WILMINGTON, DE / ACCESSWIRE / June 2, 2023 / The global varicose veins treatment market is projected to expand at a CAGR of 4.8% from 2022 to 2031 and is anticipated to surpass US$ 2.4 Bn by 2031.
Increase in awareness about minimally invasive interventional treatments for varicose veins among patients and healthcare professionals, such as endovenous ablations, is fueling market growth. Surge in demand for endovenous thermal ablation for the management of varicose veins and chronic venous disorders, particularly truncal vein incompetence, offers significant business opportunities to market players.
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Recent market trends indicate considerable advancements in ablation devices, especially laser devices have led to significant improvements in endovenous laser procedures. For instance, rise in adoption of advanced catheters in endovenous laser ablation of the saphenous vein is likely to benefit patients. Medtech companies in the varicose veins treatment industry are tapping into significant revenue potential by expanding product portfolio of laser and radiofrequency devices. For instance, global medical technology company Becton, Dickinson and Company (BD) has expanded venous therapy portfolio by acquiring Venclose (in 2021).
Evolving guidelines pertaining to management of varicose veins in the legs are poised to enrich the prospects of both interventional (minimally invasive laser ablation interventions) and non-interventional treatment (especially use of compression hosiery). Recent evidence-based recommendations by the National Institute for Health and Care Excellence (NICE), for instance, are improving the clinical outcomes for the diagnosis and management of varicose veins, which is spurring the varicose veins treatment market development.
Key Findings of Study
- High Preference for Compression Stockings/Devices: In terms of treatment type, the supportive treatment segment constituted major market share in 2021. The trend is projected to continue from 2023 to 2031. Compression therapy (including compression bandaging and medical stocking) is gaining traction as supportive treatment for varicose veins. Rise in rate of adoption of compression devices and garments is likely to propel the segment. Preference for compression stocking among patients is increasing significantly due to adequate relief when worn on regular basis. High popularity of long-term graduated compression stockings among the patient population is an example. Surge in demand for compression hosiery after minimally invasive treatments is likely to bolster the segment in the near future. For instance, usage of compression stockings after surgical or laser ablation interventions is a standard medical recommendation.
- Significant Demand for Minimally Invasive Treatments for Varicose Veins: Based on end-user, the hospitals & ambulatory surgical centers segment is expected to witness rapid growth in the next few years. Rise in demand for treatments for varicose veins in hospital settings is ascribed to a host of factors, such as availability of advanced therapies and devices, favorable reimbursement for these procedures, and better postoperative and rehabilitation care. Introduction of novel in-hospital stent technology is likely to boost the segment. Demand for treatments in ambulatory surgical centers (ASCs) is likely to increase considerably in the near future and will fuel market growth. Rapid adoption of cost-effective therapeutic options to surgery is likely to increase endovenous laser ablation (EVLA) and radiofrequency ablation (RFA) procedures in hospitals.
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Global Varicose Veins Treatment Market: Growth Drivers
- Prevalence of chronic venous insufficiency and varicose veins is likely to rise significantly with rapidly aging global population. Increase in elderly population is a significant driver of the varicose veins treatment market. Growing awareness about conservative treatment options, especially lifestyle modifications, weight loss, and compression therapy, is likely to reduce the burden of varicose veins and their potential complications such as venous ulcers and thrombosis.
- Continuous technological advancements in treatment modes is broadening the market outlook. Increase in utilization of ultrasound imaging and endovenous ablation techniques will positively influence the varicose veins treatment market dynamics.
Regional Growth Dynamics
North America is anticipated to account for the leading market share from 2022 to 2031. Surge in prevalence of chronic venous disease, especially in the U.S., is likely to spur demand for varicose veins treatment. Significant demand for advanced treatments for venous insufficiency offers lucrative opportunities to companies in the region. Rapid adoption of novel endovenous techniques is likely to bolster the market in the next few years. Presence of several globally prominent medtech companies in the U.S. is augmenting market development.
Asia Pacific is anticipated to offer significant opportunities to companies in the near future. Rise in incidence of venous insufficiency of the lower limb in patients in India and China is propelling demand for varicose veins treatments.
Competition Landscape
Prominent companies in the varicose veins treatment market are securing financing (venture funding) to support launch of novel devices. Such product developments positively favor market growth in order to reduce prevalence of chronic venous insufficiency, especially among females.
Leading players are focusing on geographical expansion strategy to increase market share.
Key players operating in the varicose veins treatment market are
- AngioDynamics, Inc.
- Boston Scientific Corporation (BTG international Inc.)
- DJO, LLC
- Essity Aktiebolag (publ) (BSN Medical)
- F Care Systems NV
- Medtronic plc
- Mylan N.V.
- Teleflex Incorporated
- VVT Medical
- Miravas (IPSA Group)
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Varicose Veins Treatment Market Segmentation
Product
- Ablation Devices
- Radiofrequency Ablation/Thermal Ablation
- Laser Ablation Devices
- Ultrasound Ablation Devices
- Catheters/Kits for Sclerotherapy & Adhesion Injection
- Compression Devices/Garments
- Others
Treatment Type
- Endovenous Ablation
- Sclerotherapy/Adhesion Injection
- Ligation/Stripping
- Supportive Treatment
Disease Type
- Greater Saphenous Varicose Veins
- Small Saphenous Varicose Veins
- Others
End-user
- Hospitals & Ambulatory Surgical Centers
- Specialty Clinics
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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