The global varicose vein treatment market size is predicted to surpass a valuation of US$ 765.2 million in 2023. It is estimated to attain a valuation of US$ 1,477.3 million by 2033. The market is foreseen to thrive at a CAGR of 6.8% from 2023 to 2033.
It’s typical to have varicose veins, especially in elderly people. Varicose veins are becoming more common as individuals age, get obese, have hereditary predispositions, undergo hormonal changes, and work in industries requiring a lot of standing or sitting. Market expansion is fueled by the rise in individuals seeking treatment for varicose veins.
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Significant improvements have been made in the field of treating varicose veins recently. The availability of less invasive techniques, including sclerotherapy, radiofrequency ablation, and endovenous laser treatment, has increased. These methods provide less intrusive substitutes for standard surgical operations, drawing in more patients and growing the market.
The onset and progression of varicose veins may be attributed to modern lifestyles, characterized by extended periods of sitting or standing, a lack of exercise, and poor behaviors. The prevalence of sedentary lifestyles and certain risk factors increases the need for varicose vein therapy.
Global healthcare spending has continuously risen, giving people more access to medical procedures like varicose vein therapy. The availability of healthcare finance alternatives and insurance coverage for varicose vein treatment operations further supports market expansion.
The practice of people traveling to foreign nations for medical care, known as medical tourism, is gaining popularity. Patients travel worldwide to countries that provide high-quality and affordable varicose vein treatment alternatives, which helps the industry grow.
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Key Takeaways from Varicose Vein Treatment Market Report:
- The global varicose vein treatment industry size developed at a CAGR of 6.3% from 2018 to 2022.
- In 2018, the global market size stood at US$ 528.9 million.
- The global market size stood at US$ 716.5 million in 2022.
- Endovenous laser systems held a share of nearly 52.47% in 2022.
- The hospitals’ segment held the leading market share of around 44.20% in 2022.
- The United States dominates the industry with a total market share of 42.1% in 2022.
- In 2022, India captured 6.8% of global market shares.
- Germany held around a 6.3% share of the global market in 2022.
Recent Developments Observed by FMI:
- THERACLION, a cutting-edge company creating a scalable robotic platform for non-invasive echotherapy, announced the release of SONOVEIN HD in May 2022. With this revolutionary device manufactured in Aix-en-Provence, France’s SuperSonic Imagine (recently acquired by Hologic) combines the first and only extracorporeal therapeutic ultrasound solution with cutting-edge imaging capabilities.
- I-VASC, an Italian manufacturer of medical devices, secured a Series A investment for EUR 1.8 million in April 2022 to develop its VELEX gadget, which is used to treat varicose veins.
- Theraclion’s HIFU treatment solution for varicose veins, SONOVEIN, got the CE Mark in October 2020 in its second iteration.
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Key Players in the Global Market
- AngioDynamics Inc.
- Medtronic
- Syneron Medical Ltd.
- Alma Lasers Ltd.
- Alna-Medicalsystem GmbH
- LSO Medical
- WON TECH Co. Ltd.
- Intros Medical Laser GmbH
- Energist Ltd.
- Dornier Medtech GmbH
- Theraclion
- I-VASC
Market Segmentation
By Product:
- Endovenous Laser Systems
- Diode Lasers
- YAG Lasers
- Endovenous Laser Fibres
- Bare Tip Laser Fibres
- Radial Tip Laser Fibers
- Gold Tip Laser Fibres
- Treatment Method
- Non-thermal Ablation
- Radiofrequency Ablation
- Sclerotherapy
By End User:
- Hospitals
- Ambulatory Surgical Centres
- Specialized Clinics
About FMI:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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