Varicose Veins Treatment Devices Market Scope 2031
The Varicose Veins Treatment Devices Market size was estimated to be US$ 730.09 million in 2021 and US$ XX million in 2023 and is expected to reach US$ 1755.38 million by 2031; it is estimated to record a CAGR of 9.2% in till 2031. Veins twisted or enlarged underneath the skin are termed varicose veins. Varicose veins are also known as varicoses or varicosities. Varicose veins are a common medical condition caused by obstructed blood flow. For some patients, varicose veins may only be a cosmetic concern, but for others, it may cause aching legs and discomfort, sometimes leading to more serious health problems. Some potential risk factors for varicose veins include age, pregnancy, obesity, and family history. There is a wide range of treatment options available for varicose veins. The minimally invasive treatment options include endoscopic vein surgery, sclerotherapy, endovenous ablation therapy, laser surgery, and micro sclerotherapy. Rising demand for minimally invasive procedures and technological developments are likely to remain key Varicose Veins Treatment Devices Market trends.
Varicose Veins Treatment Devices Market Analysis
The aged population is more prone to developing varicose veins. Thus, the increasing aging population across the globe is likely to increase the demand for varicose veins treatment devices. As per World Economic Forum, Europe has the largest percentage of population aging more than 60 or above (30%) in 2022. The fast and rapid ageing is occurring in other parts of the world as well, so that by 2050 all regions of the world except Africa will have nearly a quarter or more of their populations at ages 60 and above. The number of older persons in the world is anticipated to be US$ 1.4 billion in 2030 and US$ 2.1 billion in 2050 and will rise above US$ 3.1 billion in 2100. Such a factor is driving the growth of varicose veins treatment devices market.
Varicose Veins Treatment Devices Market Overview
A laser is a device that sends a thin beam of radiation in the form of light. Laser surgery closes and shrinks the varicose vein and causes scar tissue within the vessel. This seals off the vein.
Global varicose veins treatment devices market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In North America, the US is the largest market for varicose veins treatment devices. The growth in North America is characterized by increase in the demand of innovative products and the presence of key market players. In addition, continuous technological advancements are further expected to stimulate the growth of varicose veins treatment devices market in North America.
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Varicose Veins Treatment Devices Market: Strategic Insights
Market Size Value in US$ 512.6 Million in 2017 Market Size Value by US$ 1032.4 Million by 2025 Growth rate CAGR of 9.6% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Varicose Veins Treatment Devices Market: Strategic Insights
| Market Size Value in | US$ 512.6 Million in 2017 |
| Market Size Value by | US$ 1032.4 Million by 2025 |
| Growth rate | CAGR of 9.6% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Varicose Veins Treatment Devices Market Drivers and Opportunities
Increasing Incidence of Chronic Venous Diseases
Chronic venous diseases (CVD) are a group of chronic conditions caused by veins that become abnormal or diseased. The problems included in chronic venous diseases majorly include varicose veins, spider veins, leg swelling and pain, leg ulcers, Phlebitis, and others. Varicose veins are highly prevalent among adults, generating a sustainable burden of global healthcare spending. The increasing incidence of venous diseases such as varicose veins can thus increase the growth of the global varicose veins treatment market. According to the American Venous Forum, approximately 23% of adults in the United States suffer from varicose veins. That is, over 40 million people in the US are affected by varicose veins. More people cannot work due to vein disorders than arterial disease. As per the survey report published by Sigvaris, over 30% of women and about 10% of men consult physicians for venous signs and symptoms of the legs in industrialized countries.
The US is a leading industrialized country with a significant population suffering from venous disorders, particularly varicose veins. The National Institutes of Health states that approximately 60% of men and women suffer from some vein disorder at some point in their lives. According to the Society for Vascular Surgery (SVS), varicose veins can occur in any person, which has led to 35% of the people in the United States living with the condition. The SVS also reports that women with children and obese people in the US are at a higher risk. The prevalence of the disease is also found at larger percentages in other North American countries, including Canada and Mexico. For instance, according to the Canadian Society for Vascular Surgery, the condition is common and can be found in up to 20% of the adult population in Canada. Asia Pacific, on the other hand, also has a significant population suffering from the disease. According to a research survey published in Biomedical Research Journal, varicose veins are significantly prevalent in China. In Shanghai, Anhui, Shandong, and other nearby geographies, its incidence in individuals over 15 years old is 9.26%, and in those over 40 is 16.38%. Moreover, according to the Fudan University Shanghai, varicose veins significantly affect quality of life, with involvement as high as 10% to 40% of the population in China. With the increase in the aging population and the prevalence of obesity and other lifestyle problems, the prevalence of varicose veins will likely multiply in the coming years. This need is likely to drive the varicose veins treatment devices market during the forecast period.
