Varicose Veins Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Varicose Veins Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The varicose veins treatment market is expected to register a CAGR of 6.0% over the forecast period.

The outbreak of COVID-19 is expected to impact the market negatively, as the focus of healthcare professionals has been shifted toward the treatment of COVID-19-infected patients. Thus, the treatment of non-emergency medical conditions was given lesser priority. Also, the geriatric population and people with co-morbid conditions are generally prone to develop venous diseases, such as varicose veins. This population is also at higher risk of being infected by the SARS-CoV-2 virus. Hence, most of the interventions related to the treatment of varicose veins are reserved and deferred during the pandemic, which is expected to significantly impact the growth of the studied market.

The market for the treatment of varicose veins is majorly driven by factors such as the growing preference of the general population for minimally-invasive surgeries, the rising geriatric population, and the technological advancements in the devices used for this treatment.

According to a research article published in BMC Nursing (2020), varicose veins are considered one of the most common chronic venous disorders, affecting 20-60% of all adults globally. Additionally, nearly 42% of the teachers who participated in a research study published in the Journal of Family Medicine and Primary Care (2020) were diagnosed with varicose veins in Abha, Saudi Arabia. Obesity, particularly among women, prolonged standing hours at work, and smoking, are some of the significant risk factors associated with the development of varicose veins. Additionally, varicose veins are observed to be diagnosed during pregnancies due to the enlargement of the gravid uterus, which results in hypertension and distension in the lower-extremity veins and an increase in hormone secretion, leading to the weakening of the venous walls. According to the research article published in the Egyptian Family Medicine Journal in 2020, the prevalence of varicose veins among women was found to be 51.1% in the El-Nahda center in the El-Salam medical area in Cairo, Egypt. Thus, the growing incidence of varicose veins worldwide is predicted to aid in the growth of the studied market in the coming years.

With technological advancements and the growing focus on improvising the healthcare system, the market is expected to witness steady growth over the forecast period. However, the high costs and risks associated with the procedures involved in vein surgeries are expected to hinder the market.

Key Market TrendsLaser Ablation Devices Expected to Witness Considerable Growth

Laser ablation treatment does not involve lengthy hospital stays or discomfort during the recovery process, which provides significant benefits to the patients who are treated for varicose veins. With the help of novel technologies and advancements in research activities by the key players in the studied market, there has been increased adoption of lasers in the treatment of varicose veins.

Laser ablation technology enables doctors to close smaller varicose veins and spider veins. This treatment involves emitting strong bursts of light onto the vein, making the affected veins disappear or fade. The use of laser treatment is increasing in the developed nations due to the increasing healthcare expenditure and the growing inclination toward non-invasive procedures. According to a research study published in the American Family Physician Journal in 2020, laser ablation therapy was cost-effective and the preferred initial treatment for symptomatic varicose veins having a diameter of at least 3 mm, with evidence of saphenous vein reflux. Also, there is intense competition among the local manufacturers of varicose vein lasers. With the upcoming advancements in lasers and the ease of treatment provided by the same, it is expected that the segment will grow in the future.

Furthermore, laser devices are used widely to treat diseases such as peripheral arterial disease (PAD), which is a risk factor for the occurrence of varicose veins. Hence, the prevalence of PAD is observed to be affecting the growth of laser devices for varicose veins positively.

Thus, owing to the aforementioned factors, the laser ablation devices market is expected to register healthy growth over the forecast period.

North America Expected to Dominate the Market

North America holds the largest share of the market studied, and this trend is expected to continue over the forecast period. The major factors contributing to the growth of the varicose veins treatment market in North America include the well-developed healthcare systems in countries such as the United States and the presence of major players, which allows the higher availability of products in the market. Furthermore, due to the favorable reimbursement scenario, the people in the United States can access this treatment at an affordable cost.

The rising prevalence of varicose veins is another factor propelling the growth of the market studied. As per the Department of Surgery, University of Wisconsin School of Medicine and Public Health (2018), 1 in 4 adults were diagnosed with varicose veins in the United States. This incidence increased to 1 in 2 in people aged above 50 years. Thus, the increasing burden of varicose veins in the American population is expected to drive the studied market in the North American region over the forecast period.

Competitive Landscape

The market for varicose vein treatment is moderately competitive and comprises mostly local players. A few international companies are present, but the local companies in different geographies majorly control the overall market. With the growing medical devices market, it is predicted that more companies will penetrate the market studied and hold substantial shares over the forecast period. The major players of the market include Medtronic plc, AngioDynamics Inc., Teleflex incorporated, Lumenis, Quanta System, Biolitec AG, Syneron Medical Ltd, and Vascular Solutions Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Candela Medical (Syneron Medical Ltd)
Medtronic PLC
Boston Scientific (Lumenis Corporation)
El. En SpA Group (Quanta System)
Teleflex Incorporated
Eufoton SRL
Biolitec AG (BioMed Technology Holdings Ltd)
AngioDynamics Inc.
Alma Lasers Ltd
Sciton Inc.
Won Tech Co. Ltd
Dornier MedTech GmbH

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