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Preliminary research of Fairfield Market Research indicates a promising growth outlook for global varicose vein market during the course of next few years.
Varicose Vein Market Rises High with Growing Prevalence of Obesity, and Expanding Geriatric Population
Global varicose vein market is expected to grow due to the increased incidences of varicose veins, the growing geriatric population, advances in varicose vein treatment devices, participation in occupations that increase the prevalence of varicose vein treatment, and technological advancements worldwide. As well as increasing awareness, the development of emerging markets creates numerous opportunities for varicose vein treatment. People are becoming more aware of the warning signals of varicose veins and the importance of prompt response due to an increase in the prevalence of small and greater saphenous veins, reticular varicose veins, and genital area varicose veins.
In the elderly, varicose veins are more prevalent. A significant amount of damage is caused by aging to the structure and function of the veins. One out of every two people over 50 develops varicose veins. Overweight or pregnant people are also more likely to develop this condition. A number of treatments are available on the global varicose vein market, including sclerotherapy, laser therapy, and radiofrequency ablation. Sclerotherapy treats varicose, spider, and reticular veins as a first-line treatment. The surgical procedures for varicose veins will likely undergo significant changes in the future. Noninvasive options have replaced the majority of surgeries for varicose veins, as invasive surgeries are associated with infections. Furthermore, non-invasive methods also involve minimal hospital stays, reducing time and costs, and the risk of infection.
Innovative Treatment Launches Boost Varicose Vein Market Growth
Global demand for varicose vein treatment devices is being driven forward by technological advances. The varicose vein market is expected to grow faster due to the growing demand for minimally invasive procedures for treating varicose veins and increasing investments by market players in innovative and efficient products. Among the key strategies used by the major players to improve their position in varicose vein market are product launches, mergers, acquisitions, and investments in research and development to expand their portfolios. For example, Surekha Varicose Veins Mumbai launched India's first-ever cryo laser and cryo sclerotherapy (CLaCS) treatment for spider veins and small varicose veins in the legs in August 2019. These technologies combine AR, transdermal lasers, and sclerotherapy to create a new type of treatment.
Varicose Vein Market: COVID-19 Impact
Since varicose veins are non-urgent, the volume of procedures declined drastically due to the pandemic. Traveling restrictions reduced the number of surgeries or procedures for treating varicose veins, affecting the manufacturers' sales. For instance, the net sales of AngioDynamics dropped by 2.4% in 2020. As a result of a decline in COVID-19 patients and the relaxation of restrictions, demand for vascular vein treatment devices is increasing. The companies in the market see a rise in sales for the vascular segments. For instance, AngioDynamics saw a 72.3% increase in net sales for endovascular therapies in the fourth quarter of 2021.
Various Initiatives, and New Product Approvals to Drive Varicose Vein Market Growth
Numerous organizations, such as the British Association of Sclerotherapies (BAS), undertake initiatives annually to raise awareness and encourage patients to accept specific treatments. The varicose vein market is also growing thanks to the increasing number of product approvals. For instance, Vascular Barcelona Devices (VB Devices) received CE mark approval in November 2020 for the Varixio Pod Air, an automated foam preparation device for varicose vein sclerotherapy. The market for varicose vein treatment devices is expected to continue to grow due to mergers and acquisitions, new product launches, and technological advancements. BD (Becton, Dickinson, and Company) acquired Venclose Inc. in December 2021 to expand its chronic venous insufficiency business.
Increasing Cases of Adults Suffering from Varicose Veins Drives Varicose Vein Market Growth
It is estimated that approximately 20% of all adults will develop varicose veins during their lifetime, according to a study published by the Institute of Quality and Efficiency in Healthcare, Germany. Although spider veins are more common in older adults, they can also occur in young people. According to World Population Prospects 2019, there are 703 million people over 65 years old, and the number is expected to double by 2050 to 1.5 billion. Furthermore, an increasing geriatric population is expected to fuel the growth of varicose vein market. Women and older adults are more likely to develop varicose veins. For example, approximately 23% of U.S. adults suffer from varicose veins, according to an article published in the Journal of the American Heart Association.
High Treatment Costs Continue to Hamper Varicose Vein Market Growth
The lack of vascular surgeons with appropriate training, high costs of varicose vein treatments, and the implementation of healthcare reforms in the US tend to restrict the growth of varicose vein market. Aside from these challenges, the inconsistent reimbursement scenario for varicose vein treatment and the sustenance of product lines in a highly competitive market also hinder the growth of this market.
