Key Players in the Varicose Vein Treatment Market Growth Trends, Current Demand and Report by 2031

Endovenous Cyanoacrylate Glue and Polidocanol Injectable Foam Gain Popularity as Minimally-invasive Treatment Options

The varicose vein treatment market is anticipated to grow with the introduction of endovenous cyanoacrylate glue.

For instance, a leading medical technology company - Medtronic - announced the launch of the VenaSeal closure system in India, which uses endovenous cyanoacrylate glue to seal off varicose veins. The procedure involving endovenous cyanoacrylate glue is increasingly gaining popularity as a minimally-invasive treatment option for patients in the varicose vein treatment space.

On the other hand, FDA-approved polidocanol injectable foam is being used by healthcare providers in the varicose vein treatment market space to diagnose the greater saphenous varicose vein condition in patients. As such, healthcare industries in the varicose vein treatment market are targeting treatment options for greater saphenous varicose veins, since the disease accounts for the highest revenue amongst all diseases in this landscape. Revenue of the greater saphenous varicose veins disease segment is predicted for exponential growth, with an estimated value of ~US$ 1 billion by the end of 2024. Healthcare providers are recommending polidocanol injectable foam for various varicose vein treatments, since it is a nonsurgical procedure.

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Availability of Innovative Therapies Triggers Growth for Varicose Vein Treatment Market
The ClariVein® device is an important addition to the list of minimally-invasive treatment options in the varicose vein treatment ecosystem. This specialty infusion catheter is found to improve patient quality of life, owing to minimum recovery and maximum results. Thus, manufacturers should develop improved versions similar to ClariVein® to stay relevant in the varicose vein treatment market. This device adds convenience for patients since it is fully-disposable and can be easily used in an office setting.

Another device that is providing relief for challenging varicose vein health conditions is Sonovein®. In April 2019, Theraclion - a provider of HIFU (high-intensity focused ultrasound) technology devices, revealed that the company obtained the CE mark for the Sonovein® device, suitable for ultrasound therapy of the varicose veins. Thus, manufacturers in the varicose vein treatment landscape should innovate devices built with high-intensity ultrasound beams to contribute to more minimally-invasive treatment options.
Endovenous Ablasion and Sclerotherapy Propagate Incremental Opportunities for Healthcare Industries

The condition of varicose veins is being commonly found in many individuals. Growing incidence of this health condition has opened up opportunities for companies in the varicose vein treatment market to offer a variety of efficacious treatment options.

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Endothermal ablasion or endovenous laser treatment is being increasingly pursued as a minimally-invasive therapy for varicose vein patients. This trend is anticipated to contribute for pervasive revenue growth of endovenous ablasion amongst all treatment options in the varicose vein treatment market, with a projected revenue of ~US$ 800 million by the end of 2027. Healthcare providers are increasingly recommending endovenous ablation as the first line of treatment for varicose veins.

On the other hand, ultrasound-guided foam sclerotherapy is being increasingly adopted by healthcare providers in the varicose vein treatment landscape. Companies are increasing research efforts to develop improved formulations of foam, since foam acts as a suitable alternative to liquid.
This treatment is generating incremental opportunities for healthcare industries, since sclerotherapy is associated with better outcomes and fewer complications amongst patients.

Proper Compression in Products Aid Increased Adoption Post Invasive Treatment
Companies in the varicose vein treatment space are increasing their production capabilities to manufacture compression garments and devices.

As such, compression garments and devices are anticipated to enjoy the highest revenue amongst all products in the varicose vein treatment market, with a value projection of ~US$ 1.1 billion by 2027.
This is why healthcare industries are steering innovation toward the development of various compression products such as compression bandages, self-adjustable Velcro devices, compression stockings, and hybrid devices. Healthcare providers are increasingly recommending the use of compression products after varicose vein intervention.

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Compression therapy is serving as an efficacious solution for patients post invasive treatment of superficial veins. However, in many cases, it has been found that, patients report difficulties during the donning and doffing of compression stockings. Concerns with hygiene also restrain the adoption of compression products. To overcome these limitations, companies in the varicose vein treatment market are increasing R&D to develop devices and garments with proper compression that help reduce the incidence of pain associated with their usage.

Analysts' Viewpoint

Phlebectomy is a reliable surgical treatment that is less technically challenging as compared to many other treatment options. The VenaSeal closure system is found to be advantageous as a painless treatment option. Surgical stripping is a conventional but effective treatment that is being used for decades in the healthcare space.

However, the recovery time is longer in this type of treatment. Hence, companies in the varicose vein treatment market should manufacture improved compression bandages and other compression products that aid speedy recovery.

