Varicose Veins Treatment Market Introduction
Medical treatments for varicose veins include self-care such as compression stockings, exercise, and medical procedures/surgeries along with devices. Various methods such as endovenous ablation (avaricose veins surgery), sclerotherapy/adhesion injection, ligation/stripping, and supportive treatment are used for varicose veins treatment.
An article published in the Journal of Family Medicine and Primary Care stated that the prevalence of varicose veins varies from 10% to 60% of the population across the world. Varicose veins is a common chronic venous disorder that affects 20% to 60% of adults, globally. The prevalence is around 4,500 cases per 100,000 individuals and around 23% of adults have varicose veins in the U.S. The incidence is higher in Asia Pacific at 30% than in the West.
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Rise in prevalence of small and greater saphenous vein, reticular varicose veins, and genital area varicose veins have induced people to be more aware and educated about varicose veins warning signals and the importance of prompt response. Technological advancements in varicose veins treatment devices propel the global market. Radiofrequency (RF) endovenous ablation is one of the several minimally invasive treatments used for varicose veins. RF procedure involves the use of ultrasound to guide a radiofrequency catheter.
Surgical removal is one of the several treatments used for varicose veins. In the procedure, infrared medical vein finders are used to draw a map of veins, arteries, and tissues to avoid complications during treatment.
Mechanochemical Ablation (MOCA) is a non-thermal, non-tumescent technique used for the treatment of incompetent saphenous vein. Such technological advancements in varicose veins treatment are driving the market. Additionally, in August 2019, Surekha Varicose Veins Clinic in Mumbai launched India’s first-ever Cryo Laser and Cryo Sclerotherapy (CLaCS) for the treatment of small varicose veins in the leg and spider veins (spider vein treatment). Sclerotherapy is a minimally invasive procedure used for spider vein treatment, usually in the legs.
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COVID-19 Impact on Global Varicose Veins Treatment Market
COVID-19 has had a negative effect on the varicose veins treatment devices market. Several varicose veins surgeries were postponed or canceled, as these fall under the elective or non-urgent procedures category. Reduction in the number of surgeries or procedures for the treatment of varicose veins due to traveling restrictions also hit product sales. For instance, AngioDynamics’ net sales declined by 2.4% in 2020, as compared to 2019. Venous registry volumes reduced fivefold in India in the first quarter of 2020, as compared to a similar period in 2019. In 2020, varicose veins treatment surgeries declined by 30% in public hospitals in Australia, as compared to those in 2019. Recently, clinics and hospitals have resumed services for non-emergent cases and backlogged procedures for varicose veins. This, in turn, is anticipated to drive demand for devices in the near future.
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Growing Emphasis on Appearance Improvement of Varicose Veins
In terms of product, the compression devices/garments segment held the largest global varicose veins treatment market share in 2021. The segment is projected to grow at a rapid pace during the forecast period. This is ascribed to increase in the use of compression stockings to effectively manage and treat varicose veins in the early stages. Preference for compression stockings for varicose veins treatment is on the rise, as these help to ease symptoms and pain and improve the appearance of varicose veins. This is expected to drive the segment during the forecast period.
Rise in Preference for Compression Stockings to Drive Supportive Treatment Segment
The supportive treatment segment held a prominent share of the global varicose veins treatment market in 2021, and the trend is anticipated to continue during the forecast period. This is ascribed to increase in preference for compression stockings and rise in consumption along with the repetitive purchase of compression socks. Compression stockings have been a standard treatment for varicose veins for several decades and are still prescribed as the first-line therapy to manage symptoms and prevent the progression of chronic venous insufficiency.
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Increase in Admissions to Hospitals & Ambulatory Surgery Centers for Venous Insufficiency Treatment
The rate of hospitalization for varicose veins treatment and the range of services offered by hospitals at a single site is on the rise. Ambulatory Surgery Centers (ASCs) can improve quality and customer service, while simultaneously reducing healthcare costs. The ASC vertical is ahead of the curve in identifying favorable avenues to improve healthcare delivery. Increase in the number of hospitals and ASCs along with comparatively higher performance and adoption of varicose veins surgeries in these settings is expected to augment the segment.
Analysis of Key Players in Global Varicose Veins Treatment Market
The varicose veins treatment market research report concludes with the company profiles section that includes key information about the major players in the global varicose veins treatment market. Market participants focus on strategies such as new product launches, mergers & acquisitions (M&As), and partnerships to strengthen their market position. AngioDynamics, Inc., Boston Scientific Corporation (BTG International Inc.), DJO, LLC (Enovis Corporation), Essity Aktiebolag (publ) (BSN Medical), F Care Systems NV, Medtronic plc, Miravas (IPSA Group), Mylan N.V. (Viatris Inc.), SIGVARIS Group, Teleflex Incorporated, VVT Medical, and WONTECH Co., Ltd. are the prominent players operating in the global market.
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Key Developments in Global Varicose Veins Treatment Market
In June 2022, VVT Medical signed a distribution agreement with Getz Healthcare, a medical technology distributor in Asia Pacific. According to the terms of the agreement, Getz will distribute VVT Medical’s products in Australia, New Zealand, and Hong Kong.
In November 2020, Pfizer, Inc. completed the transaction to spin off its Upjohn Business and combined it with Mylan N.V. to form Viatris, Inc. The merger was aimed to form a new name that would differentiate the new company and explain the company’s position in the global healthcare industry.
In October 2019, AngioDynamics, Inc. acquired Eximo Medical, Ltd., a medical device company, and its proprietary 355nm wavelength laser-technology platform, to bring a remarkable, foundational technology to the company’s portfolio, which would change the way caregivers deliver treatment to patients with Peripheral Artery Disease (PAD). With this acquisition, the company expanded its laser device product portfolio.
Each of these players has been profiled in the varicose veins treatment market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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