VARICOSE VEIN TREATMENT DEVICES MARKET ANALYSIS

Market Size and Trends

The varicose vein treatment devices market is estimated to be valued at USD 1,277.1 Mn in 2024 and is expected to reach USD 1,997.5 Mn by 2031, growing at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.

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The varicose vein treatment devices market is expected to witness positive growth over the forecast period. There is an increasing prevalence of varicose veins around the world owing to rising obesity levels and sedentary lifestyles. Advanced treatment procedures, such as endothermal ablation and ultrasound-guided foam sclerotherapy, are gaining popularity over traditional surgery due to benefits such as less pain, fewer complications, and faster recovery. Further, favorable reimbursements and increasing awareness about varicose vein treatments are also fueling the adoption of varicose vein treatment devices.

Increasing geriatric population

Increasing geriatric population is expected to drive market growth during the forecast period. Aging causes wear and tear on the valves in the veins that help control blood flow. Eventually, that wear causes the valves to get weaker, allowing for the blood to flow backwards. The pressure from the increased amount of blood within the vein build ups results in twisted, bulging veins known as varicose veins. For instance, according to data published in April 2021 on Canada.ca, a Canadian government website over 861,000 people aged 85 and older were counted in the Canada 2021 Census.

Market Concentration and Competitive Landscape

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In the past, varicose veins were generally considered a cosmetic issue. This led to many people dismissing the condition or ignoring it. However, over the past decade there has been a significant increase in public health awareness campaigns around varicose veins. People are now more cognizant that varicose veins are not just a cosmetic issue but can also be symptomatic and cause issues such as leg pain, fatigue, swelling, skin discoloration or ulcers in severe cases. As such, the condition is perceived to require treatment rather than be ignored. Accompanying this rise in awareness, there have also been major advancements in varicose vein treatment technologies and techniques. Minimally invasive procedures such as endovenous laser ablation and radiofrequency ablation have largely replaced conventional surgeries as treatment options. These newer techniques offer advantages such as being on outpatient basis, minimal incisions, lesser pain, and faster recovery. Additionally, the availability of experienced phlebologists and vein treatment centers has expanded greatly.

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One of the major challenges for the varicose vein treatment devices market is the lack of awareness among patients about newer minimally invasive treatment options. Many patients still prefer traditional surgery which requires long recovery time and has potential complications. Additionally, the high cost of laser and radiofrequency varicose vein treatment devices puts them out of reach for many patients. Reimbursement issues and lack of coverage for newer treatment types in many countries also limit the adoption of modern devices.

Market Opportunities: Technologically advanced treatment devices

The ability of newer devices to treat varicose veins without scarring or long downtime makes them attractive to many. As these procedures become more routine and cost decreases with technological advancements, more patients and healthcare providers will opt for them. An aging population and rising obesity rates have also increased the incidence of varicose veins, thereby creating lucrative opportunities for market growth over the projected period.

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The product type segment includes ablation devices (radiofrequency ablation devices, laser ablation devices), venous closure products, and others. Ablation devices segment is anticipated to hold 46.8% of the market share in 2024. Ablation devices utilize various sources of energy like radiofrequency, laser, or heat to seal veins shut and reroute blood flow. Newer devices deliver more precise energy doses, can treat different vein sizes and lengths, and cause minimal damage to surrounding tissues. This has reduced risks of side effects like burns or nerve damage. Ablation treatments also allow for ambulatory procedures with faster recovery times compared to surgical techniques. Various innovations such as using ultrasound or thermal monitoring have enabled ablation to treat complex cases that were earlier considered only for surgery. This has expanded the eligible patient pool for these devices. Additionally, advanced ablation technologies provide long-lasting treatment outcomes equivalent to surgery while reducing costs for both patients and healthcare systems over time. As a result, ablation devices remain the preferred first-line treatment option for most varicose vein conditions.

Insights, By Treatment Type: Preference for Minimally Invasive Procedures Boosts Endovenous Ablation

The treatment type segment includes sclerotherapy, endovenous ablation, surgical ligation & stripping, and others. Endovenous ablation contributes the highest share of the varicose vein treatment devices market and is projected to hold 44.8% of the market share in 2024. Endovenous techniques deliver energy directly inside the malfunctioning vein through catheters or fibers to seal it shut. This eliminates the need for large incisions or general anesthesia typically required for surgical techniques. Endovenous ablation translates to less post-procedural pain, faster recovery times, and minimized scarring and risk of complications for patients. It also holds advantages for providers in terms of reduced procedure duration and higher treatment volumes within the same facility resources. While older methods caused post-procedure nerve pain or hyperpigmentation in some cases, current endovenous technologies minimize such side effects much more reliably. As patient awareness of minimally invasive options is rising continuously, more individuals are choosing endovenous ablation over surgical treatments. The popularity of this treatment approach is further facilitated by technicians being trained in performing it. Overall, the capacity of endovenous ablation to provide effective varicose vein relief through small access points contributes most to its popularity.

