Varicose veins may cause due to factors such as obesity, pregnancy, and old age. In majority of cases, patients do not suffer from blood circulation or long-term health problems. They might have an unpleasant appearance. However, most varicose veins do not require any treatment. If treatment is mandatory, physicians first recommend the use of compression stockings for six months and if the pain still persists or any complications are observed, varicose veins can be treated through ligation and stripping, sclerotherapy or endothermal ablation.
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 obesity is expected to aid in growth of the global varicose veins treatment market over the forecast period. For instance, according to MedAlertHelp.org, over 1.9 billion adults were reported as overweight worldwide.
Global Varicose Veins Treatment Market: Opportunities
Expansion of major hospitals in new and untapped regions is expected to offer lucrative growth opportunities for players in the market. For instance, in August 2019, Kim Byoung Joon Ledas Varicose Vein Clinic, a South Korea-based hospital that specializes in varicose veins, announced to enter the Mongolian market by signing a memorandum of understanding (MOU) to offer international medical care and build cooperative relations with two Mongolian medical institutions, one education agency, and one medical tourism company in Mongolia.
Global Varicose Veins Treatment Market: Restraints
Use of alternative treatment options such as herbal remedies in emerging economies of Asia Pacific is expected to limit growth of the market over the forecast period. For instance, Ayurveda suggests the use of caster roots (pain reliever), Rubia cordifolia, Boehirravia diffusa (blood purifier), and Tinospora cardifolia (anti-infective) to naturally get rid of varicose vein.
The Endovenous Laser Systems segment in the global varicose veins treatment market was valued at US$ 302.9 Mn in 2019 and is expected to reach US$ 546.7 Mn by 2027 at a CAGR of 7.7% during the forecast period. Increasing prevalence of obesity is expected to aid in growth of the segment over the forecast period
The Ambulatory Surgical Centers segment held dominant position in the global varicose veins treatment market in 2019, accounting for 36.9% share in terms of value, followed by hospital segment, respectively. The growth of the segment is attributed to increasing demand for same day procedures in developed economies of the world.
Major institutes and universities are focused on R&D activities related to varicose vein treatment devices. For instance, in August 2019, the Department of General Surgery of Tirunelveli Medical College Hospital, India started performing Radio Frequency Ablation (RFA) procedure for varicose veins.
Increasing funding and investment in R&D related to varicose vein treatment is also expected to boost the market growth. For instance, in August 2019, Palatine Private Equity LLP announced that it has made a ‘significant investment’ into Veincentre – a UK-based center focused on the treatment of all varicose veins and thread veins and provider of endovenous laser ablation (EVLA) for the management of varicose veins.
Global Varicose Veins Treatment Market: Competitive Landscape
Major players operating in the global varicose veins treatment market include, 1. 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
“*” marked represents similar segmentation in other categories in the respective section.