Varicose Veins Treatment Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Device (Sclerotherapy Injection, Ablation Devices, Venous Closure Systems, Surgical Products, and Others); Treatment Type (Sclerotherapy, Laser Ablation, Endovenous Ablation, Radiofrequency Ablation, and Others); End-User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others); and Region/Country
The varicose veins treatment market has captured significant market demand and is expected to grow at a CAGR of 6% during the forecast period. Varicose veins are one of the most common chronic venous disorders these are present under the skin in the legs, which become enlarged and twisted due to high blood pressure. Varicose Veins are diagnosed during pregnancies, high prevalence of obesity which results in hypertension and distension in the lower-extremity veins and an increase in hormone secretion. Moreover, market key players are adopting advanced technology for better assistance in the healthcare sector which will drive the growth of this market during the forecast period. For instance, in October 2020, THERACLION an innovative company specializing in ecotherapy treatment (using High-Intensity Focused Ultrasound or HIFU), obtained CE Mark for the second generation of SONOVEIN, its HIFU treatment solution for varicose veins.
Some of the major companies operating in the medical coding market include AngioDynamics, Alma Lasers, BTG International Inc, Energist, Lumenis, Medtronic plc, Sciton Inc, Syneron Medical Ltd, WON TECH Co. Ltd, Teleflex Incorporated
Insights Presented in the Report
“Amongst devices, sclerotherapy injection category is expected to witness considerable growth during the forecast period”
Based on device, the market has been categorized into sclerotherapy injection, ablation devices, venous closure systems, surgical products, and others. Amongst these, the sclerotherapy injection category is expected to witness significant growth during the forecast period. Sclerotherapy involves an injection of a solution directly into the vein that will irritate the lining of the blood vessel. The growth of this segment during the forecast period is mainly due to some major factors such as rising cases of obesity, venous stasis ulcers, phlebitis, and thrombosis. For instance, according to the Centers for Diseases Control and Prevention (CDC), 900,000 people could be affected each year in the United States.
“Amongst treatment type, sclerotherapy category held a significant share in 2020”
Based on the treatment type, the market has been categorized into sclerotherapy, laser ablation, endovenous ablation, radiofrequency ablation, and others. Among these, the sclerotherapy category is expected to witness a significant growth rate in the varicose veins treatment market. Owing to, some benefits related to the treatment such as the requirement of minimal incision and reduced scarring increased penetration, cost and time efficiency, reduced risk of collateral damage to surrounding tissues, fewer post-operative complications, and painless procedures. Moreover, market players are developing new technologies and the rising approval of new medical equipment is contributing to the growth of this market during the forecast period. For instance, in November 2020, Vascular Barcelona Devices (VB Devices) received approval of CE mark for Varixio Pod Air as Class 1 s medical device intended for automated preparation of foam for varicose veins sclerotherapy.
“Amongst end-user, hospitals & clinics category held a significant share in 2020”
Based on end-user, the market has been segmented into hospitals & clinics, ambulatory surgical centers, and others. Among them, the hospitals & surgical centers segment is expected to have the fastest growth rate in the market. This is mainly due to the availability of healthcare professionals who offer proper guidance about handling the device, and the safety & efficacy during the treatment procedures. For instance, according to the American Society of Vascular surgery, at least 20 to 25 million Americans are suffering from varicose veins, among them, 17% are men and 33% are women.
“North America to witness significant growth during the forecast period”
For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific) and Rest of World. In 2020, North America accounted for a significant market share. This is mainly due to the large patient base, which is aesthetically conscious, affordable cost, social acceptance for laser procedures, and the increasing healthcare spending in the U.S. For instance, according to the study titled “Risk assessment for varicose veins among city Police-A cross-sectional study” published in the Clinical Epidemiology and Global Health in December 2021, Varicose veins affect roughly 23% of adults in the United States.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Varicose Veins Treament Market|
|2.2.||Research Methodology of the Varicose Veins Treament Market|
|5||IMPACT OF COVID-19 ON THE VARICOSE VEINS TREATMENT MARKET|
|6||VARICOSE VEINS TREATMENT MARKET REVENUE (USD BN), 2019-2027F|
|7.3.||Venous Closure Systems|
|9.1.||Hospitals & Clinics|
|9.2.||Ambulatory Surgical centers|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.4.||Rest of Asia-Pacific|
|10.4.||Rest of the World|
|12||VARICOSE VEINS TREATMENT MARKET OPPORTUNITIES|
|13||VARICOSE VEINS TREATMENT MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15.1.1.||Porter’s Five Forces Analysis|
|16.3.||BTG International Inc|
|16.8.||Syneron Medical Ltd|
|16.9.||WON TECH Co. Ltd|
Research Methodology for the Varicose Veins Treatment Market Analysis (2022-2028)
Analyzing the historical market, estimating of the current market, and forecasting the future market of the varicose veins treatment market were the three major steps undertaken to create and analyze the adoption of varicose veins treatment in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the varicose veins treatment market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the varicose veins treatment market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the varicose veins treatment market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as device, treatment type, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the varicose veins treatment market. Further, we conducted factor analysis using dependent and independent variables such as various device, treatment type, and end-user of varicose veins treatment equipment. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the varicose veins treatment market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the varicose veins treatment market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally.
The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the varicose veins treatment market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the varicose veins treatment market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the varicose veins treatment market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the device, treatment type, and end-user in the varicose veins treatment market.
The main objective of the Varicose Veins Treatment Market Study
The current & future market trends of the varicose veins treatment market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the varicose veins treatment market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of device, treatment type, and end-user.
- Define and analysis of the regulatory framework for the varicose veins treatment market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the varicose veins treatment market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the varicose veins treatment market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry