The global varicose vein treatment market is expected to grow at a CAGR of 6.05% during the forecast period, 2023–2031.
Varicose veins are unusual, dilated blood vessels due to the weakening of the walls of the vessels. The veins appear to be swollen, twisted, clustered blue or purple veins under the skin. Varicose vein disease affects millions of people across the globe with complications usually appearing at age 50 and above. Normally varicose veins symptoms appear in the lower limbs and do not allow easy flow of blood. However, if left untreated, it can lead to venous stasis ulcer, phlebitis, thrombosis, venous hemorrhage, or fungal and bacterial infections. It is caused by pregnancy, obesity, menopause, aging, prolonged standing, leg injury, and abdominal straining. Some of the treatment options available in the market include laser therapy, and radiofrequency ablation, among others.
As per the American Society of Vascular Surgery, around 20 to 25 million Americans suffer from a varicose vein, out of which, about 17% are men and 33% are women. Globally, the prevalence of varicose veins is increasing at a concerning rate. About 30% of the people are suffering from varicose veins across the globe. The geriatric and obese population are more susceptible to develop varicose veins. To attend to the situation, leading players are continuously working to develop improved and non-invasive therapies. In the last few years, the non-invasive surgeries have been witnessing huge demand as it reduces the risk of infections, requires minimal hospital stays, and saves time and cost, which is further boosting the adoption of non-invasive surgeries, endovenous laser treatment, sclerotherapy, and radiofrequency ablation over conventional surgical practices. Additionally, several organizations, including the British Association of Sclerotherapy (BAS) are arduously working to raise awareness regarding varicose veins and its effects on life. The market is also majorly driven by the rising number of FDA approvals. For instance, in February 2015, the FDA approved the VenaSeal system and nonthermal vein closure therapy developed by Medtronic. It also approved the polidocanol injectable foam developed by BTG International Ltd, which is widely used by healthcare providers for the treatment of varicose veins.
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Increasing awareness and rising prevalence of varicose veins are subsequently boosting the market growth. Several governmental and non-governmental organizations are taking initiatives to create awareness about the venous diseases and the availability of advanced therapies for its treatment. For instance, in the U.S., recently, the Society for Vascular Surgery and the American Venous Forum issued recommendations for the diagnosis of varicose veins for clinical care. Similarly, Navarro hospital established a vein clinic in the U.S. in 2016 with a mission to educate the world about chronic venous insufficiency and varicose veins, and appropriate treatment for the disease. In the U.S. alone, about 30 million people are suffering from varicose veins every year, out of which, only 10% of the people seek treatment.
Furthermore, the availability of innovative therapies, technological advancements, and the rising adoption of advanced and innovative treatments in various hospitals and ambulatory care services is boosting the market growth. In line with this, the leading players are striving hard to create new advanced treatments and improve the acceptance of products by the end-users. The developed countries are showing a greater adoption rate to such technologically advanced treatment options, which is further boosting the market growth. Apart from this, the patient-friendly devices with improved efficiency and safety are likely to drive the market growth. For instance, recently, Medtronic developed a VenaSeal closure device, which is a non-thermal, non-inflammatory, and non-sclerosing technique that uses a therapeutic adhesive to close the vein and eliminates the risk of nerve injury.
Additionally, major players, including Medtronic are arduously working on expanding their geographic reach in emerging economies, such as China, India, Japan, and Southeast Asia, as the countries are backed with increasing healthcare expenditure, rising geriatric population, growing prevalence of the venous disease, and raising awareness of health issues. Major hospitals and clinics are also expanding to acquire lucrative growth opportunities. For instance, in August 2019, Kim Byoung Joon, a South Korea based hospital specialized in Varicose veins, announced to enter into the Japanese and Mongolian market by signing a memorandum of understanding with medical institutions and medical tourism industries located in the countries.
North America is dominating the varicose vein treatment market on account of increasing expenditure power, adoption of innovative and effective treatment procedures, such as laser and other non-thermal procedures, rising healthcare expenditure, and the presence of skilled healthcare professionals. North America is an early adopter of technology; hence the demonstration of laser therapy options has helped to acquire the largest market share. Additionally, the government and several organizations are actively working to create awareness regarding varicose vain, its treatment, and its effects on life. For instance, in Canada, around 3.7 million people are suffering from a varicose vein, BTG International Canada
Europe region is anticipated to earn a remarkable profit during the forecast period and has reported being the second-highest revenue-earning region. The region is backed with the strong presence of healthcare infrastructure, rising public awareness, high adoption rate, increasing healthcare expenditure, rising expenditure power, advanced treatment options, and growing prevalence of varicose vein diseases.
Asia-Pacific is the fastest-growing varicose vein market and will continue the same during the forecast period. This can be attributed to the increasing patient pool suffering from varicose veins, the rapid development of the healthcare infrastructure, increasing disposable income, and growing geriatric population. To attend to the dire situation, leading players are heavily investing in the R&D activities to develop innovative products to sustain in the cut-throat competition. Additionally, India, China, and Japan are major contributors to the varicose vein market due to the rapid adopting of advanced technologies and medical research.
South America is extremely underpenetrated with regard to devices for the treatment of varicose veins. In Brazil, surgical stripping and ambulatory phlebotomy are the only cost-effective options available for the treatment of varicose vein treatment in public hospitals. Other non-invasive therapies have not been introduced in the region, which offers great opportunities for market expansion to the market players.
The Middle East and Africa are emerging in the varicose vein treatment market. This can be attributed to the high cost of varicose vein treatment, increasing demand for home care services, and stringent regulatory policies guarding the market. However, in the last few years, the GCC countries have been witnessing huge medical tourism from the European and Asian populations, which is further adding fuel to the market growth. Additionally, the rising need for a well-established and well-equipped healthcare system and hospital supplies in the GCC countries is subsequently boosting the demand for an advanced varicose treatment option, which is further driving the market growth in the region. The UAE, Kuwait, and Israel are the major contributors to the varicose vein market. Whereas, in Africa, low spending power, low investment, and low healthcare expenditure are impeding the market growth to some extent.
The global varicose vein treatment market is segmented into the type of therapy, products or devices used for the treatment, and end-users. Based on the type of treatment, the market is sub-segmented into endovenous ablation, sclerotherapy, ligation, and supportive treatments. By product, the market is divided into ablation devices, catheters used in sclerotherapy, compression devices, and others. The ablation devices are further bifurcated into radiofrequency ablation devices, laser ablation devices, and ultrasound ablation. By the end-user, the market is categorized into hospitals, Specialty Clinics, and ambulatory centers.
Sclerotherapy is a noninvasive technique that involves injecting foam in the veins. It is less painful, does not require cutting of the veins, aids in faster recovery, and does not require prolonged hospitalization. In the U.S. Medicare offers insurance coverage for patients undergoing treatment with sclerotherapy, and over 375,000 procedures for sclerotherapy were conducted in 2016, which is further boosting the market growth to some extent. The sclerotherapy segment accounted for the largest market share in 2018 due to its diverse benefits in treatment.
The endovenous ablation segment is expected to experience the fastest growth over the forecast period. Endovenous ablation is extensively used over conventional procedures as the procedure is minimally invasive and associated with fewer complications. In line with this, the market players are focusing on developing effective and technologically advanced products, which is further boosting the market growth.
Compression products, such as compression garments and devices serve an effective solution for patients suffering from superficial venous diseases, which is why, the healthcare providers are recommending various compression products, such as compression bandages, self-adjustable Velcro devices, compression stockings, and hybrid devices for the treatment of varicose veins.
The hospital segment is dominating the end-user segment and will continue the same during the forecast period. This can be attributed to the availability of skilled nurses, healthcare professionals, and advanced technologies for the treatment of varicose veins.
The market for global varicose vein treatment is highly fragmented in nature, with different market players operating in local regions. Some of the key players are engaging in acquisitions, collaborations, and partnerships to gain a competitive edge. For instance, in 2022, Boston Scientific acquired BTG International Ltd to sell the devices used in minimally invasive procedures aimed at vascular diseases, such as varicose veins. In 2018, BTG International Ltd. acquired Novate Medical Ltd to strengthen its role in the vascular market.
In March 2016, AngioDynamics partnered with Merz North America to market Asclera in the U.S. for varicose vein treatment. In 2006 it also acquired ‘Sotradecol’ from Bioniche Pharma Group for the same. In November 2017, Biolitec AG announced the results of the long-term study on LEONARDO Mini laser therapy to treat varicose veins to be a success.