Global Varicose Veins Treatment Market Size- 2020-2027

Global Varicose Veins Treatment Market Size- 2020-2027

Global Varicose Veins Treatment Market is segmented By Treatment Type (Surgical Treatments, Non-Surgical Treatments), By Product Type (Ablation Devices, Sclerotherapy Injection, Venous Closure Products, Others), By End User (Hospitals, Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2020-2027

Market Overview
The global varicose veins treatment market was worth USD 384.6 million in 2020 and is forecasted to reach USD 596.2 million by 2027, at a CAGR of 6.30% during the forecast period.
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 the ineffective blood flow in the lower limbs. Varicose veins affect millions of people all around the world and cause swelling, aching, and pain in legs. In severe cases, the vein might rupture and can cause ulcers. Symptoms of varicose veins usually appear in the lower limbs of the body around the age of 40. According to the American Society of Vascular surgery, in 2017, around 25 million Americans were suffering from varicose veins, among them, 19% were men, and 35% were women. Prevalence of varicose veins is higher in women and more common in older women. Pregnant women and women taking menopausal hormone therapy are more prone to the disorder. According to the World Health Organization (WHO), women have twice the risk of having varicose veins when compared to men.
Available treatments for varicose veins have improved in the last few years. Most of the 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.
Technological advancements include new treatment procedures that are less-invasive due to the risk of infections associated with invasive surgeries. Surgery in case of the varicose veins has been largely replaced by noninvasive options. In addition to the risk of infection, noninvasive methods also involve minimum hospital stays, thus saving time and cost. More surgeons are adopting foam sclerotherapy, endovenous laser treatment, and radiofrequency ablation over conventional surgical practices. Technological advancement in devices such as availability of patient-friendly devices with increased efficiency and safety fuel the market growth. For instance, Medtronic’s VenaSeal closure system is a non-thermal, non-tumescent as well as non-sclerosant procedure that uses a medical adhesive that is endovenously delivered to close the vein. This system eliminates the risk of nerve injury during the treatment of small saphenous vein. Development of such devices will upsurge the adoption rate favoring market growth.
Various organizations such as the British Association of Sclerotherapies (BAS) undertake initiatives annually for raising awareness and encouraging adoption of various varicose veins treatments. An increasing number of approvals is also contributing to the market growth.
The high cost of varicose veins treatment procedures, lack of trained vascular surgeons, and inconsistent reimbursement scenario are going to restrain the market in the forecast period.
Market Segmentation
The global varicose veins treatment market is segmented by treatment type as Surgical Treatments and Non-Surgical Treatments. Surgical Treatments are further segmented as Endoscopic Vein Surgery, Ambulatory Phlebectomy and Vein Stripping and Ligation. Non-Surgical Treatments are sub-segmented as Sclerotherapy, Laser Surgery, and Endovenous Ablation Therapy. By product, the market is segmented as Ablation Devices, Sclerotherapy Injection, Venous Closure Products, and Others, Ablation Devices are further bifurcated into Radiofrequency Ablation Devices and Laser Ablation Devices, and by the end-user, the market is segmented into Hospitals, Clinics, and Ambulatory Centers.
By treatment, type Sclerotherapy is expected to account for the largest market share during the forecast period. Sclerotherapy is a non-invasive technique in which a foam Sodium Tetradecyl Sulfate (STS) is injected in the veins. STS has innovated the treatment and provides long-term success. The procedure is painless as it does not involves cutting of veins. Sclerotherapy does not require a hospital stay, and the patient can be discharged the same day of the procedure. Hence the recovery is fast. In 2016, around 400,000 people underwent sclerotherapy procedures in the U.S. In the U.S.; medical coverage is given to patients who undergo sclerotherapy treatment. Insurance coverage is expected to increase the adoption of sclerotherapy in the period of forecast.
Due to the increase in the market value of Sclerotherapy, the Sclerotherapy Injection will also generate large revenue in the period of forecast. Use of Sclerotherapy Injection includes less bruising and scarring. It does not require any sedation and prolonged hospital stay. Sclerotherapy procedure involves simple follow-up treatments and has positive reimbursement policies.
Geographical Analysis
Geographically, the global varicose veins treatment market is divided into North America, Europe, South America, Asia-Pacific, and the Middle East and Africa.
North America region has a dominant position in the market due to high disposable income, advanced healthcare infrastructure, and introduction of advanced technology. In May 2016, Navarro, a pharmacy chain located in Miami, Florida, opened a vein center to educate the community about chronic venous insufficiency and varicose veins and the proper treatment for this condition. According to the Centre for Disease Control and Prevention (CDC), around 30 million Americans suffer from varicose veins each year, and less than 10% of the population seeks treatment. In the U.S., the Society for Vascular Surgery created clinical care guidelines together with American Venous Forum in 2018 for the treatment of varicose veins. These guidelines are based on the grading system and offer recommendations for the management of chronic venous diseases. In the U.S., Medicare provides coverage to the patients undergoing sclerotherapy treatment for varicose veins, which helps in increasing the adoption by the care providers and patients.
Asia-Pacific is expected to grow at the highest CAGR over the period of forecast due to high population base, development in healthcare infrastructure, and increase in the geriatric population. According to the Journal of Evolution of Medical and Dental Sciences (JEMDS), the prevalence of varicose veins accounted for around 10% in India. However, the insurance companies in the region do not cover the entire expenses of a surgery which pays additional burden on patients. The high percentage of the elderly population in developing countries such as China and Japan is largely responsible for the rising prevalence of varicose veins in the Asia Pacific region. According to population data by United Nations, Japan had the world’s most aged population in 2017, 33% of the total population was aged 60 or over, and it is projected to remain so through 2050. The elderly population is more prone to the development of varicose veins. Aging affects the structure and functions of the veins, and over the age of 50, one out of every two people are affected by varicose vein.
Competitive Analysis
Some of the major key players in the market are Medtronic, Lumenis, Alma Lasers Ltd., Angiodynamics, Inc., Biolitec AG, BTG PLC, Energist Ltd., Sciton Inc., WONTECH Co., Ltd., and Syneron. In the varicose veins treatment market, Medtronic plc holds the leadership position due to production capacity expansion, brand portfolio expansion, mergers, collaborations, and acquisitions. Most of the other prominent players in the market too are focusing on novel product launchesa and other strategic consolidations.
In April 2019, Biolitec launched FUSION® technology that with combination with the lasers of the LEONARDO® DUAL series launched an optimal safety concept in minimally invasive laser therapy.
In September 2018, BTG plc acquired Novate medical ltd, a medical device manufacturer. BTG plc paid $20 million in cash and it might be required to pay additional cash up to $130 million if few commercial and sales related milestones are met.
In April 2018, Biolitec launched LEONARDO® DUAL medical laser system for medical laser treatments of varicose veins.
In March 2018, Medtronic launched an Investigation Device Exemption (IDE) study to determine the effectiveness and safety of the Abre venous self-expanding stent system to be used in the treatment of deep venous diseases. Around 200 subjects enrolled in this study across 35 locations throughout the U.S. and Europe.
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Target Audience
Medical device companies
Hospitals and clinics
Research and consulting firms
Healthcare associations/institutes
Venture capitalists
Government agencies