Varicose Vein Treatment Devices Market – Global Industry Analysis, Trends and Growth Factors, Key Companies & Forecast to 2024
Varicose veins form in the leg due to flow of blood in the opposite direction, which creates extreme pressure in the already blocked veins. Varicose veins can lead to ulceration, swelling, and venous eczema. The condition can significantly hamper quality of life. Over 40% of total U.S. population is affected by varicose veins and over 30 million U.S. citizens suffer from venous insufficiency and the risk of developing varicose veins increases with the age. Several invasive techniques such as sclerotherapy, laser ablation and laser and intense-pulsed therapy are used to treat varicose veins. However, the market is slowly shifting towards minimally-invasive treatment methods such as medical adhesive as there is no need for anesthesia administration and leads to relatively less bruising caused due to laser based treatment methods.
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Endovenous laser ablation devices is projected to be a key segment in the varicose vein treatment devices market
Varicose vein treatment devices market is an ever-evolving market with technological innovation leading to development of advanced products. The endovenous laser ablation devices are gaining significant traction in this market. This treatment method is relatively expensive in comparison to other invasive techniques such as laser ablation and sclerotherapy. However, the demand for these devices is increasing at rapid pace due to its minimally invasive nature, reduced treatment time, better blood circulation and complete closure. Further, the introduction of medical adhesives to close the affected site has been a game changer. For instance, Medtronic launched VenaSeal Closure System in July 2015. Miravas, a France-based startup presented their new product called VBox during Medica 2016. VBox utilizes steam generated from water. The water vapor is then released to the affected vein through catheter. Such novel products will provide a new direction to the varicose vein treatment devices industry in the near future and motivate the key players to launch products with cutting-edge technology in order to stay competitive.
Varicose vein treatment devices market is poised to gain strong traction in the Asia pacific region
North America is the largest market for varicose vein treatment devices accounting to large patient pool, reimbursement for minimally invasive procedures under Medicare and private insurance. According to the data published by Society for Vascular Surgery and the American Venous Forum, an estimated 3.7 million people suffer from varicose veins in Canada. This is attributed to the demographic shift towards geriatric population and high prevalence of obesity. An estimated 1 million are treated for varicose veins in U.S. which reflects upon the under-penetration of the market in the country. Europe is the second largest market with a regional prevalence rate of 35% across European population. With the increase in aging population and rise in prevalence of obesity, the market for varicose vein treatment devices is forecast to witness considerable growth in North America and Europe.
Countries such as China and India constitute significant patient population for varicose vein treatment devices. According to the study conducted by Wockhardt Hospital, 7% of Indian population is suffering from varicose veins. As per OMICS International, the prevalence rate for varicose veins in China is 10% and 29% for male and female population respectively. Asia Pacific region will bear high growth rate for varicose vein treatment devices market as the geriatric population increases coupled with improving healthcare infrastructure and rise in awareness among people about early treatment methods.
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The varicose vein treatment devices market is consolidated in nature with key players adopting Mergers and Acquisitions strategy
Key players in the market include Medtronic plc, Angio Dynamic Inc, Vascular Solutions Inc, Dornier Medtech GmbH, Syneron Medical ltd, Energist Group and Biolitec AG, among others. The market has witnessed the entry of new players such as Miravas and BTG plc. The key companies have adopted mergers and acquisition strategy to gain market share and maintain dominant position in the varicose vein treatment devices market. For instance, Medtronic acquired Sapheon Inc in 2014 for an undisclosed amount. The market is anticipated to maintain a state of consolidation with top four companies contributing major share of the market.
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