Varicose Veins Treatment Market
Number of pages: 100 | Report Format: PDF | Published date: February 10, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market Size Value in 2021 |
US$ 1.25 billion |
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Revenue Forecast in 2030 |
US$ 2.06 billion |
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CAGR |
6.2% |
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Base Year For Estimation |
2021 |
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Forecast Period |
2022-2030 |
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Historical Year |
2020 |
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Segments Covered |
Product type, Treatment type, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global varicose veins treatment market was valued at US$ 1.25 billion in 2021 and is expected to register a revenue CAGR of 6.2% to reach US$ 2.06 billion by 2030.
Varicose Veins Treatment Market Fundamentals
Varicose veins, sometimes referred to as varicosities, develop when the veins expand, widen, and become overfilled with blood. Usually, bluish-purple or red in hue. Varicose veins have an enlarged, elevated appearance, and they frequently hurt. This condition appears due to increased pressure caused by standing and walking. The blood flows toward the heart through one-way valves in the veins. Blood can accumulate in the veins when the valves are weak or broken. This results in the enlarging of the veins. Long hours of sitting or standing can cause blood to pool in the veins of the legs, raising the pressure, further dilating the veins, weakening the veins’ walls, and harming their valves. Varicose vein incidence may run higher in some families (inherited). Usually, varicose veins are not dangerous; however, difficulties could arise in these patients.
A doctor may advise a venous Doppler ultrasonography test of the leg to identify varicose veins. Doppler ultrasonography, a noninvasive method, uses sound waves to evaluate blood flow through vein valves. An ultrasound of the leg can be used to find blood clots. Varicose veins are more likely to occur in the older population. It has been discovered that aging significantly impacts the veins’ structure and operations. Varicose veins affect one in two people over the age of 50. Pregnant women and those overweight are at risk of getting this illness. Sclerotherapy, laser therapy, and radiofrequency ablation are a few of the therapies available in the market. Sclerotherapy is the best way to start treating reticular, varicose, and spider veins. Sclerotherapy is regarded as the gold standard in treating spider veins. During the treatment, a sclerosing agent is injected into the veins that need to be sealed up, rerouting blood through surrounding healthy veins while the injured vessel is allowed to reabsorb back into the body.
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Varicose Veins Treatment Market Dynamics
The global varicose veins treatment market is being driven by a number of important factors, including the development of more advanced varicose vein treatment devices, an increase in industry participation that broadens the application of these treatments, technological advancements, and a growing preference for minimally invasive procedures. Surgical techniques for treating varicose veins are anticipated to evolve significantly in the next few years. Noninvasive alternatives have replaced surgical procedures. The trend for minimally invasive surgery has grown recently due to the risk of infections associated with invasive procedures. During the forecast period, these factors are expected to drive the global varicose veins treatment market. Noninvasive procedures have a lower chance of infection and need shorter hospital stays, which reduces both time and expense.
Sclerotherapy, endovenous laser therapy, and radiofrequency ablation are becoming more popular among surgeons than traditional surgical procedures. Additionally, the market for varicose vein therapy is expected to experience new prospects due to increased technological breakthroughs and modernization in healthcare devices, as well as increased research and development activities in the industry.
However, the adverse effects of varicose vein therapy, including soreness and inflammation, are likely to hamper the revenue growth of the market. The expansion of the global varicose veins treatment market may also be hindered by an increase in infections and changes in skin tone following treatment. Furthermore, the market’s growth is also hindered by the high cost of varicose vein treatment procedures, a lack of vascular surgeon training, the implementation of healthcare reforms, an intensely competitive market that makes it difficult to maintain sustainability, and an unstable compensation situation.
Varicose Veins Treatment Market Ecosystem
The global varicose veins treatment market has been analyzed from three perspectives: product type, treatment type, and region.
Varicose Veins Treatment Market by Product Type
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Based on product type, the global varicose veins treatment market has been segmented into compression devices/garments, ablation devices, catheter kits for sclerotherapy & adhesion injection, and others.
The ablation devices are sub-segmented into laser ablation devices, radiofrequency ablation devices, and ultrasound ablation devices. The majority of the global varicose veins treatment market share is dominated by the radiofrequency ablation devices segment. A cathode inside the prickle is heated by transient high-frequency electrical impulses during radiofrequency ablation (RFA). It is also utilized for traditional pain management techniques, which are typically successful for those over the age of 50.
The laser ablation segment, on the other hand, is anticipated to expand significantly during the forecast period due to the treatment’s comfortable recovery time or lesser hospital stays, which offers patients receiving treatment several important advantages. The usage of lasers for the treatment of varicose veins has grown due to the high adoption of new technologies and improvements in research initiatives by the major companies in the industry under study. Doctors use laser ablation technology to seal off tiny varicose and spider veins. The damaged veins are made to vanish or fade with the usage of powerful light bursts during this treatment. Laser treatment is becoming more popular due to rising healthcare costs and a growing preference for minimally invasive procedures in industrialized countries.
Varicose Veins Treatment Market by Treatment Type
Based on treatment type, the global varicose veins treatment market has been segmented into sclerotherapy, ligation/stripping, endovenous ablation, and supportive treatment.
The global varicose veins treatment market is dominated by the sclerotherapy segment due to the benefits of this treatment, including reduced bruising and scarring, the absence of anesthesia, shorter hospital stays, simple follow-up procedures, and favorable reimbursement policies.
The endovenous ablation segment is anticipated to grow at the fastest revenue CAGR during the forecast period. Due to its minimally invasive nature and lower risk of complications, endovenous ablation is the preferred method over more traditional techniques, such as surgical stripping and ligation. Additionally, a number of market participants are concentrating on the creation of effective and technologically advanced products.
The surgical ligation segment is expected to grow at a substantial revenue CAGR during the forecast period. Ligation is the surgical clamping of veins to prevent blood from gathering from a small skin cut. Sometimes vein stripping or vein removal is also used in an aggregate to achieve ligation.
Varicose Veins Treatment Market by Region
Based on region, the global varicose veins treatment market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the varicose veins treatment market. The increase in number of patients having cosmetic surgery fuels this regional dominance. According to official statistics, the U.S. records more than 15 million cosmetic surgeries each year, 13 million of which are minimally invasive operations. The U.S. Census Bureau estimates that there are approximately 56 million senior people in the country, which may potentially be contributing to the region’s revenue growth. According to a forecast, the country’s geriatric population is likely to total close to 73.1 million individuals.
The market in Europe is projected to expand at a significant revenue CAGR during the forecast period. This can be ascribed to a shift in patient preference towards minimally invasive procedures, supportive government initiatives, and cutting-edge treatment techniques.
The market in Asia Pacific is anticipated to grow at the fastest revenue CAGR during the forecast period. This is attributed to the rise in the healthcare infrastructure, increase in patient awareness, improved disposable income, and benefits of early treatments for varicose vein.
Varicose Veins Treatment Market Competitive Landscape
The prominent players operating in the global varicose veins treatment market are:
Varicose Veins Treatment Market Strategic Developments
The global varicose veins treatment market is expected to grow at a revenue CAGR of 6.2% in the forecast period.
AngioDynamics Inc., Medtronic Plc, Biolitec AG, Dornier MedTech Inc., and Alma Lasers Ltd. are among the key players in the global varicose veins treatment market.
The sclerotherapy segment dominates the global varicose veins treatment market.
Asia Pacific is expected to register growth at the highest revenue CAGR during the forecast period.
The global varicose veins treatment market was valued at US$ 1.2 billion in 2021.
*Insights on financial performance are subject to the availability of information in the public domain