NEW YORK, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Varicose Veins Treatment Market Size, Share, Growth Analysis Report By End-Users (Ambulatory Surgical Services, Hospitals, and Specialized Clinics), By Product (Endovenous Laser Fibers, Endovenous Laser Systems, and Treatment Method), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” in its research database.
“According to Facts and Factors, the global varicose veins treatment market size was worth around USD 672 million in 2021 and is predicted to grow to around USD 1450 million by 2030 with a compound annual growth rate (CAGR) of roughly 6.86% between 2022 and 2030.”
Varicose Veins Treatment Market Overview:
Varicose veins are also known as varicosities or varicose. The medical condition is caused when the veins become dilated, enlarged, or become overfilled with blood. Varicose veins appear raised and swollen. They may sometimes be painful. Varicose veins are an extremely common condition generally affecting the female section of the population. When veins stop functioning properly, varicose veins appear. Initial and common symptoms of the condition include misshapen veins which are extremely visible and generally appear on the legs.
Although most of the cases are harmless, in certain situations, varicose veins can form ulcers and bleed. During diagnosis, the doctors generally examine the legs and veins when the patient is standing or sitting. They also check up on any associated pain that the patient may be suffering from. A venogram is used for further assessment depending on the location. During this process, a special dye is injected into the legs which are further studied through X-ray.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 672 Million |
| Projected Market Size in 2030 | USD 1450 Million |
| CAGR Growth Rate | 6.86% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2030 |
| Key Market Players | WONTECH Co. Ltd., I-VASC, Dornier Medtech GmbH, Energist Ltd, LSO Medical, Alma Lasers Ltd., and others. |
| Key Segment | By End-Users, Product, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
Key Insights from Primary Research
- As per the analysis, the varicose veins treatment market is likely to grow above a CAGR of around 6.86% between 2022 and 2030.
- The Varicose Veins Treatment market size was worth around US$ 672 million in 2021 and is estimated to hit approximately US$ 1450 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The market is projected to grow at a significant rate due to the growing number of patients suffering from the condition
- Based on product segmentation, endovenous laser systems were predicted to show maximum market share in the year 2021
- Based on end-users segmentation, specialized clinics were the leading users in 2021
- On the basis of region, North America was the leading revenue generator in 2021
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Industry Growth Drivers
The global varicose veins treatment market is projected to grow due to the increasing number of cosmetic surgeries conducted around the world. In certain cases, varicose veins are operated on for medical reasons while in some situations the operation may be purely cosmetic-related, which is to enhance the overall physical appearance of the person.
The demand for the procedures has witnessed unprecedented growth in recent times due to higher accessibility to medical treatment as well as growing awareness related to the problem. The global market could benefit from the rise in smooth and patient-friendly options present in the market that allow the treatment of varicose veins.
The elderly population and pregnant women are at high risk. Varicose vein is known to become more prominent with age and as per data posted on the Cleveland Clinic, around 30 to 50% of the adult population suffers from the condition. As the geriatric population grows, the higher will be the chances of people contracting the disease, further propelling global market demand.
Restraints
The major reason that could potentially limit the global market expansion is the high cost of surgical removal of varicose veins. Although there are several non-operative methods that can be employed to treat the condition, the efficiency of these methods remains questionable depending on the intensity of the varicose veins and associated symptoms. Operative procedures may cost a few hundred dollars which means that not every patient may be able to afford to undergo a relatively better treatment plan.
Opportunities & Challenges
The growing strategic actions by market players could provide higher growth opportunities while the lack of healthcare accessibility may act as a major challenge.
Varicose Veins Treatment Market: Segmentation Analysis
The global varicose veins treatment market is segmented based on end-user, product, and region
Based on end-users, the global market is divided into ambulatory surgical services, hospitals, and specialized clinics. In 2021, the global market was dominated by the specialized clinics segment due to the high influx of patients and surging number of successful surgeries. People living with varicose veins sometimes undergo treatment for cosmetic reasons which may not be directly connected to medical concerns.
Such operations are carried out in specialized settings as they are well-equipped with knowledge and other necessary resources. Cosmetic sclerotherapy is the most widely used method to remove small spider veins painlessly and in less time. The outpatient procedure lasts for around 30 to 45 minutes and the patient may suffer from a mild burning sensation that lasts for a few minutes.
Based on product, the global market is divided into endovenous laser fibers, endovenous laser systems, and treatment methods. In 2021, the global market generated the highest revenue from endovenous laser systems due to its high dominance over the global market share. Over 52% of the total revenue was from endovenous laser systems driven by the high popularity and success rate of the non-invasive procedures. Endovenous Laser Ablation or EVLA is similar to Endovenous radiofrequency ablation but more advanced and effective.
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Regional Analysis:
North America is projected to lead the global varicose veins treatment owing to the rise in the number of patients undergoing cosmetic surgery. As per official data, the US records more than 15 million cosmetic procedures every year out of which 13 million are minimally invasive surgeries. The regional growth may also be driven by the increasing elderly population in the country which currently stands at 56 million as per the U.S. Census Bureau.
Future predictions state that nearly 73.1 million people in the country will fall in the geriatric population segment. Europe is anticipated to register a high CAGR driven by the presence of some of the key market players in the pharmaceutical industry as well as the increasing number of people suffering from varicose veins and the excellent medical infrastructure of the region.
Competitive Players
The report contains qualitative and quantitative research on the global Varicose Veins Treatment Market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Varicose Veins Treatment market include;
- WONTECH Co. Ltd
- I-VASC
- Dornier Medtech GmbH
- Energist Ltd
- LSO Medical
- Alma Lasers Ltd.
- and More..
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Recent Industry Developments:
- In April 2022, Theraclion, a leading service provider in the varicose veins treatment market, announced that it had treated its 1000th patient using SONOVEIN®, a non-invasive technology developed by the company for treating varicose veins
- In July 2022, A research study published by Oxford scholars established an important genetic risk score that can predict the possibility of a patient with varicose veins requiring surgery
The global varicose veins treatment market is segmented as follows:
By End-Users
- Ambulatory Surgical Services
- Hospitals
- Specialized Clinics
By Product
- Endovenous Laser Fibers
- Endovenous Laser Systems
- Treatment Method
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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