Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Varicose Veins Treatment Market – Insights
Varicose veins, also known as varicosities or varicoses, is a condition caused due to enlargement of veins. The veins appear blue or dark purple in color and are swollen this condition. A patient suffering from varicosities may experience pain due to improper blood flow. The condition generally occurs on legs and feet as upright position while standing and walking increases the pressure in the veins of lower body.
The global varicose veins treatment market is estimated to account for US$ 991.5 Mn in terms of value by the end of 2027.
Global Varicose Veins Treatment Market: Drivers
Increasing prevalence of varicose veins is expected to propel growth of the global varicose veins treatment market over the forecast period. For instance, according to the American Vein and Lymphatic Society, 2019, over 40 million people in the U.S. suffer from varicose veins.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
North America region held dominant position in the global varicose veins treatment market in 2019, accounting for 44.0% share in terms of value, followed by Europe.
Figure 1. Global Varicose Veins Treatment Market Share (%), by Region, 2019
Global Varicose Veins Treatment Market: Restraints
Lack of trained professionals, especially in emerging economies, is expected to hinder growth of the global varicose veins treatment market. Endovenous laser treatment/ablation (ELA) and radiofrequency ablation (ERA) require specialized training for doctors and special equipment. According to Competition Commission of South Africa’s preliminary health market inquiry findings released in July 2018, the estimated yearly average of doctors per 1,000 patients was 1.75 in the private sector between 2010 and 2014.
In Asia Pacific, insurance companies do not cover the entire material expenses of a surgery. This in turn is expected to hamper market growth to certain extent.
Global Varicose Veins Treatment Market: Opportunities
Although ELA therapies are effective in the treatment of varicose veins, these therapies are more costly when compared to other procedures such as foam fillers, vein stripping costs, blast with electricity and others. For instance, the average treatment cost for varicose vein with foam fillers in U.K. is approximately US$ 2,146 for two legs whereas that with vein stripping procedure is approximately US$ 3,219. ELA procedure cost ranges between US$ 4,292 - 6,439 for two legs, which is almost double than the other treatment procedures. Therefore, launch of cost-effective ELA therapies is expected to offer lucrative growth opportunities for players in the market.
Moreover, technological advancements in ELA devices is also expected to aid in growth of the market. Currently, various ELA devices available in the market may lead to few complications such as thrombophlebitis, nerve damage, burns, and deep vein thrombosis conditions.
Endovenous Laser Fibers segment in the global varicose veins treatment market was valued at US$ 26.9 Mn in 2019 and is expected to reach US$ 45.1 Mn by 2027 at a CAGR of 6.6% during the forecast period.
Market Trends/Key Takeaways
The adoption of venous intravascular ultrasound (IVUS) is rapidly increasing for the treatment of varicose veins as it offer superior outcome compared to conventional venography for the morphologic diagnosis of iliac venous outflow obstruction.
The market is witnessing development of ultra-high frequency transducer that can be used in the treatment of varicose veins. For instance, in November 2018, Canon Medical Systems USA, Inc. launched 33 MHz ultra-high frequency linear iDMS transducer that uses iDMS technology and a single crystal wide band to provide superb resolution and detail in ultrasound imaging. It can be used for superficial vascular evaluations such as varicose veins.
Global Varicose Veins Treatment Market: Competitive Landscape
Major players operating in the global varicose veins treatment 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, Energist Ltd.
Global Varicose Veins Treatment Market: Key Developments
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in December 2019, Leucadia Pharmaceuticals launched Sodium Tetradecyl Sulfate (STS) generic, a U.S.FDA approved sclerosing agent is used for the treatment of small varicose veins of the lower legs.
Major players in the market are also focused on raising funds to enhance their market share. For instance, in December 2019, Venclose, Inc. announced it has closed its Series C funding at US$ 27 million, which will be used to accelerate commercial footprints in the US and to increase presence globally.