New York, June 20, 2023 (GLOBE NEWSWIRE) --
The varicose vein treatment market is estimated to grow at a CAGR of ~9.9% over the forecast period. The market is estimated to garner a revenue of nearly USD 4 billion by the end of 2035, up from a revenue of about USD 1 billion in the year 2022. The increasing prevalence of varicose veins is one of the major growth drivers for this global market. Varicose veins are a common medical condition, and their prevalence is rising globally. According to the American Heart Association, about 23% of adults in the United States have varicose veins. The increasing aging population and sedentary lifestyles contribute to the higher incidence of varicose veins. Advancements in medical technology have led to the development of minimally invasive and non-invasive treatment options for varicose veins. These advanced procedures offer improved efficacy, reduced pain, and faster recovery times compared to traditional surgical methods.
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Global Varicose Vein Treatment Market: Key Takeaways
- Market in North America to propel the highest growth
- The ablation devices segment to garner the highest growth
- Market in Asia Pacific to grow at the highest rate
Increasing Preference for Minimally Invasive Treatment Procedures across the Globe to Boost Market Growth
In recent years, the demand for minimally invasive procedures has increased significantly due to their faster recovery time and lower risk compared to other surgical procedures. On January 1, 2022, an investigation was conducted to understand the clinical effectiveness of radiofrequency ablation for the treatment of varicose veins in patients. The researchers' results assume that the intraoperative blood loss was significantly lower and clinically effective. The market is being driven by advances in patient compliance through sustainability and safety techniques to manage a high burden of varicose vein incidents and improved access to medical devices. related to this disease. Public awareness of varicose veins and their possible complications has increased significantly. Patients are now better informed and seeking treatment earlier, increasing demand for varicose vein treatment procedures. The increase in healthcare spending around the world has increased access to varicose vein treatments. Governments and private healthcare organizations invest in the development of healthcare infrastructure, thereby promoting market growth.
Varicose Vein Treatment Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Healthcare Industry to Drive the Market Growth in North America Region
The varicose vein treatment market in the North American region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to increasing prevalence and awareness. Varicose veins are highly prevalent in North America, and the awareness of this condition among the population is growing. According to the Society for Vascular Surgery, around 20-25 million Americans are affected by varicose veins. The prevalence is even higher in women, affecting approximately 55% of women and 45% of men. Technological advancements in varicose vein treatment options have gained momentum in North America. Minimally invasive procedures such as endovenous laser treatment (EVLT), radiofrequency ablation (RFA), and sclerotherapy are increasingly being used as preferred treatment options due to their effectiveness, shorter recovery time, and reduced risk of complications.
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Growing Cancer Cases to Propel the Growth in the Asia Pacific Region
The market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to the large and aging population. The Asia Pacific region has a large population, including a significant aging population. Aging is a risk factor for varicose veins, and as the population ages, the prevalence of varicose veins increases. This demographic trend drives the demand for varicose vein treatment in the region. According to the United Nations, Asia is home to more than 60% of the world's population, with countries like China and India having the highest populations in the region. The Asia Pacific region has witnessed significant economic growth, resulting in increased disposable income among the population. As disposable income rises, individuals are more likely to spend on healthcare, including varicose vein treatments, thereby driving market growth. The Asia Pacific region is becoming a popular destination for medical tourism, including varicose vein treatments. Countries like India, Thailand, and South Korea offer advanced medical facilities, skilled healthcare professionals, and cost-effective treatment options. Medical tourists seeking varicose vein treatments contribute to the market growth.
Varicose Vein Treatment Segmentation by Product
- Ablation Devices
- Sclerotherapy Injection
- Others
Amongst these three segments, the ablation devices segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to the rising prevalence of varicose veins. The increasing prevalence of varicose veins is driving the demand for effective treatment options, including ablation devices. According to a study published in the Journal of Vascular Surgery: Venous and Lymphatic Disorders, the prevalence of varicose veins ranges from 10% to 30% globally, highlighting the need for treatment options like ablation devices. Governments and insurance providers in various countries have recognized the clinical efficacy and cost-effectiveness of ablation techniques and provided reimbursement for these procedures. For instance, the Centers for Medicare and Medicaid Services (CMS) in the United States provide coverage for endovenous ablation procedures for symptomatic varicose veins.
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Varicose Vein Treatment Market, Segmentation by Procedure
- Injection Sclerotherapy
- Endovenous Ablation
- Surgical Ligation
Amongst these three segments, the injection sclerotherapy segment is anticipated to hold a significant share over the forecast period. The benefits of this treatment, including less bruising and scarring, no anesthesia, shorter hospital stays, simpler follow-up procedures, and favorable reimbursement policies, are the main reasons it dominates the market share. In addition, patients in the US who received sclerotherapy injections may be covered by Medicare. Several organizations run campaigns each year to raise awareness and use different treatment methods. As a result, this is expected to create numerous opportunities for segment growth. According to a study published in the International Journal of Surgery, injection sclerotherapy is considered the treatment of choice for smaller varicose veins and spider veins due to its safety and efficacy. Injection sclerotherapy is a non-invasive procedure that involves injecting a sclerosant solution directly into the varicose veins to close and shrink them. This procedure is relatively simple, cost-effective, and does not require anesthesia or hospitalization.
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