by The global Varicose Vein Treatment Devices Market is estimated to be valued at US$ 1355.75 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Varicose Vein Treatment Devices are medical devices used for the treatment of varicose veins. Varicose veins refer to enlarged and twisted veins near the surface of the skin. Varicose Vein Treatment Devices include Laser & Light therapy Devices, Radiofrequency Devices, Ultrasound Devices and Surgery devices. Laser & Light therapy Devices utilizes lasers or light sources to close the veins. Radiofrequency Devices emit thermal energy to collapse the veins. Ultrasound Devices uses ultrasound guided heat to shut down dysfunctional veins. Surgery devices are used for invasive surgical procedures like vein stripping and ligation. These devices provide minimally invasive treatment options and have better clinical outcomes than conventional invasive surgeries.
Market key trends:
One of the key trends in the Varicose Vein Treatment Devices market is the rising adoption of minimally invasive procedures. Minimally invasive procedures have emerged as an effective alternative to conventional vein stripping surgeries with benefits like reduced chances of infection, less scarring and pain, quick recovery time and improved cosmetic outcomes. Radiofrequency ablation and endovenous laser ablation are amongst the commonly used minimally invasive techniques. Additionally, innovative product launches with advanced technologies by market players is also fueling the market growth. For instance, AngioDynamics has developed Venaseal closure system which offers faster treatment and recovery.
Porter’s Analysis:
- Threat of new entrants: Low investment requirement and availability of substitute technologies pose low threat of new entrants in the varicose vein treatment devices market.
- Bargaining power of buyers: Large player base reduces bargaining power of individual buyers in the varicose vein treatment devices market.
- Bargaining power of suppliers: Established supply networks and regulatory requirements limit bargaining power of suppliers in the varicose vein treatment devices market.
- Threat of new substitutes: Emerging non-invasive treatment options present moderate threat of substitution in the varicose vein treatment devices market.
- Competitive rivalry: Significant competition exists among established players in the varicose vein treatment devices market.
Key Takeaways:
The Global Varicose Vein Treatment Devices Market Growth is expected to witness high, exhibiting CAGR of 6.5% over the forecast period, due to increasing obese population.
Regional analysis: North America dominates the global varicose vein treatment devices market currently and is expected to continue its dominance over the forecast period. Factors such as rising prevalence of varicose veins, growing obese population, favorable reimbursement policies, and availability of advanced devices drive the North American market.
Key players operating in the varicose vein treatment devices market are AngioDynamics, Inc., Syneron Medical Ltd., Dornier Medtech GmbH., Alma Lasers Ltd., Alna-Medicalsystem GmbH, LSO Medical, WONTECH Co., Ltd., Intros Medical Laser GmbH, and Energist Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
