The varicose vein treatment devices market is estimated to be valued at USD 1,277.1 Mn in 2024, growing at a CAGR of 6.6% over the forecast period (2024-2031).The rising geriatric population is more susceptible to develop varicose veins due to weakening of vessel walls as a person ages. Furthermore, technological advancements in varicose vein treatment devices coupled with increasing awareness about treatment options through medical practice marketing strategies are supporting the market growth.
Market Dynamics:
With the advent of minimally invasive procedures for varicose vein treatments such as endovenous laser ablation and radiofrequency ablation, there has been growing awareness among people regarding treatment options. Manufacturers are also enhancing their marketing strategies for varicose vein treatment procedures to educate consumers. This rising awareness about safe and effective treatment is anticipated to drive the market development over the forecasted period.
Increasing Prevalence of Varicose Veins is Driving the Growth of the Varicose Vein Treatment Devices Market
Varicose veins refer to enlarged and twisted veins that often appear blue or dark purple. They usually occur in the legs and feet. According to research, the prevalence of varicose veins is steadily increasing around the world. The rising number of people suffering from varicose veins is fueling the demand for effective treatment options. Varicose vein treatment devices offer minimally invasive solutions that help eliminate varicose veins without extensive surgery. This is a major factor propelling the growth of the varicose vein treatment devices market.
Advancements in Treatment Technologies are Expanding the Varicose Vein Treatment Devices Market
Another key driver for this market is constant innovations and advancements in varicose vein treatment technologies. Manufacturers are increasingly focusing on developing novel treatment solutions that are safer, more effective, and less invasive. For instance, laser ablation therapy devices have emerged as a popular non-surgical option. Similarly, radiofrequency ablation (RFA) devices that use radio waves to heat and destroy abnormal veins have gained acceptance in recent years. Recently, manufacturers have introduced ultrasound-guided foam sclerotherapy devices that allow accurate injection of sclerosing foam under ultrasound guidance to treat varicose veins. Such innovations are expanding treatment possibilities and physician acceptance of minimally invasive therapies, thereby fueling the adoption of varicose vein treatment devices.
Lack of Reimbursement Policies Restricts Growth of Varicose Vein Treatment Devices Market
One of the major restraints hampering the varicose vein treatment devices market is the lack of favorable reimbursement policies for varicose vein treatment procedures. In many countries, public health insurance plans do not provide full or any coverage for varicose vein treatment using devices as they consider it a cosmetic procedure and not a medical necessity. This significantly increases the procedure costs for patients. High out-of-pocket costs discourage patients from opting for advanced treatment devices. With limited or no reimbursement available, many fail to avail these minimally invasive treatment options, thereby restricting the growth of this market. Manufacturers need to work towards improving reimbursement scenarios to boost the adoption of their devices.
Unfavorable Regulations Hinder New Product Launches
Stringent regulatory policies and guidelines for new medical devices also act as a market barrier. Varicose vein treatment devices are classified as Class III devices by regulatory bodies like the U.S. Food and Drug Administration and are subject to rigorous premarket approval process. Manufacturers must meet numerous regulatory requirements pertaining to safety, efficacy and performance to receive approval for marketing new devices. Compliance with these complex regulations increases product development timelines and costs substantially. The difficulties in obtaining regulatory clearances pushes back new product launches, slowing down the market growth pace. Streamlining regulatory pathways can help alleviate this restraint to a large extent.
Rising Medical Tourism Industry Offers Opportunities in Developing Markets
With growing medical tourism in low-and middle-income countries, there lies a massive opportunity for key players in these emerging markets. Many Asian and Latin American countries have become popular medical tourism hubs owing to availability of quality treatment at lower costs. This provides an avenue to tap the treatment device demand from international patients traveling to these regions. Companies can partner with local healthcare providers to offer packaged varicose vein treatment services including devices to tourists. This strategy would help strengthen their foothold in developing markets.
Growing Elderly Population is Creating Demand in Mature Markets
Age is one of the major risk factors for varicose veins, with chances of occurrence rising with age. With a steadily increasing geriatric population worldwide, there will be a consistent rise in the number of elderly people suffering from varicose veins who require treatment. For instance, Japan is projected to have over 35% of its total population aged 65 years and above by 2050. This vast elderly patient pool present a lucrative opportunity for established players to boost sales of varicose vein treatment devices in mature markets through effective marketing initiatives targeted at the senior population.
Link: https://www.coherentmarketinsights.com/market-insight/varicose-vein-treatment-devices-market-246
Key Development
- On January 29, 2024, VVT Medical, a company specializing in medical devices, has announced a strategic distribution partnership with Methapharm, a specialized pharmaceutical firm. This collaboration signifies a significant progression within the varicose vein treatment domain, capitalizing on the synergies between both entities to promote VVT Medical's ScleroSafe platform throughout the United States.
- In April 2022, I-VASC Srl, a medical device company, has announced the completion of a USD 1.96 million Series A investment intended to support the advancement of its product, VELEX, a device tailored for treating chronic venous insufficiency. The capital from this investment round will be allocated towards conducting post-market clinical research, obtaining regulatory approval from the U.S. Food and Drug Administration for market entry in the United States, and completing the industrialization process of the product.
- In December 2021, BD, a globally recognized leader in medical technology, has announced its acquisition of Venclose, Inc., a company specializing in the development of solutions for treating chronic venous insufficiency (CVI), a condition stemming from dysfunctional valves that may result in varicose veins. This strategic acquisition positions BD to provide an expanded portfolio of solutions to healthcare providers managing a spectrum of venous diseases, reinforcing its market standing.
- In October 2020, InVera Medical, an innovative medical device company based in Galway, Ireland, has recently finalized the acquisition of USD 5.3 million in seed equity capital. This funding injection is intended to expedite the development of its revolutionary InVera device for chronic venous disease. Marking a notable achievement, InVera stands as the world's first medical device leveraging the body's biological response to tackle varicose veins and venous ulcers, without inducing any adverse side effects.
Key Players: AngioDynamics Inc., Candela Corporation, Dornier Medtech GmbH., Alma Lasers Ltd., Alna-Medicalsystem GmbH, LSO Medical, WONTECH Co. Ltd., Intros Medical Laser GmbH, Energist Ltd., Medtronic Plc, Boston Scientific, Teleflex Incorporated, Quanta System (El.en.), Eufoton SRL, Biolitec AG, and Sciton Inc.
