The size of the global varicose vein treatment market is estimated to grow USD 477.33 million by 2027 and USD 350.03 million in 2022, growing at a CAGR of 6.40% during the forecast period.
The rising cases of varicose veins mainly drive the varicose vein treatment market. 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 growth of the global varicose vein treatment market is primarily driven by the availability of advanced varicose vein treatment devices, a massive burden of varicose vein cases, improving patient compliance & reliability, growing healthcare expenditure, and rapid growth of the aging population.
The emergence of less invasive treatment procedures coupled with the growth of the geriatric population is expected to drive the market growth during the forecast period. Furthermore, the world varicose vein treatment market is further fueled by improved patient compliance through the advent of sustainable and safe techniques to cope with the huge burden of varicose veins incidents and increased access to medical devices for varicose veins. Additionally, the healthcare industry has seen a new trend of removing or destroying superficial veins with an improved patient experience.
Companies in the varicose vein treatment market are increasing R&D to develop devices and garments with adequate compression that help reduce the incidence of pain associated with their use. According to the research article published in the Egyptian Family Medicine Journal, 2020, the prevalence of varicose veins in women was found to be 52.1% at the El-Nahda Center in the El-Salam Medical Zone in Cairo in Egypt. Hence, the increasing prevalence of varicose veins among the diverse global populations is expected to increase the market's growth. One of the many drivers of this industry is that the prevalence of varicose veins is high among women. It is more common in older women. The risk of varicose veins is higher in pregnant women and women taking hormone therapy for menopause. It is reported that women have twice the risk of varicose veins than men.
Furthermore, the growing number of super-specialty hospitals with advanced infrastructure and an increase in the number of technologically advanced treatment products to treat the patients suffering from varicose vein diseases significantly promote market growth. In addition, the easy availability of devices used for the varicose veins treatment process, acceptable reimbursement policies, and aesthetics’ growing significance propel the demand of the worldwide varicose vein treatment market. The rising occurrences of the varicose vein health condition opened many opportunities for the major companies offering a wide variety of efficient treatment options.
However, the shortage of trained vascular surgeons and the high cost of varicose vein treatment procedures can hinder the growth of the global varicose vein treatment market. Developing countries such as India and South Africa face some challenges while dealing with varicose veins as there are high unmet needs. The challenges associated with the inconsistent reimbursement scenario for varicose vein treatment procedures.
The condition of varicose veins is common in many people. The increasing incidence of this health problem has opened up opportunities for companies in the varicose vein treatment market to offer various effective treatment options.
Healthcare providers increasingly adopt advancements such as ultrasound-guided foam sclerotherapy in the field of varicose vein treatment. As a result, the companies are stepping up their research efforts to develop improved foam formulations, as the foam acts as a suitable alternative to the liquid. This treatment creates additional opportunities for the healthcare industry as sclerotherapy is associated with better outcomes and fewer complications in patients.
Hygiene issues are also hindering the adoption of compression products. The biggest challenge in this industry is neovascularization, a process in which the re-growth of veins occurs. It is possible that even after surgery, varicose veins will grow back. Sometimes varicose veins can develop on other parts of the legs.
Impact of COVID-19 on the global varicose vein treatment market:
Before the COVID-19 pandemic, doctors routinely performed elective, critical, and urgent procedures to treat vascular disease. For example, removing varicose veins, removing the saphenous vein due to reflux, mechanical/thrombolytic treatment of venous thromboembolism, placement of a venous stent, and insertion or removal of the inferior vena cava filter (IVC) were common elective venous procedures.
Urgent and emerging venous thromboembolism and vascular injury cases represent approximately 30-50% of a combination of active vascular surgery cases when associated with non-selective arterial disease. Consequently, many venous pathology professionals devote most of their case volumes to outpatient treatment of venous diseases.
The coronavirus pandemic has changed this status quo, threatening the speed and productivity of care. Doctors have been faced with the possibility of exposing patients to COVID-19 by accepting them into a hospital or office. Ambulatory clinics and office laboratories providing diagnostic and treatment services have also been severely influenced. The worst impact has been on elective care for venous disease, mainly on an outpatient basis.
Market Size Available
2021 to 2027
2022 to 2027
By Treatment Type, Devices, End-User, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
This research report segmented and sub-segmented the global varicose vein treatment market into the following categories and evaluated market size and forecast for each segment until 2027.
Varicose Vein Treatment Market - By Treatment Types:
The radiofrequency ablation devices segment is expected to command a significant share of the ablation devices market for varicose vein treatment based on the treatment type.
