The global varicose vein treatment market is on track for significant expansion over the next decade. According to a recent research report by Future Market Insights, the market is expected to surpass a valuation of USD 765.2 million in 2023. Driven by increasing demand and advancements in treatment options, the market is projected to reach an estimated value of USD 1,477.3 million by 2033, growing at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2033.
As the prevalence of varicose veins continues to rise globally, driven by factors such as aging populations and increasing awareness of treatment options, the market for varicose vein treatments is experiencing a surge in demand. Advances in medical technologies and an expanding range of treatment modalities are also contributing to the market’s growth trajectory.
Unattended varicose veins can cause severe pain through swelling, ulceration, venous eczema, and lipodermatosclerosis. Treating them through appropriate measures becomes quite crucial. One may opt for non-surgical remedies such as sclerotherapy, leg elevation, or alternative invasive techniques such as endovenous laser treatments. Collectively, these therapies can be addressed as varicose vein treatments, medically practised in all parts of the world. The demand for such varicose vein treatments is expected to grow in the years to come.
Varicose Vein Treatments: Market Opportunities
Backed with strong clinical evidence, endovenous laser ablation devices are more popular to treat varicose veins. However, compared to other procedures such as foam fillers, vein stripping costs, and blast with electricity, endoscopic variceal ligation (EVL) is a costlier treatment alternative. The launch of cost-effective EVL devices will work as a favourable opportunity for new entrants as well as existing players in the market. Decreasing the procedure costs and enhancing the adoption of affordable devices will cumulatively boost the adoption of varicose vein treatments.
Among the wide variety of endovenous laser ablation devices available in the market, some of them may lead to complications such as thrombophlebitis, nerve damage, burns and deep vein thrombosis conditions. There is a potential opportunity for endovenous laser ablation device manufacturers to tap the larger market by offering competitive products that cause fewer complications.
APEJ Varicose Vein Treatment Market to Record Speedy Growth
Apropos the report, more than 40% of the market revenues will remain concentrated in North America, throughout the forecast period. By 2026-end, North America’s varicose vein treatment market will have reached a value of US$ 420 Mn. US-based AngioDynamics, Inc. will be observed as a key player in the market during this period. In terms of revenue growth, the varicose vein treatment market in Asia-Pacific excluding Japan (APEJ) region is projected to be at the forefront.
By exhibiting 7% CAGR, the APEJ varicose vein treatment market will witness the active participation of Korean medical device manufacturer, Wontech Co., Ltd. Apart from these, Syneron Medical Ltd., Dornier MedTech GmbH, Alma Lasers Ltd., Alna-Medicalsystem GmbH, LSO Medical, Energist Ltd. and intros Medical Laser GmbH are other companies partaking in the growth of global varicose vein treatment market.
The report further reveals that hospitals and ambulatory surgical centres as end-users will account for a larger share of global revenues, while specialised clinics will register the fastest revenue growth at 7.2% CAGR. The report also identifies endovenous laser treatment as the dominant varicose vein treatment in the market, procuring revenues worth over US$ 500 Mn by the end of 2026.
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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
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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