Companies should focus on the development of minimally-invasive devices that improve outcomes in patients. In this way, they would gain credibility as a trustworthy company that caters to the specific needs of patients in the landscape.

Global Varicose Vein Treatment Market: Overview

• According to Transparency Market Research's latest market report on the varicose vein treatment market for the historical period of 2017-2018 and forecast period of 2019-2027, increase in awareness about varicose veins and rise in the prevalence of varicose vein and related venous diseases are anticipated to boost the growth of the global varicose vein treatment market.

• As per the study, the global varicose vein treatment market was valued at ~US$ 1.5 Bn in the year 2018 and is projected to increase at a CAGR of ~4.7% over the forecast period.

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Increase in Awareness and Rise in Prevalence of Varicose Vein: A Key Driver

• Obesity is one of the risk factors associated with varicose veins. Urbanization of lifestyle and unhealthy diet lead to obesity. Hence, increase in the number of people suffering from obesity is anticipated to drive the global varicose vein treatment market.

• An article published in SAGE Publications stated that, obesity is one of the major risk factors for all types of lower limb venous diseases, and the number of people with venous diseases and obese patients have increased in the last few decades.

• Moreover, multiple child births and pregnancy increase the risk developing varicose veins. Varicose vein is more prevalent in women. According to BioSupply Trends Quarterly 2017, the prevalence of varicose vein was higher in women, i.e., 55% in women and 45% in men. Around 41% of women in the U.S. aged over 50 suffer from varicose vein.

• Rise in the prevalence of varicose vein and related venous diseases is likely fuel the growth of the global varicose vein treatment market. An article published by the Occupational Safety and Health Research Institute stated that, the reported prevalence of lower limb varicose veins varies between 10% and 30% across the world.

• Moreover, the risk of varicose vein increases with age. Hence, rise in the geriatric population is likely to boost the growth of the global varicose vein treatment market.

• Governments have initiated awareness campaigns to educate people about varicose veins. The National Venous Screening Program (NVSP) is one of the initiatives to increase public awareness about varicose veins.

• In February 2013, the Society of Interventional Radiology (SIR) joined as a member of Rethink Varicose Veins to enhance public awareness about chronic venous insufficiency and risk of varicose veins.

• Rise in the prevalence of greater and small saphenous varicose veins and genital area varicose veins have influenced people to be more aware about related warning signals and the importance of prompt response.

• Hence, increase in awareness is anticipated to drive the global varicose vein treatment market over the period of forecast.

Global Varicose Vein Treatment Market: Development of New Treatments
• Rise in the demand for technologically-advanced products and inclination toward minimally-invasive procedures are expected to propel the global varicose vein treatment market. Hence, industry players are engaged in the development of new products to improve the treatments of varicose veins.

• For instance, VenaSeal is the most recent development in the treatment of varicose veins, and was approved by the U.S. Food and Drug Administration in 2015. This is a procedure using adhesion to cut off blood supply.

• Rise in the adoption of endovenous ablation techniques is leading to increase in the demand for radiofrequency ablation devices and EVLT. Mechanochemical is one of the latest non-thermal techniques for varicose vein treatment. This technique involves two methods: ClariVein and Flebogrif.

• Therefore, the development of new treatments is likely to fuel the growth of the global varicose vein treatment market.

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High Cost of Treatment and Low Diagnosis Rate Hamper Global Varicose Vein Treatment Market

• Cost is a major factor influencing the selection of the treatment of varicose veins. Hence, the high cost of treatment is anticipated to restrain the global varicose vein treatment market. For instance, the cost of vein stripping surgery for varicose vein is US$ 1,500 to US$ 3,000, excluding the fees charged by surgical centers and hospitals.

• The prevalence of varicose vein is high among the population; however, the diagnosis rate is low. Lower diagnosis rate decreases the treatment rate for varicose veins among patients, as such, hampering the growth of the global varicose vein treatment market.

Global Varicose Vein Treatment Market: Competitive Landscape

• This report profiles major players in the global varicose vein treatment market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.

• The global varicose vein treatment market is moderately fragmented, with the presence of a few large-scale players in the international market and several small-scale players in regional markets. The top 4 to 5 players hold a majority share of the global varicose vein treatment market.

• Prominent players operating in the global varicose vein treatment market include

o Medtronic
o AngioDynamics
o BTG International Ltd.
o VVT Medical
o F Care System
o WON TECH Co., Ltd.
o DJO
o LLC
o Miravas
o Mylan N.V.
o Teleflex Incorporated
o BSN medical
o SIGVARIS

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