Technological Advancements – An Opportunity of Varicose Veins Treatment Devices Market
Emerging endovenous therapies, including endovenous laser ablation (EVLA), radiofrequency ablation (RFA), steam vein sclerosis (SVS), and endovenous microwave ablation (EMWA), have demonstrated comparable efficacy to surgery in treating varicose veins. Thus, due to the technological advancements the varicose veins treatment devices market is expected to grow at rapid pace during the forecast period. For example, in March 2021, 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 disease. Around 200 subjects have been enrolled in this study across 35 locations across the U.S. and European region.
Such advancements in recent years is likely to generate attractive growth opportunity for the varicose veins treatment devices market.
Varicose Veins Treatment Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Varicose Veins Treatment Devices Market analysis are product and treatment.
- The product segment of the varicose veins treatment devices market is segmented into ablation devices and surgical instruments market. Ablation devices were the largest product segment in the varicose veins treatment devices market in 2023 and are also anticipated to hold the largest market share by 2031. The ablation devices segment is also the fastest-growing segment and is accounted to grow at the CAGR over the forecast years. Ablation refers to removing a part of biological tissue, usually through minimally invasive surgery. The procedure can be carried out with the help of chemicals, freezing, lasers, heat, or electricity. Ablation is one of the most recommended and trending techniques used to treat varicose veins after the failure of primary care and first-line treatment. Thus, the rising demand for ablation devices drives the growth of the varicose veins treatment devices market size.
- Based on the treatment, the global market was segmented into injection sclerotherapy, endovenous ablation, and surgical ligation. In 2023, the endovenous ablation segment, by treatment, held the largest market share. However, based on the growth rate, the sclerotherapy segment is expected to witness the fastest growth rate among the treatment segment in the global varicose veins treatment devices market as the ultrasound-based foam sclerotherapy is a relatively new technique that is minimally invasive and offers several advantages minimizing patient discomfort.
Varicose Veins Treatment Devices Market Share Analysis by Geography
The geographic scope of the Varicose Veins Treatment Devices Market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South America/South & Central America.
North America dominated the varicose veins treatment devices market share. The North America varicose veins treatment devices market has been segmented into US, Canada, and Mexico. The US holds the largest share of the North American varicose veins treatment devices market. The increasing number of varicose veins procedures in the US will likely drive the US hair transplant procedure market. US exhibits a leading position in the global market scenario owing to the advanced treatment options available in the country that helps to treat the condition. Several universities and private and public research organizations are undertaking studies to reform and make significant advancements in treating varicose veins. The treatment options focus on offering care quickly with efficient results. For instance, the Maryland Vein Professionals with the new VNUS Fastcath treat patients suffering from varicose veins in less than 2 minutes. The growth in the US is also supported by the launch of new and innovative products launched in the market by various market players for the treatment of varicose veins. Thus, the growing number of innovative treatment procedures will likely contribute to the growth of the U.S. varicose veins treatment devices market size.
Varicose Veins Treatment Devices Market Report Scope
Varicose Veins Treatment Devices Market News and Recent Developments
The Varicose Veins Treatment Devices Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Varicose Veins Treatment Devices and strategies:
- In September 2023, a company named VVT Medical announced that FDA has cleared its ScleroSafe platform, which delivers endovenous chemical ablation to treat superficial varicose veins. The company has already received approval for ScleroSafe in multiple regions, including Europe, Australia, Southeast Asia, and South America. (Source: Drug Delivery Business News, Press Release, 2023)
Varicose Veins Treatment Devices Market Report Coverage and Deliverables
The “Varicose Veins Treatment Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product , Treatment , End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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