups. There is considerable effect of aging on the functions and the structure of the veins, leading to excruciating pain and discomfort. It is estimated that above the age of 50, at least one out of two people is affected by varicose veins. Obese people as well as pregnant women are also found to be susceptible to this condition. These factors have made way for the introduction of various treatments that are now available in the market, including laser therapy, radiofrequency ablation and sclerotherapy. Among these, the treatment method of sclerotherapy is highly popular as a first-line of treatment for varicose, in addition to reticular and spider veins.
Besides, rising demand for minimally invasive procedures for the treatment of varicose veins, coupled with the increasing investments by the renowned players for the development of innovative and effective products will prove to be beneficial for the market in the long run. As varicose veins are aesthetically displeasing, they can be problematic in case they cause aching, pain, swelling, and substantial discomfort. In extreme situations, these veins can even rupture, resulting in ulcers. At present, most of the private healthcare providers are providing enhanced minimally invasive techniques.
Moreover, varicose veins surgical procedures are bound to undergo tremendous changes in the coming years, with surgery being largely replaced by noninvasive procedures. On account of the risk of infections linked with invasive surgeries, preference for noninvasive surgeries has surged in the past couple of years. Thus, the sum of these factors is expected to provide a significant push to the varicose vein treatment market, garnering massive revenue in the process.
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Advancements in Technology
The latest developments in varicose vein treatment, technology-wise, include intense-pulsed-light therapy, laser ablation systems, radiofrequency systems, ultrasound guided systems and incorporation of closure systems. These technologies serve a host of benefits like faster recovery rates, fewer incisions, less patient trauma, higher success rates, improved efficacy, fewer post-operative complications and reduced adverse side effects.
The market for varicose veins treatment is segmented on the basis of type, product type and end user.
The market, depending on the type, has been considered for endovenous ablation, sclerotherapy, surgical ligation, and stripping and laser ablations. The sclerotherapy segment has picked immense speed, launching it ahead of other types of treatments. This holds true on the basis of various benefits this treatment offers, such as less bruising and scarring; no need for prolonged hospital stay, no need for sedation; positive reimbursement policies as well as simple follow-up treatments.
The product-wise segments in the market are ablation devices, venous closure products and surgical products. Ablation devices are reckoned to be the dominating segment among all the products in the global market, on account of their minimal invasive nature as well as speedy recovery. Furthermore, venous closure products are predicted to rise at the fastest growth rate.
The market, by end user, has been segmented into hospitals, specialized clinics, ambulatory surgical centers and others.
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The market for varicose veins treatment is spread across the prominent regions of the Americas, Asia Pacific, Middle East & Africa and Europe.
The Americas consists of smaller regional markets of North America and South America for varicose veins treatment, where the market in North America is divided into the United States (US) and Canada. North America has launched into a clear leader in the global varicose vein treatment market, with the backing of a number of factors including constantly changing lifestyle, well-established health care infrastructure, rising health care awareness, growing prevalence of varicose veins, increasing government spending, high disposable income, and increasing importance of esthetics. Other than this, supportive reimbursement policies, particularly in the U.S., have set in motion the successful trajectory of the regional market.
The varicose veins treatment device market in Europe is spread across Easter Europe and Western Europe, where Western Europe is split into the countries of France, Germany, the United Kingdom (UK), Spain, Italy, and the rest of Western Europe. High operative success rates, elevating patient compliance and reliability, increasing healthcare expenditure, along with the speedy growth in geriatric populace will create commercial opportunities for the regional market in the near future.
The Asia Pacific varicose veins treatment market is split into India, China, Japan, Australia, South Korea, and the rest of the region. This is an opportune time for the region, as evident by the increasing patient awareness, upward trend in the adoption of unhealthy lifestyles, growing disposable income, and the growing benefits of early treatments for varicose vein cases. The consistent and healthy growth of the region will be apparent throughout the review period, with the strong support from all these factors.
The Middle East & Africa varicose veins treatment device market is fragmented into Middle East and Africa, and is primarily driven by improving patient compliance on account of introduction of durable and reliable techniques, as well as the constant efforts to improve the healthcare infrastructure.
Merz North America Inc., Syneron Medical Ltd., AngioDynamics, Energist Ltd., Sciton Inc, Teleflex Incorporated, Eufoton s.r.l., Quanta System, Medtronic, Scranton Gillette Communications, Dornier MedTech, Fotona d.o.o., Lumenis, BTG International Ltd., biolitec AG, are some of the renowned vendors competing in the global varicose veins treatment market.
U.S – A new method of treatment called varithena has been developed, which helps block the varicose veins from causing further issues. This treatment entails closing off the varicose veins, which result in reduction of the chances of augmenting health issues and blood clots, usually caused by this disease.
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