by The Varicose Vein Treatment Devices Market is estimated to be valued at US$ 1355.75 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Varicose vein treatment devices are used to remove varicose veins through minimally invasive procedures thereby reducing pain and risk of complications. The key products include laser and radiofrequency devices, vascular closure products and sclerotherapy needles. Laser varicose vein treatment uses intense pulsed light to close veins without scarring. Radiofrequency ablation utilizes heat generated by radio waves to seal veins. Sclerotherapy involves injections to damage the inner lining of varicose veins, which are then reabsorbed by the body. These modern procedures help in faster recovery with less pain and bruising compared to conventional surgery.
Market Dynamics:
The growth of the varicose vein treatment devices market is driven by rising geriatric population who are more prone to develop varicose veins due to weakening of vein valves and walls with age. It is estimated that around 25% of adults in the U.S. have varicose veins. Growing awareness regarding minimally invasive procedures and their benefits such as reduced risk of complications, less pain and scarring is also fueling market growth. Rapid advancements in technologies have improved treatment outcomes with laser and radiofrequency ablation that can close larger veins efficiently. This is encouraging higher adoption rate of these modern varicose vein treatment devices.
Segment Analysis
The global varicose vein treatment devices market is dominated by the endothermal ablation devices segment. These devices help in treating varicose veins without surgery by using heat to damage the veins. Radiofrequency and laser ablation are the commonly used endothermal ablation techniques. Radiofrequency ablation devices are highly preferred due to their effectiveness and ability to treat varicose veins of all sizes.
PEST Analysis
Political: The government policies and reimbursement scenarios vary across countries for varicose vein treatment devices. Supportive regulations are driving the market growth.
Economic: Developed economies have high percentage of geriatric population susceptible to varicose veins. Therefore, they present major opportunities. Emerging countries are expanding healthcare access.
Social: Growing medical tourism and awareness about varicose vein treatment options are fueling the demand. lifestyle changes leading to varicose veins also support market growth.
Technological: Advancements are improving treatment efficacy and safety. Novel procedures like ultrasound-guided foam sclerotherapy enhance treatment outcomes.
Key Takeaways
The Global Varicose Vein Treatment Devices Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing geriatric population, prevalence of obesity and lifestyle-related diseases.
North America dominates the market due to supportive regulations, advanced healthcare infrastructure and growing medical tourism.
Asia Pacific is the fastest growing regional market attributed to expanding medical facilities, rising medical expenditures and increasing incidence of varicose veins. China, Japan and India are major contributors to the growth.
Key players operating in the varicose vein treatment devices market are AngioDynamics, Inc., Syneron Medical Ltd., Dornier Medtech GmbH., Alma Lasers Ltd., Alna-Medicalsystem GmbH, LSO Medical, WONTECH Co., Ltd., Intros Medical Laser GmbH, and Energist Ltd. These players are focusing on new product launches and regional expansion to gain higher market shares.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
