The global varicose veins treatment devices market is expected to reach USD 1.7 billion by 2025
Oct 30, 2019, 10:35 ET
NEW YORK, Oct. 30, 2019 /PRNewswire/ --
Varicose Veins Treatment Devices Market Size, Share & Trends Analysis Report By Type (Endovenous Ablation, Sclerotherapy, Surgical Ligation & Stripping), By Region, And Segment Forecasts, 2019 - 2025
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The global varicose veins treatment devices market is expected to reach USD 1.7 billion by 2025 It is anticipated to register a CAGR of 6.3% during the forecast period. Rising investments by the key healthcare companies to develop innovative and effective products is likely to drive the growth.
Varicose veins can be unsightly and can lead to considerable discomfort in some cases.Available treatments for varicose veins have improved since the last few years.
Various healthcare providers are offering minimally invasive techniques such as radiofrequency ablation and laser therapies.Due to the risk of infections associated with invasive surgeries, surgical vein stripping methods have been replaced by noninvasive procedures.
Sclerotherapy is the most popular procedure and is used as a first-line of treatment among endovenous ablation and surgical stripping.
North America held the leading market share in terms of revenue in 2018 due to technological advancements and the fact that about 30 million Americans suffer from varicose vein each year. In U.S., Medicare provides coverage to the patients undergoing sclerotherapy treatment for varicose veins, which can increase its adoption by the care providers and especially by the patients.
Some market players purchase products from core manufacturers and distribute. For instance, AngioDynamics, Inc. purchased Asclera from Merz in March 2016. AngioDynamics announced that it has entered into an agreement with Merz North America, a part of the global Merz Pharma Group, for the distribution of Asclera injection within U.S. In another development, Medtronic announced that the new CPT codes may aid in getting positive coverage for its VenaSeal closure device from the public and private insurers in U.S. in November 2017.
Development of innovative products, commercialization, and availability of reimbursements are some of the strategies undertaken by the market players to strengthen their position in the varicose veins treatment devices market. In May 2016, Navarro opened a vein center in U.S. with a vision to educate the community about chronic venous insufficiency and varicose veins and the proper treatment options.
Further key findings from the report suggest:
• Sclerotherapy segment led the market in 2018 due to the advantages of this treatment such as no scarring; no need for anesthesia; no need for hospital admission; simple follow-up treatments; and favorable reimbursement policies
• Endovenous ablation segment is anticipated to witness the fastest growth over the forecast period as this treatment is preferred over the conventional procedures such as surgical stripping and ligation
• Asia Pacific is expected to be the fastest growing region in the forthcoming years due to rising awareness about minimally invasive and noninvasive procedures, rising disposable income levels, and a large base of geriatric population
• Some of the key players operating in the varicose veins treatment devices market are AngioDynamics, Inc.; Medtronic plc; Syneron Medical Ltd.; Biolitec AG; Lumenis Ltd.; Energist Group; Eufoton srl; and Teleflex, Inc.
• In addition, market players acquire other vascular businesses to boost their own product portfolio and overall revenue. For instance, Teleflex acquired Vascular Solutions, Inc. in 2017.
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