Insights, By End User: Convenience and Growing Popularity Drives Specialty Clinics Growth

The end user segment includes specialty clinics, hospitals, ambulatory surgical centers, and others. Specialty clinics contribute the highest share of the varicose vein treatment devices market and is projected to hold 38.2% of the market share in 2024. Varicose vein treatments require skill and experience to apply technologies appropriately and achieve optimal outcomes. Specialty vein clinics employ physicians who are trained and board-certified phlebologists/vascular surgeons adept at different modalities. They also maintain top equipment and support staff to handle a variety of cases. This caliber of expertise may not always be uniformly available across hospitals and primary care centers. Besides skilled treatment, specialty centers can also dedicate more resources to educating patients, providing follow up support, and developing personalized management plans. Their exclusive focus on vein care further assures patients about quality and safety standards. While hospitals may be preferred for complex cases, uncomplicated varicose vein conditions are more patronized by cost- and time-conscious individuals at specialty clinics of reputed experts. Overall, the centralized availability of hyper-specialized vein physicians forms the cornerstone driving the segmental edge of specialty clinics.

Regional Insights

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North America has established itself as the dominant player in the global varicose vein treatment devices market and is expected to hold 38.4% of the market share in 2024. In North America, Ablation Devices account for the largest share of the Varicose Vein Treatment Devices market by Product Type. Ablation Devices work by targeting veins with thermal energy sources like laser or radiofrequency to cauterize diseased veins. A major contributor to their market dominance is an increasing preference for minimally invasive procedures among physicians and patients in the region. Within Ablation Devices, endovenous radiofrequency ablation (RFA) systems have been particularly successful. RFA works by emitting radiofrequency energy through a catheter to heat and seal varicose veins. Leading RFA device manufacturers serving the North American market like AngioDynamics and VNUS Medical have seen steady growth based on the rising adoption of RFA in ambulatory surgical centers and physician offices.

Asia Pacific has emerged as the fastest growing regional market for varicose vein treatment devices. Countries like India, China, Japan, and South Korea are witnessing exponential growth opportunities. A key driver of the ablation devices segment has been the introduction of endovenous laser ablation (EVLA) and radiofrequency ablation (RFA) techniques. These modern ablation methods allow for effective treatment of varicose veins using small, thin catheters inserted into the leg instead of traditional surgery. This minimizes recovery time for patients and reduces risks like wound infections. Several clinical studies from public hospitals across Asia have demonstrated ablation techniques like EVLA and RFA to have high treatment success rates of over 95% for eliminating varicose veins.

Market Report Scope

Key Developments

• On January 29, 2024, VVT Medical, a company specializing in medical devices, unveiled a significant strategic distribution partnership with Methapharm, a specialized pharmaceutical firm. This collaboration marks a significant advancement in the realm of varicose vein treatment, as it leverages the combined expertise of both entities to market VVT Medical's ScleroSafe platform across the U.S.
• In April 2022, I-VASC Srl, a medical device company, disclosed the finalization of a USD 1.96 million Series A investment aimed at promoting its product, VELEX, a device designed for the treatment of chronic venous insufficiency. The funds from this investment round are earmarked for conducting post-market clinical research, securing U.S. FDA approval for entry into the U.S. market, and finalizing the industrialization process of the product.
• In December 2021, BD, a renowned leader in medical technology worldwide, revealed its acquisition of Venclose, Inc., a company specializing in developing solutions for addressing chronic venous insufficiency (CVI), a condition resulting from faulty valves that can lead to varicose veins. This strategic move empowers BD to offer an enhanced portfolio of solutions to healthcare providers who manage various venous diseases, further solidifying its position in the market.
• In October 2020, InVera Medical, an inventive medical device company headquartered in Galway, Ireland, recently secured USD 5.3 million in seed equity capital to accelerate the advancement of its groundbreaking InVera device for chronic venous disease. Representing a significant milestone, InVera stands as the world's inaugural medical device harnessing the body's biological response to address varicose veins and venous ulcers, devoid of any detrimental side effects.

*Definition:The varicose vein treatment devices market consists of medical equipment and supplies used to treat varicose veins without surgery. Some common treatment devices in this market include laser and light therapy devices, venous closure systems, and radiofrequency endovenous systems. These non-invasive varicose vein treatment devices use techniques like laser energy, radio waves, or closure mechanisms to eliminate varicose veins and reduce symptoms like pain, leg fatigue, and appearance of bulging veins near the surface of the skin.

Market Segmentation

•  Device Type Insights (Revenue, USD MN, 2019 - 2031)
  • Ablation Devices
    • Radiofrequency Ablation Devices
    • Laser Ablation Devices
  • Venous Closure Products
  • Others
•  Treatment Type Insights (Revenue, USD MN, 2019 - 2031)
  • Sclerotherapy
  • Endovenous Ablation
  • Surgical Ligation & Stripping
  • Others
•  End User Insights (Revenue, USD MN, 2019 - 2031)
  • Specialty Clinics
  • Hospitals
  • Ambulatory Surgical Centers
  • Others
• Regional Insights (Revenue, USD MN, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • AngioDynamics Inc.
  • Candela Corporation
  • Dornier Medtech GmbH.
  • Alma Lasers Ltd.
  • Alna-Medicalsystem GmbH
  • LSO Medical
  • WONTECH Co. Ltd.
  • Intros Medical Laser GmbH
  • Energist Ltd.
  • Medtronic Plc
  • Boston Scientific
  • Teleflex Incorporated
  • Quanta System (El.en.)
  • Eufoton SRL
  • Biolitec AG
  • Sciton Inc.