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Varicose Veins Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • ID: 4896016
  • Report
  • April 2021
  • Region: Global
  • 114 pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Alma Lasers Ltd
  • BTG International Ltd
  • Eufoton s.r.l.
  • Medtronic Plc
  • Sciton, Inc.
  • Teleflex Incorporated
The Varicose Veins Treatment Market is expected to grow with a CAGR of 6.0% over the forecast period.

The outbreak of the COVID-19 pandemic is expected to have a significant effect on the growth of the Varicose veins treatment market as the focus of the healthcare professionals has been shifted towards the treatment of COVID-19 infected patients and thus, non-emergency medical conditions were postponed during the COVID-19 pandemic. Also, the geriatric population and population with comorbid conditions are generally prone to develop venous diseases such as varicose veins and this population is also at higher risk of being infected with the SARS-CoV2 virus. Hence, most of the interventions related to the treatment of varicose veins are reserved and deferred during the COVID-19 pandemic, which is expected to have a significant impact on the growth of the studied market.

The market for 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 the research article published in BMC Nursing 2020, the Varicose vein is considered to be one of the common chronic venous disorders, affecting approximately 20 to 60 % of adults globally. Additionally, nearly 42% of the teachers who participated in the study were diagnosed with the varicose vein in Abha, Saudi Arabia as per the research study published in the Journal of Family Medicine and Primary Care, 2020. Obesity, particularly among women, prolonged standing hours at work, and smoking are some of the major risk factors for the development of varicose veins. Additionally, varicose veins are also observed to be diagnosed during pregnancy 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, 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 burden of the varicose veins among the varied population worldwide is predicted to aid in the growth of the studied market in the coming years.

Furthermore, with the technological advancements and growing focus on the improvised healthcare system, it is believed that the market will witness steady growth over the forecast period in most of the developing nations, along with developed nations. However, the high cost and risk associated with the procedures involved in vein surgeries are expected to hamper the market growth.

Key Market Trends

Laser Ablation Devices is Expected to Witness Considerable Growth Over the Forecast Period

Laser Ablation treatment does not include long hospital stays and discomfort during the recovery, which is a positive factor for the patients who are being treated for varicose veins. With the help of novel technologies and advancements in research activities by the key players of the studied market, there has been an increased adoption for the use of lasers in the treatment of varicose veins.

Laser ablation technology enables doctors to close the smaller varicose veins and spider veins. This treatment allows the strong bursts of light onto the vein making affected veins disappear or fade. The use of laser treatment is increasing across the developed nations as people due to the increasing healthcare expenditure and growing inclination towards non-invasive procedures. According to the research study published in American Family Physician Journal, 2020, laser ablation therapy was found to be cost-effective and preferred initial treatment for symptomatic varicose veins of at least 3 mm in diameter with evidence of saphenous vein reflux. Also, there is huge competition among the local laser manufacturers that are into the 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 also used widely for the treatment of diseases such as Peripheral Arterial Disease (PAD) which is a risk factor for the occurrence of varicose veins. Hence, it is indicated that the prevalence of PAD is also 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 Holds the Major Share in the Studied Market and is Expected to Dominate Over the Forecast Period

North America holds the largest share of the market studied and it is believed to follow the same trend over the forecast period. The major factors contributing to the growth of the Varicose veins treatment market in North America include the presence of the developed healthcare system in countries such as the United States and the presence of major players that allow easier product availability in the market. Furthermore, due to the favorable reimbursement scenario, people across the United States can get the treatment at an affordable cost.

Added to that, 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, nearly 1-4 adults are diagnosed with varicose veins in the United States and this is estimated to increase to 1 in 2, above the age of 50 years. Thus, the increasing burden of varicose veins in the American population is expected to drive the studied market growth in the North American region over the forecast period.

Competitive Landscape

The market for varicose vein treatment is moderately competitive and comprises most of the local players. There are few international companies that are into this business but the overall market is majorly controlled by the local companies in different geographies. With the growing medical devices market, it is believed that more companies will penetrate the market and hold a substantial share over the forecast period. The major players of the studied market comprise Medtronic plc, AngioDynamics, Inc, Teleflex incorporated, Lumenis, Quanta System, Biolitec AG, Syneron Medical Ltd, and Vascular Solutions Inc., among others.

Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
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Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Alma Lasers Ltd
  • BTG International Ltd
  • Eufoton s.r.l.
  • Medtronic Plc
  • Sciton, Inc.
  • Teleflex Incorporated
1 INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Preference of Minimally Invasive Surgeries
4.2.2 Technological Advancements in the Devices
4.2.3 Growing Geriatric Population
4.3 Market Restraints
4.3.1 High Cost of the Procedure
4.3.2 Risk Associated with the Vein Surgeries
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Treatment Type
5.1.1 Endovenous Ablation
5.1.2 Injection Sclerotherapy
5.1.3 Surgical Ligation/Stripping
5.2 By Product
5.2.1 Ablation Devices
5.2.1.1 Radiofrequency Ablation Devices
5.2.1.2 Laser Ablation Devices
5.2.2 Venous Closure Products
5.2.3 Surgical Products
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Syneron Medical Ltd.
6.1.2 Medtronic Plc
6.1.3 Lumenis Corporation
6.1.4 Quanta System (El.en.)
6.1.5 Teleflex Incorporated
6.1.6 Energist Ltd. (Energist Medical Group)
6.1.7 Eufoton s.r.l.
6.1.8 Biolitec AG (BioMed Technology Holdings Ltd)
6.1.9 AngioDynamics, Inc.
6.1.10 Vascular Solutions, Inc.
6.1.11 Alma Lasers Ltd
6.1.12 BTG International Ltd
6.1.13 Sciton, Inc.
6.1.14 Won Tech Co., Ltd
6.1.15 Dornier MedTech GmbH

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown
  • Syneron Medical Ltd.
  • Medtronic Plc
  • Lumenis Corporation
  • Quanta System (El.en.)
  • Teleflex Incorporated
  • Energist Ltd. (Energist Medical Group)
  • Eufoton s.r.l.
  • Biolitec AG (BioMed Technology Holdings Ltd)
  • AngioDynamics, Inc.
  • Vascular Solutions, Inc.
  • Alma Lasers Ltd
  • BTG International Ltd
  • Sciton, Inc.
  • Won Tech Co., Ltd
  • Dornier MedTech GmbH
Note: Product cover images may vary from those shown

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