The sclerotherapy segment is predicted to be the fastest-growing segment in the global varicose vein treatment market during the forecast period. Factors such as requiring less bruising and scarring, simple follow-up treatments, and favorable reimbursement policies are propelling the demand of this segment.
Varicose Vein Treatment Market - By Device:
By device, the radiofrequency ablation devices dominate the varicose veins treatment market. The segment holds a 41.07% market share and is an effective treatment for facet joints, avoids surgery, and immediate pain relief.
Varicose Vein Treatment Market - By End-User:
Based on the end-user, the hospital segment is projected to lead the global varicose vein treatment market during the forecast period and accounted for a market share of 54.4% in 2020. The rise in the adoption of treatment procedures and the easy availability of varicose vein treatments are majorly fuelling the market's growth rate.
Varicose Vein Treatment Market - By Region:
Geographically, The varicose vein treatment in North America is predicted to be dominating the global varicose vein treatment market, followed by Europe during the forecast period. The launch of technologically advanced treatments, Y-O-Y growth in varicose vein cases, and developed healthcare infrastructure are primarily driving this regional market. In North America, the United States varicose vein treatment market had accounted majority of the share and is predicted to continue its domination throughout the forecast period. With favorable reimbursement policies, the U.S. population can get treatment at a low cost. According to Chicago Vein Institute, varicose veins incidence is higher in women than in men, 55% in women and 45% in men. The Canadian varicose vein treatment market is predicted to grow at a healthy rate between 2020 to 2025. The BTG International Canada, Inc. introduced Varithena, a drug/device combination to treat varicose veins. It is used mainly for adults with clinically essential venous reflux diagnosed by duplex ultrasound.
The varicose veins treatment market in Europe is likely to have promising growth, and the market is to have a CAGR of 6.3% from 2020 to 2025. The development of this regional market is mainly driven by the factors such as improved healthcare infrastructure, growing access to varicose vein medical devices, and patient compliance. As a result, European countries such as the U.K, Germany, and France are expected to have lucrative CAGR during the forecast period, and the U.K to govern most European market share.
The varicose vein treatment market in Asia Pacific is anticipated to witness impressive growth in the near future. Rising awareness levels in the patients to have early diagnosis and treatment and rapid rise in the aging population in the APAC counties are majorly accelerating the market growth in this region. The Chinese market is predicted to lead this regional market due to growing healthcare expenses, the surge in the high adoption of unhealthy lifestyles, and rising disposable income accelerating the market demand. On the other hand, India and Japan are expected to have impulsive market growth, with favorable government initiatives, high adoption of laser treatments, and many key players.
The varicose vein treatment market in Latin America is another lucrative region globally and is predicted to register a notable CAGR during the forecast period. The rising patient compliance, growing geriatric population, and hike in healthcare expenditure are expected to drive this regional market. The Brazilian market is forecasted to dominate this regional market between 2020 to 2025.
The varicose vein treatment market in Middle East & Africa is anticipated to have considerable growth from 2020 to 2025. The launch of durable and reliable procedures and constant efforts in improving the healthcare infrastructure are creating growth opportunities for the market in this region. As a result, Africa is likely to have an inclined growth rate in this period.
KEY MARKET PLAYERS:
Some of the promising companies leading the global 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.).
RECENT MARKET HAPPENINGS:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Endovenous ablation
5.1.3 Surgical litigation/ Stripping
5.1.5 Y-o-Y Growth Analysis, By Treatment
5.1.6 Market Attractiveness Analysis, By Treatment
5.1.7 Market Share Analysis, By Treatment
5.2.2 Ablation devices
126.96.36.199 Radiofrequency ablation devices
188.8.131.52. Laser ablation devices
5.2.3 Venous closure products
5.2.4 Surgical products
5.2.5 Y-o-Y Growth Analysis, By Product
5.2.6 Market Attractiveness Analysis, By Product
5.2.7 Market Share Analysis, By Product
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Treatment
18.104.22.168 By Product
6.1.4 Market Attractiveness Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Treatment
188.8.131.52 By Product
6.1.5 Market Share Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Treatment
18.104.22.168 By Product
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Medtronic plc
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 AngioDynamics, Inc.
8.3 Syneron Medical Ltd.
8.4 Lumenis Ltd.
8.5 Dornier MedTech GmbH
8.6 Energist Group
8.7 Vascular Solutions, Inc.
8.8 Merz Aesthetics
8.9 AccuVein Inc
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
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