LOS ANGELES, June 13, 2022 (GLOBE NEWSWIRE) -- The Global Varicose Vein Treatment Devices Market will reach US$ 1,812.6 Million in 2028 growing at a CAGR of 6.9% amid the forecast period.
While ELA (endovenous laser ablation) treatments are effective in treating varicose veins, they are more expensive than alternatives such as vein stripping, foam fillers, and electrical blasting. In United Kingdom, the average cost of treating varicose veins with foam fillers is about US$ 2,146 for two legs, compared to about US$ 3,219 for vein stripping. The ELA operation costs between $4,292 and $6,439 for two legs, which is nearly twice the cost of alternative therapeutic methods. As a result, the introduction of low-cost ELA treatments is expected to provide market participants with appealing growth opportunities.
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Furthermore, technical advancements in ELA devices are expected to contribute to market growth. ELA devices on the market today may cause thrombophlebitis, nerve injury, burns, and deep vein thrombosis, among other complications.
North America leads the target market owing to its large population and availability of advanced medical services. North America is a leader in technology adoption, and evidence of the safety and effectiveness of laser procedures has aided in lowering the stigma associated with cosmetic procedures and increasing societal acceptability of laser procedures, particularly among men. Technology advancement is also assisting in the growth of the varicose vein treatment device market.
The American Venous Forum and the Vascular Surgery Society have prepared recommendations on clinical care for the treatment of varicose veins in the United States. These guidelines offer treatment recommendations for chronic venous diseases based on a grading system. In order to facilitate communication between insurance providers, the severity of a disease is classified. For example, a general practitioner can effectively convey the seriousness of vein disease when referring patients to vein experts. The severity of patients may be classified.
Asia Pacific is expected to grow at the fastest rate in the coming years owing to a large senior population, rising disposable income, and increased knowledge of these treatments. Because of different regulatory considerations, the market is extremely fragmented, resulting in product availability varying by country.
Report coverage:
| Market | Varicose Vein Treatment Devices Market |
| Analysis Period | 2017 - 2028 |
| Base Year | 2020 |
| Forecast Data | 2021 - 2028 |
| Segments Covered | By Treatment Type, By Product, By Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Teleflex Incorporated, Medtronic plc, Lumenis, Quanta System, Biolitec AG, Vascular Solutions InAngioDynamics, Inc., Syneron Medical Ltd, Biolitec AG. |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
| Customization Scope | 10 hrs of free customization and expert consultation |
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Key Facts
Biotechnological instrument manufacturers are currently focusing their efforts on developing novel, cost-effective medications and solutions for the treatment of a wide range of chronic venous disorders, including varicose veins. The quality of the final goods produced and the quality of services provided determine a company's success. Biotechnological device manufacturers are focusing their efforts on developing innovative and cost-effective closed systems based on modified components. In recent years, there has been an increase in the demand for minimally invasive treatments, particularly for the varicose veins treatment. Minimally invasive surgery is preferred by patients with varicose veins because it results in less blood loss, less postoperative discomfort, fewer postoperative complications, and shorter hospitals stay. Anika Therapeutics Inc. recently announced the introduction of six minimally invasive surgical devices and equipment approved by the US Food and Drug Administration in July 2020. (FDA). As a result, these factors may help to drive the growth of the varicose vein therapy devices market.
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About the Market
Chronic venous diseases are a group of illnesses caused by faulty or damaged veins. Varicose veins, spider veins, leg swelling and discomfort, leg ulcers, and phlebitis are the most common problems associated with chronic venous disorders. The rising prevalence of chronic venous diseases (CVDs), increased use of endovenous laser ablation, and technological advancements in varicose vein therapy are expected to drive global market growth. Furthermore, growing awareness of the importance of varicose veins and the treatment options available is expected to have a positive impact on the development of varicose veins treatment devices market in the coming years. However, a scarcity of trained experts, as well as the disadvantages of ablation methods, are expected to have a negative impact on market development in the coming years, posing challenges for industry participants.
Companies Covered
Key companies covered in the report are Teleflex Incorporated, Medtronic plc, Lumenis, Quanta System, Biolitec AG, Vascular Solutions Inc, AngioDynamics, Inc., Syneron Medical Ltd, Biolitec AG amongst others.
To diversify their product portfolio, the market's major players are focusing their efforts on obtaining clearance and launching new goods. For example, in December 2019, Leucadia Pharmaceuticals released a generic version of Sodium Tetradecyl Sulfate (STS), a sclerosing agent approved by the US Food and Drug Administration for the treatment of minor varicose veins in the lower legs.
The market's major players are also concentrating on raising capital in order to increase their market share. Venclose, Inc., for example, announced the completion of its Series C financing round totaling US$ 27 million in December 2019. The funds would be used to expand commercial operations in the United States and to accelerate international expansion.
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