Global Varicose Vein Treatment Market Size & CAGR (2021 to 2026)
As per the report published by MarketDataForecast, during the forecast period, the size of the global varicose vein treatment market is estimated to be growing at a CAGR of 6.4% and worth USD 477.33 Mn by 2026 from USD 350.03 million in 2021.
Impact of COVID-19 on the global varicose vein treatment market:
The COVID-19 outbreak had a negative impact on the market in 2020 since healthcare professionals’ attention has switched to the treatment of COVID-19-infected patients. As a result, non-emergency medical illnesses received less attention. In addition, geriatrics and those with co-morbid disorders are more likely to develop venous diseases such as varicose veins. This population is also more likely to contract the SARS-CoV-2 virus. As a result, most treatments for varicose veins are postponed or delayed during the pandemic, which is predicted to influence market growth substantially. Postponing treatment due to concerns about the hazards of COVID-19 vaccines is more likely to result in complications than getting the vaccine and treating the varicose veins simultaneously.
Varicose veins (significantly larger ones) can cause significant problems such as rashes, infections, bleeding, blisters, and blood clots if left untreated. The coronavirus pandemic upended the status quo, putting the timeliness and productivity of care at risk. By accepting patients into a hospital or office practice, doctors risked exposing them to COVID-19. Diagnostic and clinical services provided by outpatient vascular clinics and office-based laboratories were also significantly impacted. Elective venous disease care, which is primarily done in the outpatient setting, was affected the worst. However, the market is expected to recover quickly and is predicted to register healthy growth during the forecast period.
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KEY DRIVING FACTORS:
Increased minimally invasive surgeries & technical developments are majorly driving the global varicose vein treatment market.
The market for varicose vein treatment is primarily driven by reasons such as the general public’s increased demand for minimally invasive surgeries, the aging population, and technological developments in the devices utilized for this treatment. Furthermore, in the anticipated period, technical improvements and modernization in healthcare devices increased research and development efforts in the healthcare sector, and increased growth in emerging regions will generate new opportunities for the varicose vein treatment market.
High costs associated is one of the significant factors hampering the market’s growth rate.
Risk risks connected with treatment devices, high procedure costs, and an inconsistent reimbursement structure are among the primary factors that will obstruct market expansion and pose further challenges to the varicose vein treatment market over the forecast period.
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KEY MARKET INSIGHTS:
- The most common varicose vein therapies are based on the treatment type, sclerotherapy, vein stripping, and endovenous ablation. Because of the benefits, the need for minimal incision during treatment operations, and less scarring, the sclerotherapy segment dominated the varicose vein treatment market in 2020. In addition, some of the benefits linked with non-thermal non-tumescent procedures (NTNT) are also propelling the market: cost and time effectiveness, no need for anesthesia, painless operation, reduced danger of collateral harm to surrounding tissues, and minimal risk of postoperative problems.
- Based on the device, the Laser Ablation Devices segment is expected to grow significantly during the forecast period. Patients treated for varicose veins benefit greatly from laser ablation treatment because it does not require extended hospital stays or suffering during rehabilitation. Furthermore, the use of lasers in the treatment of varicose veins has expanded due to novel technologies and developments in research efforts by major companies in the analyzed industry.
- Based on the end-user, the hospital sector is expected to lead the global varicose vein therapy market during the forecast period, with the market largest share in 2020. The market’s expansion is fueled by increased adoption of treatment procedures and the easy availability of varicose vein treatments.
- Based on Region, the market analyzed is dominated by North America, and this trend is projected to continue over the projection period. The presence of large companies, which allows for more product availability in the market, and well-developed healthcare systems in countries such as the United States are two major factors driving the growth of the varicose veins treatment market in North America. Furthermore, because of the advantageous reimbursement scenario, people in the United States can afford to get this treatment.
- Angiodynamics, Inc., Biolitec AG, BTG PLC, Energist Ltd., Sciton Inc., WONTECH Co., Ltd., Medtronic, Lumenis, Alma Lasers Ltd., and Syneron are among the prominent companies. The key strategies used by market participants in the varicose vein therapy industry were new product launches, partnerships, and strategic acquisitions.
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RECENT MARKET DEVELOPMENTS:
- In February 2020, biolitec added the newly designed ELVeS Radial 2ring Pro to its ELVeS Radial 2ring laser fiber family. A vein up to 100 cm in length can be treated with the ELVeS Radial 2ring Pro fiber.
- Theraclion received CE Mark approval for the second generation of SONOVEIN, a high-intensity focused ultrasound (HIFU) therapy option for varicose veins, in October 2020.
- In February 2020, Biolitec AG released the Biolitec Phlebology App for vascular surgeons, phlebologists, and dermatologists dealing with varicose veins. In addition, this app allows users to share their therapy experiences with others in the Physicians Forum.
SEGMENTS COVERED IN THIS REPORT:
By treatment Types:
- Surgical Treatments
- Vein Ligation and Stripping
- Non-Surgical Treatments
- Laser Therapy
- Trans-Illuminated Powered Phlebectomy (Trivex)
- Radiofrequency Ablation
- Ablation devices
- Radiofrequency Ablation Devices
- Laser Ablation Devices
- Venous Closure Products
- Surgical Products
- Surgery Centers
- Specialty Hospitals
- Multispecialty Hospitals
- North America
- Latin America
- Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Varicose Vein Treatment Market
- Europe Varicose Vein Treatment Market
- APAC Varicose Vein Treatment Market
- Latin America Varicose Vein Treatment Market
- MEA Varicose Vein Treatment Market
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