July 21, 2024

Varicose Vein Treatment Devices Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Varicose Veins

The global varicose vein treatment devices market is estimated to be valued at US$ 1,273.0 million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Varicose vein treatment devices are medical devices used to treat varicose veins, which are enlarged and twisted veins that often appear in the legs and feet. The market offers various treatment options, including endovenous laser treatment (EVLT), radiofrequency ablation (RFA), sclerotherapy, and others. These devices provide a non-invasive or minimally invasive solution for treating varicose veins, offering advantages such as reduced recovery time, minimal scarring, and fewer complications compared to traditional surgical procedures. The increasing prevalence of varicose veins, coupled with the growing demand for minimally invasive treatment options, is driving the growth of the varicose vein treatment devices market.

Market Key Trends:

One key trend in the varicose vein treatment devices market is the increasing adoption of endovenous laser treatment (EVLT) and radiofrequency ablation (RFA). These non-invasive procedures use laser or radiofrequency energy to heat and seal the affected veins, resulting in their closure. EVLT and RFA offer a less traumatic and more comfortable treatment option for patients, as they eliminate the need for surgery and general anesthesia. Furthermore, these procedures have shown high success rates and minimal recurrence rates, making them popular choices among both patients and healthcare professionals. The growing preference for minimally invasive techniques is expected to drive the adoption of EVLT and RFA devices, contributing to the growth of the varicose vein treatment devices market.

PEST Analysis:

  • Political: The political factors influencing the varicose vein treatment devices market are relatively moderate. Governments across different regions have implemented regulations to ensure patient safety and efficacy of these devices. The introduction of favorable reimbursement policies for varicose vein treatment has also played a significant role in driving market growth.
  • Economic: The varicose vein treatment devices market is expected to experience steady economic growth during the forecast period. The rising prevalence of varicose veins, coupled with the increasing geriatric population, is driving the demand for treatment options. Additionally, the healthcare expenditure and disposable income of individuals in developed countries are projected to contribute to the market’s growth.
  • Social: Social factors such as the growing awareness and consciousness about aesthetic appearance are driving the demand for varicose vein treatment devices. Rising healthcare awareness, technological advancements, and improved access to healthcare facilities in emerging economies are also contributing to market growth.
  • Technological: Technological advancements in varicose vein treatment devices have revolutionized the market. Minimally invasive procedures, such as endovenous laser treatment and radiofrequency ablation, have gained significant popularity due to their superior outcomes and shorter recovery periods. The integration of innovative technologies, such as laser and radiofrequency, have improved patient experiences, resulting in increased adoption of these devices.

Key Takeaways:

The Global Varicose Vein Treatment Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period of 2023-2030. The market is primarily driven by factors such as the increasing prevalence of varicose veins and the rising geriatric population. Advancements in technology, such as laser and radiofrequency-based treatments, are further propelling market growth.

In terms of regional analysis, North America is the fastest-growing and dominating region in the varicose vein treatment devices market. This can be attributed to factors such as the well-developed healthcare infrastructure, high awareness about treatment options, and favorable reimbursement policies in the region. Additionally, the presence of key market players in North America enhances market growth through their extensive product portfolios and distribution channels.

Key players operating in the varicose vein treatment devices market include 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. These key players contribute to market growth through product innovation, strategic collaborations, and expansions into emerging markets. They focus on developing advanced and effective varicose vein treatment devices to cater to the increasing demand.

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