The latest market report published by Credence Research, Inc. “Varicose Vein Treatment Devices Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the varicose vein treatment devices market was valued at US$ 764.2 Mn in 2018, expected to grow at a CAGR of 6.5% during the forecast period from 2019 to 2027.
The global varicose vein treatment devices market is increasing efficiently from 2019 to 2027 accredited to increase in burden for varicose veins along, adoption of advanced treatment procedures, and increasing geriatric population globally. Recent U.S FDA approvals for new devices with upgraded medical technology and therapy will drive the market growth. Increasing partnerships, acquisitions, and technology expansion in the Asia Pacific market will drive the market growth in the near future. According to Chicago Vein Institute, Society for Vascular Surgery and other research centers, currently, more than 12.5% of the U.S. population are suffering from varicose veins. It may affect up to 35% in the near future. The prevalence is higher in the females (55%) compared to males (45%). These are the most common conditions of chronic venous disease. The overall cost of all CVD treatment is around US$ 3 billion every year in the U.S. market.
Top manufacturers are focusing on new product launch and FDA clearance, mainly in the U.S. and Europe. Advancement in catheter-based endovenous thermal ablation (EVTL) and VenaSeal™ will show promising growth. Additionally, chemical ablation, liquid sclerotherapy, phlebectomy, echotherapy and other minimally invasive therapies will further spur revenue growth in the U.S. market. Moreover, top pipeline products may generate a significant revenue share by 2020 include Purespume (by VB Devices), Echopulse® device with non-invasive high intensity focused ultrasound (by Theraclion), and other devices.
Additionally, partnership agreements, acquisitions, and new product launch are the key strategies adopted by manufacturers & research institutes. For instance, in Feb 2017, Teleflex Incorporated acquired Vascular Solutions, Inc. further expand its vascular and interventional business. However, the high cost of procedures, less availability of resources along with physicians, and risk of post-surgery complications are factors limiting the market growth.
Key Market Movements:
- Globally, the varicose vein treatment devices is growing at a CAGR of 6.5% for the period from 2019 to 2027
- Rising public health awareness and structured reimbursement scenario will drive the market growth the Asia Pacific region owing to growth in healthcare expenditure, and medical tourism
- Advancement in sclerotherapy (liquid or foam), laser treatment, catheter-assisted procedures using radiofrequency, ambulatory phlebectomy and endoscopic vein surgery will further spur revenue growth during the forecast period in the emerging nations
- Increasing funding by government and private organizations for expansion of laser devices, ablation therapy devices and other instruments in the hospitals and specialty clinics will drive the market growth
- Major players in this vertical are Medtronic plc, AngioDynamics, Inc., biolitec AG, Syneron Medical Ltd., Lumenis Ltd., Dornier MedTech GmbH, Energist Group, Eufoton s.r.l., Vascular Solutions, Inc., Quanta System S.p.A., Sciton, Inc., Miravas, BTG plc, Sciton, Inc., Merz Pharma GmbH & Co. KGaA, Fotona d.o.o. and others
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