Global Varicose Veins Treatment Market - 2022-2029

Global Varicose Veins Treatment Market - 2022-2029

Market Overview

The global varicose veins treatment market size was valued US$ YY million in 2021 and is expected to reach US$ YY million by 2029, growing at a CAGR of 4.6% during the forecast period (2022-2029).

Varicose veins are abnormal and enlarged blood vessels caused by weakening walls of the veins; due to this, the veins appear as a swollen, twisted cluster of blue or purple under the skin. Varicose veins are caused by ineffective blood flow in the lower limbs. Symptoms of varicose veins usually appear in the lower limbs of the body around the age of 40. Available treatments for varicose veins have improved in the last few years. Most treatments include minimally invasive techniques such as radiofrequency ablation and laser therapies. Due to the risk of infections associated with invasive surgeries, noninvasive procedures have replaced surgical vein stripping methods.

Market Dynamics

The market is driven by increased incidences of varicose veins problem, rise in geriatric population, technological advancements in the treatment, and government initiatives.

The increasing prevalence of Varicose Veins is expected to drive market growth.

According to the Journal of Family Medicine and Primary Care, the prevalence of varicose veins ranges from 10% to 60% of the global population. Varicose veins are a prevalent chronic venous condition that affects between 20% and 60% of persons worldwide. In the United States, the prevalence is over 4,500 cases per 100,000 people, and approximately 23% of adults have varicose veins. The incidence in Asia is 30% higher than in the West. The increased occurrence of small and bigger saphenous veins, reticular varicose veins, and vaginal region varicose veins has raised public awareness and education about varicose vein warning signs and the significance of timely treatment.

Moreover, technological advancements in devices, such as the availability of patient-friendly devices with increased efficiency and safety, fuel market growth. For instance, Medtronic’s VenaSeal closure system is a non-thermal, non-tumescent, and non-sclerosant procedure that uses an endogenously delivered medical adhesive to close the vein. This system eliminates the risk of nerve injury while treating small saphenous veins. Development of such devices will upsurge the adoption rate favoring the market growth. In addition, various organizations, such as the British Association of Sclerotherapies (BAS), undertake initiatives annually to raise awareness and encourage the adoption of various varicose veins treatments. An increasing number of approvals is also contributing to market growth.

Restraint:

The high cost of varicose veins treatment procedures, lack of trained vascular surgeons, and inconsistent reimbursement scenario are some of the factors by which market is expected to get hampered in the forecast period.

COVID-19 Impact Analysis

The COVID-19 epidemic is expected to impact the industry significantly as healthcare professionals' attention has shifted to treating COVID-19-infected individuals. During the COVID-19 lockdown, the national health services and private hospitals stopped treating persons with varicose veins and associated problems. The number of varicose vein procedures has declined dramatically due to a lack of anesthetic sessions, with anesthetists concerned with emergency cases, both COVID and non-COVID. As a result, most interventions for treating varicose veins are reserved and delayed during the pandemic, likely impacting the investigated market's growth substantially. Furthermore, clinics and hospitals have resumed non-emergency services and backlogged varicose vein treatments. Thus, from the above factors, the market got affected. However, the situation is expected to improve gradually in the forecast period.

Segment Analysis

Injection Sclerotherapy segment is estimated to hold the largest market share in varicose veins treatment market.

The injection sclerotherapy segment accounted for the largest market share in 2021. The segment benefits because sclerotherapy is a non-surgical technique used to treat spider and varicose veins. The troublesome veins are not cut out or eliminated during open surgery. A sclerosant solution is instead injected into the veins. This solution causes swelling, which seals off the veins and prevents blood from flowing through them.

Consequently, blood is diverted through healthy veins, and the body finally absorbs the discolored, bulging veins. Moreover, it has an easy recovery period, and sclerotherapy injections are precise and have minimal side effects. In addition, due to the increased market value of sclerotherapy, the Sclerotherapy Injection will also generate large revenue in the forecast period. Sclerotherapy Injection does not require any sedation or prolonged hospital stay. Sclerotherapy procedure involves simple follow-up treatments and has favorable reimbursement policies. Therefore, it has increased the demand for injection sclerotherapy. Thus, from the above statements, the market segment accounted for the largest market share in the forecast period.

Geographical Analysis

North America region holds the largest market share in the global varicose veins treatment market

North America accounted for the largest market share in 2021. The increasing prevalence of varicose veins, leading varicose vein treatment product manufacturers are constantly concentrating on increasing their product portfolios through new product releases and approvals, and favorable reimbursement in the region are the factors to drive the market in the forecast period. For instance, according to the Chicago Vein Institute, more than 40 million people in the United States have varicose veins. During the projection period, this will continue to drive demand for varicose vein treatments in the country.

Moreover, Venclose Inc., a company focusing on innovative treatment approaches for venous reflux problems, gained FDA approval for a new radiofrequency ablation catheter, Venclose Maven, in October 2021. This catheter is used to treat incompetent perforated veins invasively. Therefore, it has increased the adoption of varicose veins devices. Thus, from the above statements, the North American region accounted for the largest market share in the forecast period.

Competitive Landscape

Major key players in the varicose veins treatment market are Medtronic Plc, AngioDynamics, Inc., Lumenis, Teleflex Incorporated, Quanta System (El.en.), Boston Scientific Corporation (BTG International Inc.), DJO, LLC (Enovis Corporation), Miravas (IPSA Group), Mylan N.V. (Viatris, Inc.) and SIGVARIS Group.

Medtronic Plc:

Overview:

Medtronic Plc. is a medical technology company that engages in developing, manufacturing, distributing, and selling device-based medical therapies and services. The Company operates in four segments: Cardiac and Vascular Group, Restorative Therapies Group, Minimally Invasive Technologies Group and Diabetes Group. Medtronic develops and manufactures devices and therapies to treat more than 30 chronic diseases, including heart failure, Parkinson's disease, urinary incontinence, Down syndrome, obesity, chronic pain, spinal disorders, and diabetes. The Restorative Therapies Group contains divisions of Spine, Brain, Specialty Therapies, and Pain Therapies. The Minimally Invasive Technologies Group segment comprises Surgical Innovations and Respiratory, Gastrointestinal, and Renal divisions. Medtronic operates in more than 150 countries. It has more than 53,000 patents.

Product Portfolio:

VenaSeal system: The VenaSeal system delivers a small amount of a specially formulated medical adhesive to seal — or close — the diseased vein, rerouting blood to nearby healthy veins, which provides symptom relief.

The global varicose veins treatment market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.