Varicose Veins Treatment Devices Market Size, Share & Trends Analysis Report By Type (Endovenous Ablation, Sclerotherapy, Surgical Ligation & Stripping), By Region, And Segment Forecasts, 2018 - 2025

Industry Insights

The global varicose veins treatment devices market size was valued at around USD 1 billion in 2017 and is expected to grow at a CAGR of 6.4% over the forecast period. The increase in demand for minimally invasive procedures to treat varicose veins, along with growing investments by the market players to develop innovative and effective products is likely to boost the market growth.

Varicose veins can be aesthetically displeasing. They become problematic only in case they cause pain, aching, swelling, and considerable discomfort. In severe cases, they may rupture and can lead to ulcers. Available options for the treatment of varicose veins have evolved over the last few years. Majority of the private healthcare providers are offering improved minimally invasive techniques.

In addition, older population is more prone to the development of varicose veins. Effect of aging on structure and functions of the veins is found to be considerable. Over the age of 50, one out of every two people is affected by varicose vein. Overweight people and pregnant women are also susceptible to varicose veins. Some of the treatments that are available in the market include sclerotherapy, laser therapy, and radiofrequency ablation. Of these, schlerotherapy is preferred as a first-line of treatment for varicose veins, spider veins and reticular veins.

Varicose veins surgeries are likely to undergo significant changes in the near future. Surgery has been largely replaced by noninvasive options for the treatment of varicose veins. Due to the risk of infections associated with invasive surgeries, preference for noninvasive surgeries has increased in the recent years.

In addition to the risk of infection, noninvasive methods also involve minimum hospital stays, thus saving time and cost. Increase in number of surgeons are now adopting foam sclerotherapy, endovenous laser treatment, and radiofrequency ablation over conventional surgical practices.

Type Insights

Sclerotherapy is a noninvasive technique which involves injecting a foam sclerosant in the veins. It is less painful as it involves no cutting of veins. The recovery of the patients is faster as no hospital admission is needed. Moreover, in the U.S., Medicare provides coverage to the patients undergoing sclerotherapy treatment for varicose veins. In 2016, more than 375,000 sclerotherapy procedures were conducted in the U.S. Insurance coverage can increase the adoption of schlerotherapy in the coming years.

Sclerotherapy segment accounted for the largest market share in the year 2017 due to its advantages including less bruising and scarring; no need for sedation; no need for prolonged hospital stay; simple follow-up treatments; and positive reimbursement policies. The usage of foam sodium tetradecyl sulfate (STS) in schlerotherapy has innovated the treatment and provides long-term success.

Various organizations such as the British Association of Sclerotherapists (BAS) undertake initiatives annually for raising awareness and increase treatment rate of varicose veins. Increase in number of approvals is also contributing to the market growth. In February 2015, the FDA reviewed data for the premarket approval of VenaSeal system. The FDA approval for VenaSeal system included from analysis of results from three clinical studies. Medtronic announced that new CPT codes may aid in getting positive coverage for its VenaSeal closure device from public and private insurers in the U.S. in November 2017.

The endovenous ablation segment is likely to witness the fastest growth over the forecast period. Endovenous ablation procedure is preferred over the conventional varicose vein procedures such as surgical stripping and ligation, as the procedure is minimally invasive and associated with lesser complications. Moreover, various market players are focusing on the development of efficient and technologically advanced products which is likely to boost the market growth.

Regional Insights

North America dominated the market in terms of revenue share in the year 2017 as it has a large population base, which is aesthetically conscious. People are willing to undergo cosmetic procedures owing to the evident results and safety. North America is an early adopter of technology and the demonstration of safety and efficacy of laser treatments has helped in reducing the stigma attached to cosmetic procedures and has helped gain social acceptance for laser procedures, especially by men.

The introduction of advanced technology for vein treatment is also boosting the market. In May 2016, Navarro opened a vein center in the U.S. with a vision to educate the community about chronic venous insufficiency & varicose veins and the proper treatment for varicose veins. About 30 million Americans suffer from varicose vein each year and less than 10% of the population seeks treatment.

In the U.S., the Society for Vascular Surgery has created clinical care guidelines along with the American Venous Forum for varicose veins treatment. These guidelines offer recommendations for management of chronic venous diseases, based on grade system. Grading of severity of varicose veins helps care providers and insurance providers to communicate with one another. For instance, while referring patients to vein specialists, a general physician can effectively communicate the severity of varicose veins. Patients can be classified into different groups based on the severity of their varicose veins problems.

Asia Pacific is expected to be the fastest-growing market segment in the coming years due to the presence of a large elderly population, increasing disposable income, and rising awareness about these procedures. This market is highly diverse due to varying regulatory factors, which results in the difference of availability of products in different countries.

Varicose Veins Treatment Devices Market Share Insights

Some of the key market players are AngioDynamics, Inc.; Medtronic plc; Syneron Medical Ltd.; Biolitec AG; Lumenis Ltd.; Energist Group; Eufoton srl; Quanta Systems S.p.A.; and Teleflex, Inc. The leading company in terms of revenue was Medtronic, followed by Teleflex, Inc. Higher revenue of these companies can be attributed to broad product portfolio, higher penetration at global level, and various strategic initiatives.

For instance, Medtronic developed VenaSeal Closure System and received U.S. FDA approval in February 2015 and insurance coverage in 2017. Hence, development of innovative products, commercialization, and availability of reimbursements for the product are some of the major strategies adopted by the market players to maintain their dominance.

In February 2017, Teleflex acquired Vascular Solutions, Inc. for about USD 1 billion. This acquisition was expected to boost the Teleflex vascular and interventional access product portfolios through additional revenue associated with the peripheral and coronary vascular market of Vascular Solutions.

Furthermore, one of the key strategies implemented by some of the market players is to purchase products directly from their respective manufacturers as sell them as a distributor. For instance, AngioDynamics, Inc. purchased Sotradecol from Bioniche Pharma Group Limited in 2006 and Asclera from Merz in March 2016.

Report Scope

Segments covered in the report

This report forecasts revenue growth and provides an analysis of the industry trends in each of the subsegments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the varicose veins treatment devices market based on type and region:

• Type Outlook (Revenue, USD Million; 2014 - 2025)

  • Endovenous Ablation

  • Sclerotherapy

  • Surgical Ligation & Stripping

• Regional Outlook (Revenue, USD Million; 2014 - 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa