Global Varicose Vein Treatment Market to Clock CAGR of ~5% From 2019 to 2027, Expanding Array of New Minimally-Invasive Techniques Key to Growth: Transparency Market Research
Constant launch of an array of new, novel minimally-invasive therapies has opened new avenues in the varicose vein treatment market. A case in point is endovenous cyanoacrylate super-glue
New techniques to develop safe and effective treatments to chronic venous insufficiency have helped expand market potential; sclerotherapy has attracted intense focus
ALBANY, New York, Feb. 25, 2020 /PRNewswire/ -- An array of devices, catheter techniques, and agents that promise less-invasive ways of treating or managing varicose veins is gaining acceptance among patients and surgeons. Advent of novel therapies and patient-friendly therapeutic interventions has expanded the revenue potential of the market, as envisaged by the analysts of a new study on the varicose veins treatment market.
The valuation of the global Varicose Vein Treatment Market stood at ~US$ 1.5 bn in 2018 and is expected to clock a CAGR of ~5% during the forecast period 2019–2027. Advancements in endothermal ablasion or endovenous laser treatment are broadening the scope of revenue generation for players in the market.
"Companies in the varicose vein treatment market should focus on developing compression bandages and other compression products with better clinical outcomes, such as speedy recovery," opine analysts at TMR. They further add, "Phlebectomy is a reliable surgical treatment that is less technically challenging as compared to many other treatment options. Companies should lean on introducing minimally-invasive devices that improve outcomes in patients"
Varicose Vein Treatment Market Study
- Of all the disease treated, greater saphenous varicose veins holds the leading share of the global revenues; rising at an exemplary growth, it is expected to reach worth of ~US$ 1 billion by 2024-end
- Among the various key treatment types, endovenous ablation accounted for a sizable share of revenues in the global varicose veins treatment market. The projected worth is ~US$ 800 million by 2027-end; it is considered as the first line of treatment of varicose veins. The sclerotherapy/adhesion injection segment held the leading share in the global market in 2018
- The dominant share of revenues is projected to come from compression garments and devices; the segment will reach valuation worth of ~US$ 1.1 billion by the end of 2027. Compression therapies have gained acceptance among patients to post the sclerotherapy
- The demand for ablation devices is expected to rise at rapid pace over the forecast period.
Explore 230 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Varicose Vein Treatment Market (Treatment Type: Endovenous Ablation, Sclerotherapy/Adhesion Injections, Ligation/Stripping, Supportive Treatments; Product: Ablation Devices [Radio Frequency Ablation/Thermal Ablation, Laser Ablation Devices, Ultrasound Ablation Devices], Catheters/Kits for Sclerotherapy & Adhesion Injections, Compression Devices/Garments, Others; Disease: Greater Saphenous Varicose Vein, Small Saphenous Varicose Vein, Others; End User: Hospitals & Ambulatory Surgical Centers, Specialty Clinics, Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/report-toc/11714
Varicose Vein Treatment Market: Key Driving Factors
Trends pertaining to risk factors of varicose veins and manifestation of chronic venous insufficiency in patients have been propelling the evolution of the varicose veins treatment market.
- Obesity is a key risk factor associated with varicose veins and has been a key driver for demand in some developed nations, such as the U.S. According to CDC, the prevalence of obesity was 39.8% in adults during 2015 – 2016.
- More than 40,000 operations are performed each year for varicose veins in the U.K. This has driven the demand for endovenous ablation techniques.
- According to Occupational Safety and Health Research Institute, the reported worldwide prevalence of lower limb varicose veins lies between 10% - 30%. This has been a substantial driver for effective and safe therapeutic interventions and surgical techniques.
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Key Impediments to Varicose Vein Treatment Market Players
High cost is a major factor dampening uptake of varicose vein treatment methods in patient populations around the world. The average cost of vein stripping surgery can run into thousands of dollars.
Paucity of effective diagnostic modalities and less awareness among patient population have hampered the evolution of the varicose veins treatment market. Players are relentlessly focused on introducing effective as well as cost-effective therapies for the treatment of varicose veins.
Varicose Vein Treatment Market: Region-wise Analysis
Both North America and Europe are prominent markets for varicose veins treatment. North America held the leading share in 2018, followed by the other. Numerous strategic moves made by key players in these regional markets have been propelling their expansion.
In particular, adoption of novel treatment techniques and technologically developed surgical methods for the patient population is driving revenues in the North America market. Prominently, prevalence of varicose veins and several venous insufficiency in the U.S. has spurred the demand for minimally-invasive and effective therapeutic intervention among the patient population.
Most players are on their heels to unveil new, novel techniques to consolidate their position in various key markets. Top companies planning to consolidate their shares are focusing on geographic expansions. To this end, a few players have harnessed the strength of mergers and acquisitions. Further, they are engaging in distribution agreements that will help them cater to the unmet needs in emerging markets.
Some of the top players in the varicose vein treatment market are Teleflex Incorporated, Mylan N.V., VVT Medical, BTG International Ltd., AngioDynamics, BSN medical GmbH, and Medtronic.
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The varicose vein treatment market is segmented on the basis of:
- Endovenous Ablation
- Sclerotherapy / Adhesion Injections
- Supportive Treatments
- Ablation Devices
- Radio Frequency Ablation/Thermal Ablation
- Laser Ablation Devices
- Ultrasound Ablation Devices
- Catheters / Kits for Sclerotherapy & Adhesion Injections
- Compression Devices / Garments
- Greater Saphenous Varicose Vein
- Small Saphenous Varicose Vein
- Hospitals & Ambulatory Surgical Centers
- Specialty Clinics
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
Endovenous Laser Therapy Market - Endovenous laser therapy (EVLT) has been used for the treatment of varicose veins with significant success, especially in adult populations with saphenous insufficiency. Varicose veins are a common condition in adult populations of several industrialized nations, increasingly affecting their quality of life. The global endovenous laser therapy market has made considerable strides, driven by continuous advances in techniques used in the procedures.
Compression Garments Market - Rising number of sports and recreational injuries observed across the world is a prominent factor fuelling the growth of the global compression garments market. According to a study published by the U.S. Department of Health and Human Services in 2014, an estimated 8.6 million injuries were reported in the U.S., primarily due to rise in physical activities undertaken by people in the country.
Compression Therapy Market - According to this business report, the demand in the global compression therapy market will propagate at a notable CAGR of 5.44% during the forecast period of 2017 to 2024. Value-wise, the analyst of the report has estimated the opportunities in the compression therapy market, across the world, to generate a revenue of US$4.25 billion by the end of 2024, mounting from its evaluated worth of US$2.93 billion as of 2017.
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