Newark, NJ, Feb. 28, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global varicose vein treatment market is expected to grow from USD 231.05 Million in 2017 to USD 348.67 Million by 2025 at a CAGR of 7.21% during the forecast period 2018-2025.
Reduced trauma & better exposure to the site of application, prevalence towards less-invasive treatment procedures, risk factors affecting to varicose vein treatment, technologically advanced devices and increasing geriatric population are the factors fuelling the varicose vein treatment market.
Varicose veins form in the leg owing to blood flow in the opposite direction that produces extreme pressure in the already blocked veins. These veins can lead to ulceration, swelling & venous eczema and can considerably hinder quality of life. These treatment uses radiofrequency or laser technology to seal varicose veins in the legs. For instance, in 2018, Medtronic launched the Investigation Device Exemption (IDE) study to determine the effectiveness and safety of the Abre venous self-expanding stent system. These systems would be used in the treatment of deep venous diseases.
Decrease in painful experience and better acquaintance to the site of application, popularity towards less-invasive treatment procedures, and risk factors affecting to varicose vein treatment are the key driving factors for the varicose vein treatment market. Besides, technologically advanced devices and increasing geriatric population will lead the growth of varicose vein treatment market in couple of years. The high technical costs & unpredictable reimbursement structure and risk associated with varicose veins treatment may limit the growth of market. However, demand for endovenous ablation treatment devices is expected to boost the varicose vein treatment market over the forecast period.
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Key players operating in the global varicose vein treatment market include Medtronic, BTG International Ltd., Merz Pharma GmbH & Co. KGaA, B.Braun Melsungen AG, AngioDynamics, Syneron Medical Ltd., LUMENIS, Teleflex Incorporated, Quanta System S.p.A, Sciton, Inc., Fotona d.o.o., LeMaitre Vascular, Inc., Chemische Fabrik Kreussler & Co. GmbH, Energist Ltd., Eufoton srl, Accuron Technologies Limited, Grocare India, Alma Lasers and The Vein Company among others. To enhance their market position in the global varicose vein treatment market, major market players are witnessed adopting organic as well as (new product launches) as well as inorganic growth strategies (acquisitions and agreements) to expand their market shares and positions, the new product launch is the most-noticeable growth strategy practised by majority of market players. Many market players also following the strategy of strategic acquisitions to reinforce their market positions and enhance their R&D capabilities.
- For instance, in 2017, Teleflex acquired Vascular Solutions, Inc. This acquisition has expanded Teleflex’s vascular and interventional access product portfolio.
- Key players are offering greater opportunities and continuously focused on new product developments and venture capital investments to obtain market share. For instance, in July 2019, Medtronic announced that they have launched the VenaSeal closure system in India for patients with chronic venous disease. VenaSeal is used in a minimally invasive procedure that uses a patented medical adhesive to close the diseased veins. Using ultrasound, the physician guides a tube through a small access site in the leg and into the ailing area of the vein. Once in place, the physician directs the VenaSeal adhesive in segments and with manual compression, closes the vein. Blood is redirected through other healthy veins in the leg.
Sclerotherapy segment held highest market size around USD 88.12 million in 2017
Treatment mode segment is categorized into endovenous ablation, injection sclerotherapy, and surgical ligation/stripping. The endovenous ablation segment is further categorized into endovenous laser therapy and endovenous laser therapy. The sclerotherapy segment held highest market size around USD 88.12 million in 2017. The sclerotherapy treatment has advantages such as require less bruising & scarring, simple follow-up treatments, no need for sedation, and positive reimbursement policies.
Radiofrequency ablation devices segment dominated the global varicose vein treatment market held highest market share of 41.07% in 2017
Product segment is divided into ablation devices, venous closure products, and surgical products. The ablation devices segment is further categorized into radiofrequency ablation devices and laser ablation devices. The radiofrequency ablation devices dominated the global varicose vein treatment market held highest market share of 41.07% in 2017 as it is effective treatment for facet joints, avoids surgery, and immediate pain relief.
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Hospitals segment is expected to hold the largest share of 54.04% during the forecast period
End user segment includes hospitals and ambulatory clinics. The hospitals segment is expected to hold the largest share of 54.04% during the forecast period owing to increasing adoption of advanced treatment procedures and availability of varicose vein treatment.
Regional Segment Analysis of the Varicose Vein Treatment Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region held the largest market share of approximately 39.09% in 2017 where as the Asia Pacific region held the second dominant position in the global varicose vein treatment market. Increasing adoption of advanced treatment procedures, favourable government initiatives, presence of major players, and adoption of laser treatments, are factors that led to the growth of varicose vein treatment market in North America region. Asia Pacific is second fastest growing region due to the presence of huge ageing population, growing disposable income, and increasing awareness about varicose vein treatments.
About the report:
The global varicose vein treatment market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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