by The 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 veins are swollen and bulging veins that often appear bluish or dark purple in color. Varicose veins usually occur in the legs and thighs. They can cause symptoms like fatigue, heaviness, and pain in legs. Varicose vein treatment devices help in minimally invasive treatment of varicose veins without extensive surgery. Some of the commonly used varicose vein treatment devices are laser and light therapy devices, radiofrequency ablation devices, and venous closure systems.
Market Dynamics:
Increasing geriatric population is a key driver augmenting growth of the varicose vein treatment devices market. Older adults are at a higher risk of developing varicose veins. According to UN data, the global geriatric population is expected to reach approximately 1.5 billion by 2050. This growing geriatric population base is likely to drive demand for varicose vein treatment devices for minimally invasive procedures.
Rising awareness about minimally invasive varicose vein treatment procedures compared to conventional surgery is another prominent driver. Non-surgical procedures minimize recovery time, pain, and risk of complications. This is increasing patient preference for these procedures and boosting adoption of varicose vein treatment devices.
Segment Analysis:
The varicose vein treatment devices market is segmented into laser and radiofrequency ablation devices, venous closure products, sclerotherapy injection catheters/venous cannulas, and surgical equipment. Among these, the laser and radiofrequency ablation devices segment dominated the market in 2022 due to increasing preference for minimally invasive procedures for varicose vein treatment. Laser and radiofrequency ablation procedures provide painless and effective treatment for varicose veins with lesser complications and faster recovery time compared to conventional surgery.
PEST Analysis:
- Political: The growing healthcare expenditure by governments worldwide on varicose vein treatment is driving the market growth. For instance, the U.S. government is focusing on minimally invasive procedures to reduce healthcare costs.
- Economic: Rising disposable incomes increased awareness regarding aesthetic procedures, and growing medical tourism are positively impacting the market. However, high cost of laser ablation devices limits the market growth.
- Social: Changing lifestyles and rise in elderly population with varicose veins are increasing the patient base. Further, growing social acceptance of varicose vein treatments is propelling the market.
- Technological: Advancements in lasers and radiofrequency ablation technologies help improve treatment efficacy and safety. Launch of innovative dual wavelength laser systems with advanced cooling mechanisms are gaining popularity.
Key Takeaways:
The Global Varicose Vein Treatment Devices Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing adoption of minimally invasive procedures.
The North America market dominated with more than 35% share in 2023 due to rising prevalence of varicose veins, growing geriatric population, and increasing usage of advanced treatment technologies in the region.
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. These market players are focusing on new product launches and strategic acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
