Varicose Veins Treatment Market Analysis By Size, Trends, COVID-19 Impact, Share, Type (Endovenous Ablation, Sclerotherapy, Surgical Ligation), Product (Ablation Devices), End User (Hospital, Specialized Clinics, Ambulatory Surgical Centers), Forecast to 2023
Global Varicose Veins Treatment Market size was valued USD 415.9 million in 2017 and is projected to grow at a 7.4% CAGR by 2023. The introduction of non-invasive and minimally invasive surgical procedures, endovenous procedures for the treatment of varicose veins, substantiates the varicose veins treatment market growth excellently. Also, methods, such as thermal ablation, treat varicose veins without any surgical intervention, which increases its popularity and subsequently influence patient preferences.
The global varicose veins treatment market is growing rapidly majorly due to the rising prevalence of the condition worldwide. The market appears well-established with several novel procedures such as radial laser fibers, radiofrequency ablation, laser treatment, steam ablation, and microwave ablation therapy are trending in the market. Besides, the increasing demand for advanced treatment options and growing healthcare expenditure is accelerating the growth of the varicose veins treatment market.
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Certainly, advances in medical technologies, proven effective in bringing the ease in treatments influence and emergence of advanced treatment procedures that have delivered improved outcomes and quality of life of patients act as a key driving force for the growth of the varicose veins treatment market.
Conversely, the high cost of treatment and stringent government regulations are the factors estimated to act as growth impeders for the varicose veins treatment market. Also, the lack of knowledge among patients about the availability of varicose veins treatments inhibits market growth. Nevertheless, increasing government initiatives and funding programs aimed at educating people about the advantages of these procedures and availing funds for their treatments would support the market growth throughout the predicted period.
Furthermore, improving economic conditions worldwide encourage market growth, enabling access to quality healthcare. The increasing proliferation of the healthcare sector and the rising numbers of centers facilitating varicose veins treatment procedures provide impetus to market growth.
Varicose Veins Treatment Market Segmentation
Varicose Veins Treatment Market is segmented by Type, Product and End-User
By Type, the varicose veins treatment market is segmented into Endovenous Ablation, Sclerotherapy, Surgical Ligation, Stripping, Laser Ablations, and others.
By Product, the varicose veins treatment market is segmented into Ablation Devices, Venous Closure Products, Surgical Products, and others.
By End User, the varicose veins treatment market is segmented into Hospitals, Specialized Clinics, Ambulatory Surgical Centers, and others.
Varicose Veins Treatment Market Regional Insights
North America dominates the global varicose veins treatment market. The largest market attributes to the rising patient population, high healthcare expenditure, and growing awareness about the condition. Also, a notable increase in research & development activities in healthcare pushes the growth of the market.
Moreover, increased uptake of advanced technologies and the rising demands for varicose veins treatment market growth. The US, backed by the high healthcare expenditure, accounts for the major contributor in the regional market. The North American varicose veins market is expected to create a larger revenue pocket during the assessment period.
Europe stands second in the global varicose veins treatment market. Market growth attributes to the well-developed healthcare infrastructure and rising demand for non-invasive treatment options in the region. Recent developments in the technology and augmenting uptake of advanced technologies in the treatment of the condition push the market growth ahead.
Also, the government support and funding for research & development of breakthrough treatment methods fuel the growth of the regional market. Additionally, the presence of a vast patient population and rising healthcare expenditure facilitates regional market growth. The European varicose veins treatment market is projected to witness a promising rise over the review period.
The varicose veins treatment market in the Asia Pacific region is growing rapidly. Factors such as the rising prevalence of varicose veins in the region and increasing per capita healthcare expenses boost the market growth. Moreover, the rising demand for technologically advanced methods to treat the condition, alongside the increasing funding support from public & private sectors, influences the market growth. The APAC varicose veins treatment market is predicted to grow at an impressive CAGR during the forecast period.
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Varicose Veins Treatment Market Competitive Landscape
Fiercely competitive, the varicose veins treatment market appears fragmented due to the presence of several well-established players. Trends such as innovation, mergers & acquisitions, collaboration, and launch of a new treatment method remain popular among key players. The growth statistics of the varicose veins treatment presage the probable heights the market can reach further.
Varicose Veins Treatment Market Major Players:
Players leading the global varicose veins treatment market include Medtronic, Biolitec AG, AngioDynamics, Syneron Medical Ltd., Eufoton s.r.l., Lumenis Energist Ltd., Teleflex Incorporated, Quanta System, Dornier MedTech, Scranton Gillette Communications, Sciton, Inc., Fotona d.o.o., BTG International Ltd., and Merz North America, Inc., among others.
Varicose Veins Treatment Industry/Innovations/Related News:
CORE Medical & Wellness, a multi-disciplinary medicine practice in the US, launched a new varicose vein treatment method for patients in Lyndhurst, New Jersey. The new varicose vein treatment offers a non-surgical, varicose vein treatment that takes less time and causes less pain & bruising than traditional vein-stripping procedures. The board-certified physicians at CORE Medical & Wellness claim to eliminate varicose veins pain in less than an hour effectively and at the comfort of its state-of-the-art facility.
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