Varicose Veins Treatment Market to Surpass US$ 2.4 Billion by 2031, Driven by Rising Prevalence and Advancements in Minimally Invasive Therapies | Latest Report TMR

The global varicose veins treatment market was valued at US$ 1.5 Bn in 2021 and is projected to expand at a CAGR of 4.8% from 2022 to 2031. Driven by rising awareness, technological advancements in treatment procedures, and increasing prevalence of chronic venous disorders, the market is anticipated to surpass US$ 2.4 Bn by 2031.

Growing demand for minimally invasive procedures, improved reimbursement policies, and the increasing availability of advanced treatment devices are expected to play a key role in market expansion over the forecast period. In addition, increasing focus on aesthetic appearance and early management of venous diseases is encouraging patients to seek timely treatment solutions.

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Market Overview

Varicose veins are a common chronic venous disorder characterized by swollen and twisted veins, typically appearing in the legs due to weakened valves that disrupt proper blood circulation. Treatment options range from conservative self-care methods to advanced medical procedures and surgical interventions.

Common treatment approaches include compression therapy, sclerotherapy, endovenous ablation, ligation and stripping, and supportive treatments. Compression stockings and garments remain one of the most widely prescribed solutions for managing early symptoms and preventing disease progression.

Key Market Growth Drivers

Rising Prevalence and Awareness of Varicose Veins

The increasing incidence of varicose veins worldwide is one of the major factors driving market growth. Lifestyle factors such as prolonged standing, sedentary habits, obesity, and aging populations contribute to the rising number of patients requiring treatment.

Growing awareness regarding early symptoms of venous insufficiency and the importance of timely treatment is encouraging individuals to seek medical intervention earlier than before. Increased public health campaigns and better diagnostic tools are further contributing to the detection and treatment of the condition.

Advancements in Minimally Invasive Treatment Technologies

Technological advancements in treatment devices and procedures are significantly boosting the varicose veins treatment market. Minimally invasive procedures such as radiofrequency ablation, laser therapy, and mechanochemical ablation have become increasingly popular due to shorter recovery times and reduced complications compared to traditional surgical approaches.

Innovative procedures such as Cryo Laser and Cryo Sclerotherapy (CLaCS) have also been introduced for the treatment of spider veins and smaller varicose veins, offering improved cosmetic outcomes and faster recovery.

Impact of COVID-19 on the Market

The COVID-19 pandemic negatively affected the global varicose veins treatment market, as many procedures were classified as elective or non-urgent and were therefore postponed or canceled. Travel restrictions and reduced hospital visits also contributed to a decline in treatment procedures.

For example, AngioDynamics reported a 2.4% decline in net sales in 2020 compared to 2019. In India, venous registry volumes decreased significantly during the first quarter of 2020, while public hospitals in Australia reported a 30% reduction in varicose vein surgeries in 2020 compared with the previous year.

Analysis of Key Players

The global varicose veins treatment market is highly competitive, with several established medical technology and healthcare companies operating worldwide. Major market participants focus on strategies such as product innovation, mergers and acquisitions, partnerships, and geographic expansion to strengthen their market presence.

Prominent players in the market include AngioDynamics, Inc., Boston Scientific Corporation (BTG International Inc.), DJO, LLC (Enovis Corporation), Essity Aktiebolag (publ) (BSN Medical), F Care Systems NV, Medtronic plc, Miravas (IPSA Group), Mylan N.V. (Viatris Inc.), SIGVARIS Group, Teleflex Incorporated, VVT Medical, and WONTECH Co., Ltd.

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Market Challenges & Opportunities

Despite strong growth potential, the market faces several challenges, including high treatment costs, limited access to specialized healthcare facilities in developing regions, and lack of awareness about advanced treatment options.

However, increasing investments in healthcare infrastructure, rising venture funding for medical device innovations, and growing demand for minimally invasive procedures present significant opportunities for market players. Expanding healthcare access in emerging economies and the introduction of cost-effective treatment solutions are also expected to accelerate market growth.

Market Segmentation

By Product
• Compression Devices / Compression Garments
• Ablation Devices
• Sclerotherapy Devices
• Surgical Products
• Others

The compression devices and garments segment held the largest share of the market in 2021 due to the widespread use of compression stockings for managing early-stage varicose veins symptoms and improving blood circulation.

By Treatment Type
• Endovenous Ablation
• Sclerotherapy
• Ligation & Stripping
• Supportive Treatment

The supportive treatment segment accounted for a prominent share in 2021 owing to the increasing adoption of compression therapy as a first-line treatment for chronic venous insufficiency.

Regional Outlook

North America held the largest share of the global varicose veins treatment market in 2021. The region's dominance is attributed to the high prevalence of varicose veins, strong healthcare infrastructure, and rapid adoption of advanced treatment devices in the United States and Canada. Additionally, the presence of major market players in the region ensures early availability of new treatment technologies.

Asia Pacific is expected to emerge as a highly lucrative market during the forecast period. Rising geriatric population, increasing awareness about minimally invasive treatments, and the growing incidence of varicose veins are contributing to regional market growth. For instance, reports indicate that nearly 120 million individuals in China were affected by lower-extremity varicose veins in 2021, with a significant proportion being women.

Key Developments

• In June 2022, VVT Medical signed a distribution agreement with Getz Healthcare to distribute its products in Australia, New Zealand, and Hong Kong.

• In November 2020, Pfizer spun off its Upjohn business and merged it with Mylan N.V. to form Viatris Inc., strengthening its position in the global healthcare industry.

• In October 2019, AngioDynamics acquired Eximo Medical and its proprietary 355nm wavelength laser technology platform to expand its medical device portfolio.

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FAQs

1. What is the current size of the varicose veins treatment market?
The market was valued at US$ 1.5 Bn in 2021.

2. What is the projected market value by 2031?
The global market is expected to exceed US$ 2.4 Bn by 2031.

3. What is the expected CAGR of the market?
The market is projected to grow at a CAGR of 4.8% from 2022 to 2031.

4. Which region dominates the varicose veins treatment market?
North America currently holds the largest share of the market.

5. Who are the major players in the market?
Key players include AngioDynamics, Boston Scientific Corporation, Medtronic plc, Teleflex Incorporated, SIGVARIS Group, and Viatris Inc.

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