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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Varicose vein treatment devices are used to treat varicose veins which appear enlarged, swollen and twisted. Some of the common products are laser and light devices, radiofrequency devices, and ultrasonic devices. Laser and light devices employ laser or intense pulsed light energy to close abnormal veins causing varicose veins. Radiofrequency devices use heat generated from radio waves to damage the inner lining of affected veins, causing them to collapse and disappear. Ultrasonic devices deliver high frequency sound waves to break down proteins in veins, causing vein walls to adhere and seal shut. These devices help in non-invasive treatment of varicose veins with minimal discomfort and quicker recovery times.
Market Dynamics:
Increasing geriatric population is a major driver for varicose vein treatment devices market. Around 75% of varicose veins occur in people over the age of 65. With rising life expectancy globally, the geriatric population is projected to grow significantly in various countries including the U.S, China, and India. Elderly people are more prone to developing varicose veins due to weakening of vein walls with age. Furthermore, rising awareness about minimally invasive varicose vein treatments and availability of advanced treatment devices will also boost the market growth over the forecast period. However, high cost of varicose vein treatment procedures and lack of reimbursement in some regions may hamper market growth.
SWOT Analysis
Strength: Varicose vein treatment devices market has strong growth potential due to the rising geriatric population and increasing prevalence of varicose veins. The advanced treatment options such as laser therapy provide minimally invasive procedures which result in less pain and quicker recovery. Many players are concentrating on developing innovative varicose vein treatment devices which provide improved outcomes to patients.
Weakness: High cost of advanced varicose vein treatment devices limits their adoption in developing regions. Lack of awareness regarding new treatment options in rural areas also hampers the market growth.
Opportunity: rising medical tourism in developing countries provide new growth opportunities to market players. Growing demand for non-invasive procedures widens the scope for various treatment device manufacturers.
Threats: Strong preference for conventional treatments over advanced options threaten the growth of devices market. Stringent regulatory approval process also poses challenges to new entrants.
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 prevalence of varicose veins owing to rising sedentary lifestyle and obesity. Advancements in varicose vein treatment technologies are further fueling the market growth.
Regional analysis:
North America dominates the global varicose vein treatment devices market owing to the growing geriatric population, high healthcare spending, and availability of advanced treatment facilities in the region. Asia Pacific exhibits the fastest growth over the forecast period supported by rising medical tourism, increasing healthcare spending, and growing awareness about varicose vein treatments.
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 players are focusing on new product launches and geographical expansion to gain higher market shares.
