The North American Varicose Vein Treatment Market is predicted to worth USD 166.12 million by 2027 and USD 122.39 million in 2022, growing at a CAGR of 6.3% from 2022 to 2027.
The varicose vein treatment market is growing due to the increased prevalence of varicose veins. This condition of enlarged veins appears mostly in the feet and legs. It can be caused by pregnancy, hormonal changes, genetic disorders, and high blood pressure.
The market for varicose vein treatment in North America is fuelled by reduced trauma, greater exposure to the site of application, high operative success rates, faster blood flow restoration, improved patient compliance & reliability, growing healthcare expenditure, and rapid growth of the aging population.
Additionally, due to the growing prevalence of varicose vein cases, high disposable income, improved healthcare infrastructure, emerging diseases, and an upward tendency to adopt unhealthy lifestyles, North America had a high demand for the varicose vein treatment market. The industry is projected to develop even faster if reimbursement regulations in the United States are becoming more progressive. The market is driven by factors such as increased incidence of varicose vein disease, an increase in the geriatric population, advanced varicose vein treatment devices, participation in professions that increase the prevalence of varicose vein treatment, and global technological advancements. Varicose veins are associated with obesity, which is one of the risk factors. Obesity is a result of urbanization and a poor diet. As a result, the worldwide varicose vein treatment market is expected to be driven by an increase in people suffering from obesity.
The North American varicose vein treatment market is further anticipated to grow due to increased demand for technologically sophisticated products and a demand for less invasive methods. As a result, industry companies are focusing on developing solutions to enhance the treatment of varicose veins. Doctors can use laser ablation technology to close smaller varicose and spider veins. Strong bursts of light are directed towards the affected veins, causing them to disappear or fade. The local laser producers who specialize in varicose vein lasers are in fierce competition. The market is projected to increase in the future due to upcoming advances in lasers and the simplicity of treatment. As a result, throughout the forecast period, a rise in awareness is expected to boost the North America varicose vein treatment market.
Some of the major constraints limiting market growth include a scarcity of vascular surgeon training, the high cost of varicose vein treatment operations, and the adoption of healthcare reforms in the United States. The development of the varicose veins treatment industry has been hampered by a lack of effective diagnostic methods and a lack of awareness among the patient population.
The market's growth is also limited by challenges such as inconsistent reimbursement scenarios for varicose vein treatment procedures and the viability of businesses in a highly competitive market. Varicose veins are common in the general population, although the diagnostic rate is poor. As a result, the North America varicose vein treatment market's growth is restrained by a lower diagnosis rate, which reduces the treatment rate for varicose veins among patients.
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:
Regionally, the North American market accounted for the largest share in the global market in 2020. Due to the growing elder people population, advanced technologies for treating varicose veins propel market growth. The ever-increasing number of key players coming up with new technologies, new product launches, and the growing number of people suffering from varicose vein disease propels the market growth during the period.
The U.S. varicose vein treatment market is leading the North American market. It is primarily attributed to the standard increase of varicose veins and various venous insufficiencies in the United States. Increasing stipulation for minimally invasive and effective healing interruption among the patient population accelerates the market growth of varicose vein treatment. Favorable reimbursement policies of the United States boost the market.
The Canadian varicose vein treatment market is projected to grow at a healthy rate during the forecast period. High disposable income, advantages of early diagnosis and treatment of varicose veins, and advanced healthcare infrastructure are majorly supporting the market growth in Canada.
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.).
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