The North American varicose vein treatment market is predicted to be worth USD 176.5 million by 2028 and USD 130.1 million in 2023, growing at a CAGR of 6.3% from 2023 to 2028.
Increasing awareness among the people regarding varicose veins enhanced the regional market demand. People are becoming aware of the varicose vein condition, and the advanced treatment available in the North American region is prompting the market growth. Varicose veins occur primarily in females compared to males and are commonly observed in aging people. Unlike aged people, varicose veins are highly observed in obese conditions due to the lifestyle of the people. According to WHO, nearly 1 billion people are obese, which includes adults, teenagers, and children. The count was expected to increase in the upcoming years due to the modern lifestyle of the people. This was influencing positively the varicose vein treatment market. The increasing number of senior people in the region fueled the market demand. People are becoming aware of the innovative techniques and advanced treatments that are available for the treatment of varicose veins, increasing the market demand.
Rising innovations in Research and Development were prompting the market growth. The research institutes in North America focus more on research and development to provide effective treatment as varicose vein cases are becoming prevalent in the region. Sonovein’s high-intensity focused ultrasound (HIFU) therapy for varicose vein treatment received FDA approval for experimental device exemption application in the VEINRESET multicenter pivotal trial for treating varicose veins. VVT Medical, a global manufacturer of medical devices, introduced the ScleroSafe Platform for the treatment of varicose veins, which was approved by the U.S. Food and Drug Administration (FDA). The rising results for reducing side effects in the treatment process propelled the varicose veins treatment market.
Developing cost-effective treatment devices with low adverse effects is expected to generate various opportunities for the growth of the varicose veins treatment market. The clinical research focused on developing treatment methods with minimal adverse effects to increase the effectiveness of the treatment. The endovenous laser device treatment leads to thrombophlebitis, nerve damage, and burns. Manufacturers are shifting their interest in introducing cost-effective endovenous laser devices, which decrease the cost of treatment procedures and complications. This was projected to have lucrative growth during the forecast period.
The treatment cost for the varicose veins is expensive, hampering the market growth. The high cost and absence of adequate reimbursement policies constrained the North American region. The treatment methods for varicose veins cost between USD 2000 to USD 3000, whereas the ClosureFast Radiofrequency Ablation (RFA) costs between USD 3000 to USD 5000 is the expensive treatment method. The treatment cost depends upon the size of the vein and the quantity deteriorated. The costly varicose vein treatment is endovenous laser therapy, which the surgeons widely used due to its best results.
Another factor restraining the market growth is the side effects produced by the treatment methods. Endovenous laser therapy mostly leaves the place of treatment in a bruise with pain and temporary numbness at the area with inflammation in the length of the treated vein, which stays up to 2 weeks. Neuropraxia or skin erythema is commonly observed in the treated area. Many other medical methods that can replace laser therapy, such as vein stripping, foam fillers, and herbal medicine, need to improve the market growth.
People are adopting an increasing number of alternative treatments such as Ayurvedic and homeopathy due to cost-effective and minimal adverse effects that may hinder the market growth during the forecast period.
COVID-19 Impact on the North American Varicose Vein Treatment Market
The Pandemic has impacted hugely on the medical department as the COVID-19 cases were more than others. The U.S. and Canada have seen more COVID cases where the hospitals are loaded with these patients by reducing the number of non-COVID patients. The patients who are not urgent are kept aside to reduce the spread of the Pandemic. The medical treatment of the non-COVID cases is postponed chiefly to avoid the spread of the Pandemic. With the decrease in anesthetists as emergency COVID cases occupy them, the number of varicose vein surgeries decreased. These factors constrained the market value of the varicose vein treatment. Varicose veins condition were significantly observed in aged people who are highly prone to COVID-19, decreasing the intake of patients in hospitals during the Pandemic.
This research report segmented and sub-segmented the North America Varicose Vein Treatment Market into the following categories and evaluated market size and forecast to each segment until 2027.
By treatment Types:
North American region dominated the global market due to well-developed healthcare systems in developed countries such as the United States and Canada. Most senior people are prone to this condition in the region, which is enhancing the market growth. North American region was expected to dominate during the forecast period due to the expansion of research and development.
The U.S. has the dominant share in the market due to its development in the healthcare system and an increasing number of varicose vein cases across the country. According to Clinical Epidemiology and Global Health, an article titled “Risk assessment for varicose veins among city Police-A cross-sectional study,” published in December 2021, Varicose veins affect approximately 24% of adults in the United States. The presence of key players in this region was boosting the market growth. The rising cases of varicose veins drove the market demand and are projected to dominate over the forecast period.
Canada was anticipated to have significant growth opportunities due to massive healthcare development, and medical facilities were prompting the market revenue. The constantly changing strategies of the key players in research and development, new launches, and acquisitions were projected to propel the market growth. In addit ion, the government initiatives and policies regarding the awareness of the varicose veins condition were enhancing the market demand.
KEY MARKET PLAYERS:
A few of the promising companies leading the North America varicose vein treatment market profiled in the report are Medtronic plc (Ireland), AngioDynamics, Inc. (U.S.), biolitec AG (Austria), Syneron Medical Ltd. (Israel), Lumenis Ltd. (Israel), Dornier MedTech GmbH (Germany), Energist Group (U.K.), Eufoton s.r.l. (Italy), Vascular Solutions, Inc. (U.S.), Quanta System S.p.A. (Italy), Sciton, Inc. (U.S.), Fotona d.o.o. (Slovenia), BTG plc (U.K.), Merz Aesthetics (U.S.).
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: firstname.lastname@example.org