February 22, 2024
Varicose Vein Treatment Devices Market

The Growing Prevalence of Varicose Veins is driving the Varicose Vein Treatment Devices Market

Varicose veins can cause discomfort, pain, or skin discoloration if left untreated. Treatment devices such as laser and light devices, radiofrequency ablation devices and venous closure systems are used to treat varicose veins in a minimally invasive manner. Laser and light devices use light energy to close damaged veins underneath the skin’s surface. Radiofrequency ablation devices apply heat through radiofrequency energy to seal veins. Venous closure systems insert tiny spring-activated clips into an injured vein to seal it off.

The global varicose vein treatment devices market is estimated to be valued at US$ 1.2 billion in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the varicose vein treatment devices market is the increasing adoption of minimally invasive procedures. Minimally invasive procedures such as radiofrequency ablation and laser ablation are becoming increasingly popular due to benefits such as lesser pain, faster recovery times, lesser scarring and reduced risk of complications compared to traditional invasive surgeries. For example, radiofrequency ablation procedures take around 15 to 30 minutes and patients can resume normal activities within 1 to 2 days. This has boosted the adoption of radiofrequency ablation devices. Furthermore, technological advancements are facilitating the development of innovative varicose vein treatment devices with improved efficacy and reduced procedure time. For instance, companies are introducing powered phlebectomy systems integrated with advanced cutting and suction capabilities for faster varicose vein removal.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the varicose vein treatment devices market is capital intensive and requires extensive research and development. However, new startups with innovative technologies can disrupt the market.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many varicose vein treatment device manufacturers and substitutes. Buyers can negotiate on price and demand improved product quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key components and raw materials used in varicose vein treatment devices have few substitutes. However, the differentiated components give suppliers some bargaining power.

Threat of new substitutes: The threat of substitutes is low as varicose vein treatment devices have few close substitutes and require extensive research before replacing existing products. Alternative treatment procedures like sclerotherapy provide some competition.

Competitive rivalry: The competitive rivalry is high due to many global and local players offering similar products competing on pricing, innovation, and brand value. Players focus on new product launches and geographic expansion to increase market share.

Key Takeaways

The Global Varicose Vein Treatment Devices Market Demand is expected to witness high growth over the forecast period driven by increasing awareness, technological advancements, and rising healthcare expenditure.

Regional analysis: North America dominates the market due to advanced healthcare infrastructure and favorable reimbursement policies. Asia Pacific is expected to grow at the fastest pace due to improving medical facilities, rising income, and growing medical tourism in the region. Counties like India, China, and Japan are likely to boost regional market demand.

Key players: Key players operating in the varicose vein treatment devices market are AngioDynamics, Medtronic, Syneron Medical Ltd, Lumenis, Energist Group, Dornier MedTech GmbH, Teleflex Incorporated, Biolitec AG, Quanta System S.p.A., and Sciton Inc. Players are focusing on new product launches and geographic expansion to gain market share.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it