TORONTO, April 4, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, growth in the United States market for varicose vein treatment devices will be driven largely by strong growth in the sclerotherapy market segment. Although endovenous ablation devices will continue to generate the most revenue in the varicose vein treatment device market, the sclerotherapy segment will see the strongest market growth; this segment will account for more than a quarter of the total market revenue by 2021.
Sclerotherapy agents are versatile and can be applied either as a foam or a liquid. These procedures are also relatively easy for physicians to learn and perform. As a result, many non-surgeons are beginning to adopt these procedures over other treatments, such as endovenous ablation or phlebectomy. In particular, the foam sclerotherapy segment has historically been underpenetrated, and the efficiency, low cost and minimum invasiveness of this procedure will set the stage for rapid adoption through 2021.
The launch of BTG's Varisolve foam sclerosant in mid-2014 will further drive adoption in this segment. This product will represent the first US Food and Drug Administration (FDA)-approved foam sclerosant, and the high profile of this agent will further encourage physicians to use sclerosants over other treatment methods.
"The presence of an FDA-approved foam sclerosant on the market will boost the reputation of these procedures," says MRG Analyst Tonya Martin. "The launch of Varisolve will drive the use of foam for both on-label and off-label procedures, increasing the proportion of physicians using sclerotherapy. It's more rigorously tested and more convenient than the various 'homebrew' foam formulations physicians have been using, so we'll see strong uptake and revenue growth."
Although sclerotherapy will cannibalize sales in the phlebectomy segment, high sclerosant selling prices and strong procedure volume growth will support the steady expansion of the United States market for varicose vein treatment devices through 2021.
Millennium Research Group's US Markets for Varicose Vein Treatment Devices 2013 report includes unit, procedure, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for endovenous ablation devices, surgical stripping devices, phlebectomy devices and sclerotherapy agents in the United States.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group