Varicose Vein Treatment Market: Introduction
Transparency Market Research has published a new report on the varicose vein treatment market. According to the report, the global varicose vein treatment market was valued at ~US$ 1.5 Bn in 2018 and is projected to expand at a CAGR of ~5% from 2019 to 2027.
Varicose vein is one of the common diseases caused due to damage to the vein valves. Multiple child birth, pregnancy, and obesity are the risk factors associated with varicose veins. Endovenous ablation, sclerotherapy, ligation, stripping, and compression therapy are the various options available to treat varicose veins. Compression stockings are preferred as a long-term treatment for varicose veins. Sclerotherapy is an alternative option for conventional surgery. Endovenous ablation is a less-invasive treatment option for varicose veins.
In terms of treatment type, the supportive treatments segment accounted for a major share of the global varicose vein treatment market in 2018. The trend is expected to continue during the forecast period, owing to rise in the use of compression stockings in home care.
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The endovenous ablation segment held a significant share of the varicose vein treatment market in 2018. The segment is likely to grow at a rapid pace during the forecast period, due to inclination among patients toward minimally-invasive treatment options. The sclerotherapy/adhesion injection segment accounted for a major share of the global market in 2018.
Based on product, the compression devices/garments segment held a significant share of the varicose vein treatment market in 2018. The segment is projected to expand at a moderate CAGR during the forecast period. Growth of the segment is attributed to rise in the prevalence of the varicose vein condition. The ablation devices segment is anticipated to grow at a rapid pace from 2019 to 2027, owing to rise in the demand for technologically-advanced products. Moreover, increase in awareness about ablation devices is expected to fuel the growth of the segment. The radio frequency ablation/thermal ablation sub-segment accounted for a major share of the ablation devices segment, due to the wide availability of radiofrequency ablation products.
In terms of disease, the greater saphenous varicose vein segment held a major share of the varicose vein treatment market in 2018. The segment is likely to expand at a high CAGR from 2019 to 2027. Growth of the segment is attributed to rise in the prevalence of the greater saphenous varicose vein condition. Based on end user, the hospitals & ambulatory surgical centers segment accounted for a major share of the market, due to the availability of services and rise in the rate of hospitalization. Moreover, the preference for ambulatory surgical centers due to short hospital stays is likely fuel the growth of the segment.
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Global Varicose Vein Treatment Market: Prominent Regions
North America held a major share of the global varicose vein treatment market in 2018. Growth of the market in the region is attributed to the early adoption of technologically-advanced products. Moreover, strategies adopted by key players are anticipated to boost the growth of the varicose vein treatment market in North America. For instance, in January 2017, BTG International Ltd. announced the launch of Varithena in Canada for the treatment of varicose veins.
In February 2015, Medtronic received approval from the U.S. Food and Drug Administration for the VenaSeal closure system. This product approval helped the company strengthen its endovenous portfolio, and increase treatment options for physicians and patients. Moreover, rise in the prevalence of varicose veins is expected to fuel the growth of the market in the region. According to the American Heart Association, Inc., the prevalence of reticular vein and spider telangiectasias is higher in women in the U.S. Europe held the second-largest share of the global varicose vein treatment market in 2018. Growth of the market in the region is attributed to strategies adopted by key players.
For instance, in April 2019, Theraclion received CE mark for SONOVEIN for the treatment of varicose veins. Asia Pacific accounted for a significant share of the global market. The market in the region is likely to grow at a rapid pace during the forecast period. This is attributed to increase in the number of people suffering from obesity and surge in the geriatric population. Moreover, rise in the prevalence of the varicose vein condition is projected to accelerate the growth of the market in the region.
According to a study published in Occupational Safety and Health Research Institute, conducted during March and August 2014, in Pusan National University, Yangsan Hospital, South Korea, 67 out of 414 nurses were diagnosed with varicose vein using duplex ultrasonography. An article published in the International Journal of Research in Medical Sciences stated that, varicose vein is more prevalent in women than men, and it affects half of the women in northern India.
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Varicose Vein Treatment Market: Key Players
Key players are expanding their footprint to strengthen their position in the global varicose vein treatment market. Development of new treatments and surge in the number of patients with varicose veins present lucrative opportunities for key players in the global varicose vein treatment market. These players are engaged in new products developments, mergers & acquisitions, and distribution agreements.
For instance, in December 2018, Merit Medical acquired Vascular Insights, LLC, which strengthened the customer reach of ClariVein. In November 2017, BTG International, Ltd. received CPT codes for Varithena. In November 2015, Medtronic launched VenaSeal in the U.S. This product launch enabled the company to provide treatment options for patients with symptomatic venous reflux.
Prominent players operating in the global varicose vein treatment market are Medtronic, AngioDynamics, BTG International Ltd., VVT Medical, F Care System, WON TECH Co., Ltd., DJO, LLC, Miravas, Mylan N.V., Teleflex Incorporated, BSN medical, and SIGVARIS.
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