Varicose Veins Treatment Devices Market Forecast to 2025 - COVID-19 Impact and Global Analysis By Product Ablation Devices and Surgical Products and End User and Geography
According to The Insight Partners market research study titled ‘Varicose Veins Treatment Devices market to 2025 – Global Analysis and Forecasts by Product, Treatment, and End User. The global varicose veins treatment devices market is expected to reach US$ 1,032.4 Mn in 2025 from US$ 512.6 Mn in 2017. The market is estimated to grow with a robust CAGR of 9.6% from 2018-2025. The report highlights the trends prevalent in the global varicose veins treatment devices market and the factors driving the market along with those that act as deterrents to its growth.
North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period. North American market is driven by the factors such as, increasing number of manufacturers as well as the large number of surgeries such as, new product launches by market players and high population suffering with venous diseases in the region.
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Varicose Veins Treatment Devices Market: Competition Landscape and Key Developments
The major players operating in the varicose veins treatment devices market include Alma Lasers, Angio Dynamics, VVT Med, F care systems, Asclepion Laser Technologies GmbH, Syneron Medical Ltd., Energist Ltd., Medtronic, biolitec AG and Miravas among others.
The market players are indulged into bringing new products to the market to keep to the pace of the competitive market nature. For instance, in November 2015, Medtronic introduced the VenaSeal closure system in the US that incorporates a novel technology for patient relief with varicose veins. Moreover, in January 2017, BTG International Canada Inc. conducted the Canadian commercial launch of Varithena, a drug-device combination product that was intended for the treatment of varicose veins. The drug-device was intended for use in adults with clinically significant venous reflux as diagnosed by duplex ultrasound.
Increasing Incidence of Chronic Venous Diseases
The disease is highly prevalent among the adult population worldwide generating sustainable burden of the global healthcare spending. The increasing incidence of the venous diseases such as varicose veins can thus increase the growth of global varicose veins treatment market. According to the American Society for Vascular Surgery (ASVS) 2015, at least 20 to 25 million Americans have varicose veins. Statistics further show that 17% of men and 33% of women have varicose veins. In fact, more people are unable to work due to vein disorders than due to arterial disease. According to a survey report published by Sigvaris, in industrialized countries, over 30% of women and about 10% of men consult physicians for venous signs and symptoms of the legs.
Increase in the Adoption of Endovenous Laser Ablation
Endovenous laser ablation meets the goals of high efficacy and low morbidity defining the technique to be a gold standard for the management of varicose veins. The technique is the most frequently used technique followed by radiofrequency ablation to treat the patients suffering from varicose veins. According to the Department of Dermatology, Erasmus MC Rotterdam, 2016, endovenous thermal ablation (EVTA) procedures have become the most frequently used therapy for saphenous varicose veins, majorly among countries under which reimbursement of the procedure has been introduced. The minimally invasive technique meets the demand for cosmetically superior, less invasive and more successful treatment modalities. The advantage of EVTA is that it is a minimally invasive procedure and can be performed under local tumescent anesthesia, without the need for general anesthesia.
Varicose Veins Treatment Devices Market: Segmental Overview
Global varicose veins treatment devices market, based on the product was segmented into ablation devices and surgical instruments. In 2017, The ablation devices is the largest segment among the product segment in the varicose veins treatment devices market in 2017 and is also anticipated to hold the largest market in the year 2025. The ablation devices segment is also fastest growing segment and is accounted to grow at the CAGR of 10.1% over the forecast years owing to the ability of the ablation technique to remove stubborn veins and being one of the safest and easy to perform option for the treatment of varicose veins. Moreover, the technique also helps to reduce the surgical time, results in lesser pain, reduced hospital stay and lesser chances of post-surgical complications.
The varicose veins treatment devices market by treatment was segmented into, injection sclerotherapy, endovenous ablation, and surgical ligation. The endovenous ablation segment held the largest share of the market, by treatment. The segment is also expected to dominate during the year 2025, owing to the advantages offered by the technique that majorly include its minimally invasive nature over the traditional surgical methods, lesser complications, better and faster results and others.
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