May 27, 2024
Varicose Vein Treatment Devices Market

Varicose Vein Treatment Devices Market Set for Rapid Growth due to Rising Adoption of Minimally Invasive Procedures

Varicose veins affect more than 30 million people in the United States alone and represent a growing public health concern. Varicose vein treatment devices help alleviate the signs and symptoms associated with varicose veins such as heaviness, fatigue, aching, and night cramps through minimally invasive procedures. These devices have revolutionized the treatment of varicose veins over the past few decades. The rising adoption of minimally invasive techniques over conventional surgery is expected to drive the growth of the global varicose vein treatment devices market.

Varicose vein treatment devices include ablation devices, venous closure systems, and surgical equipment employed to remove or correct damaged veins. Ablation devices use laser or radiofrequency energy to shut down troublesome veins. Venous closure systems use clips or coils to shut down the vein and redirect blood flow. Surgical equipment includes vein stripping devices used for phlebectomy – a surgical removal of varicose veins.

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 Dynamics

The growth of the varicose vein treatment devices market is driven by the rising adoption of minimally invasive procedures over conventional surgery as highlighted in the heading. Minimally invasive procedures offer benefits such as reduced recovery time, minimal scarring, and lower risk of complications compared to traditional surgery. These advantages have led to rapid expansion of the number of minimally invasive procedures performed worldwide. Furthermore, technological advancements enabling the development of innovative varicose vein treatment equipment such as next-generation laser ablation systems and robotic-assisted surgery platforms are also fueling market growth. However, high cost of varicose vein treatment procedures and lack of reimbursement in developing nations is a major factor limiting wider market adoption.

Segment Analysis

The varicose vein treatment devices market is dominated by the endothermal ablation devices segment. This is because endothermal ablation procedures such as radiofrequency ablation and laser ablation are minimally invasive and provide quick relief from symptoms with fewer side effects and shorter recovery time compared to conservative treatment options such as compression stockings. Ablation procedures also reduce the risk of recurrence and complications compared to surgical procedures such as phlebectomy.

PEST Analysis

Political: Regulations regarding the safety and efficacy of medical devices are expected to drive the development and adoption of innovative varicose vein treatment technologies. Stringent marketing approvals will ensure only high quality devices enter the market.

Economic: Rising healthcare costs and economic burden of varicose veins will increase demand for minimally invasive devices offering fast recovery and return to work. Growing investment in developing Asian markets will drive market growth.

Social: Increasing awareness about varicose vein treatments and minimally invasive procedures will encourage more people to seek treatment rather than cover veins with clothing. Greater acceptance of medical aesthetic procedures will boost the market.

Technological: Advancements in laser and radiofrequency technologies, improved catheter designs, and customized treatment planning software are helping optimize varicose vein ablation procedures. Growth in robotic and digital imaging technologies may reshape the market.

Key Takeaways

The Global Varicose Vein Treatment Devices Market Size is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis shows North America and Europe currently dominate market share due to growing geriatric population, high obesity levels, and favorable reimbursement policies for ablation procedures. However, Asia Pacific is emerging as the fastest growing regional market with rising medical tourism, healthcare infrastructure development, and growing patient disposable incomes in countries such as China and India.

Key players operating in the varicose vein treatment devices market are AngioDynamics, Lumenis, Syneron Medical, Biolitec AG, Energist Group, Ossur hf., VVT Med, and Sciton Inc. Key players are focusing on launching innovative laser systems and catheter designs, acquiring complementary technologies through mergers and acquisitions, and expanding into high-growth Asian markets through collaborations and partnerships.

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