Sclerotherapy Injection Remains Dominant in Varicose Vein Market
A dominant share of varicose vein market can be attributed to its benefits, such as reduced bruising and scarring, no need for sedation, shortened hospital stays, and simple follow-up treatments. Moreover, Medicare covers patients undergoing sclerotherapy treatment in the United States, and product approvals are rising. For example, Vascular Barcelona Devices, which develops new vascular health solutions, received the CE mark in November 2020 for the Varixio Pod Air, an automated sclerotherapy foam preparation device for varicose veins.
Hospitals Will Continue to Generate the Highest Treatment Demand in Varicose Vein Market
In the forecast period, the hospitals segment held the largest revenue share in varicose vein market, and it is anticipated that it will continue to rule the market during the forecast period. Various ultra-high frequency transducers are now available for the treatment of varicose veins due to the increasing development of these devices. The company, for instance, launched a 33 MHz linear ultra-high frequency iDMS transducer in November 2018 that uses Identity Management System (iDMS) technology. This software is used in the oil and gas industry and chemical processing industry to organize data related to the inspection regime of fixed equipment at a facility and ultrasound imaging using a single crystal wide band for superb resolution and detail. Varicose veins, for example, can be evaluated with it.
North America at the Forefront in Varicose Vein Market with Rapid Growth in Cases of Varicose Veins
Over the forecast period, it is anticipated that the North American varicose vein market will account for the largest revenue share. Despite cosmetic procedures' obvious results and safety, people are willing to undergo them. Despite the stigma attached to cosmetic procedures, laser treatments are safe and effective and have gained social acceptance, especially among men, as a result. The Society has created a grading system based on clinical care guidelines for Vascular Surgery in conjunction with the American Venous Forum for treating varicose veins. Care and insurance providers can communicate more effectively by grading the severity of their conditions. For example, a general physician can effectively communicate the severity of vein problems when referring patients to vein specialists. Patients can be divided into different groups depending on their severity. As a result of the increasing prevalence of varicose veins in the U.S. and Canada, as well as the adoption of varicose vein treatment procedures and devices, the market is growing in the region. Several leading manufacturers operating in the region, including AngioDynamics, Inc., Boston Scientific Corporation, DJO, LLC, Viatris, Inc., and Teleflex, Incorporated, making products more readily available for early market access.
The Asia Pacific varicose vein market is anticipated to experience stable revenue growth throughout the forecast period due to the rise in the geriatric population, the incidence of varicose veins and the use of minimally invasive procedures all contribute to the surge in the treatment of varicose veins that have occurred in recent years. More than 80 million women in China suffered from varicose veins of the lower extremities in 2021, according to an article published in China Daily in July 2021. This country has four primary treatments for varicose veins: drug-based therapy, compression therapy, sclerotherapy (injections designed to destroy abnormal blood vessels), and surgery. As part of its range of treatment options, Surekha Varicose Veins Clinic in Mumbai launched India's first Cryo Laser and Cryo Sclerotherapy (CLaCS) for treating small varicose veins and spider veins in August 2019. For spider vein treatment, sclerotherapy is usually used on the legs, as it is a minimally invasive procedure.
Global Varicose Vein Market: Competitive Landscape
A distribution agreement between VVT Medical and Getz Healthcare, an Asia Pacific medical technology distributor, was signed in June 2022. The agreement calls for Getz to distribute VVT Medical's products to customers in Australia, New Zealand, and Hong Kong. Moreover, Surekha Varicose Veins Mumbai launched India's first-ever cryo laser and cryo sclerotherapy (CLaCS) treatment for spider veins and small varicose veins in the legs in August 2019. Also, Viatris, Inc. was formed in November 2020 when Pfizer, Inc. spun off its Upjohn Business and merged it with Mylan N.V. To differentiate the company and explain its position in the global healthcare industry. The company merged to become Viatris, Inc.
A few of the players in the varicose vein market include Angiodynamics Inc, Alma Lasers, biolitec AG Untere Viaduktgasse, BTG International Ltd, Energist Ltd, Lumenis, Medtronic, Sciton Inc, Syneron Medical Ltd, and WON TECH Co., Ltd
Regional Classification of the Global Varicose Vein Market is Listed Below:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Varicose Vein Market
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