According to a recent report by Reports and Data, the global market size for varicose vein treatment devices was USD 1.3 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6% during the forecast period. Varicose veins, which are twisted, swollen veins commonly found in the legs, affect around 23% of Americans and require efficient and modern treatment techniques.
As a result, minimally invasive treatments such as Radiofrequency Ablation (RFA) and Endovenous Laser Treatment (EVLT) are in high demand due to their effectiveness, low complication rates, and fast recovery times. Technological advancements, such as advanced laser fibers and catheter-based systems, have also contributed to their popularity. Favorable reimbursement policies for these procedures are also driving market growth.
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Varicose vein treatment equipment is increasingly needed across various end-use sectors, including hospitals, clinics, and ambulatory surgery centers. Additionally, lifestyle-related diseases such as diabetes, hypertension, and obesity are anticipated to drive market growth. As the world's aging population continues to grow, particularly in developed countries, the need for efficient and effective alternatives to varicose vein therapy will increase, given that by 2050, there will be around 1.5 billion individuals in the world who are 65 years of age or older.
Moreover, due to severe government regulations addressing medical equipment safety and efficacy, the use of high-quality and secure varicose vein treatment devices is on the rise, which further boosts market growth.
The report highlights some key points, such as the laser-based devices segment accounting for a significantly large revenue share in 2022. Laser-based technologies are becoming increasingly popular due to their efficiency in treating varicose veins with little invasiveness. Hospitals accounted for the largest revenue share in the global varicose vein therapy devices market, owing to their large patient populations, larger procedure volumes, and accessibility to professional treatment services. North America held the largest revenue share in the global market, driven by the growing desire for minimally invasive treatment solutions, the presence of significant market competitors, and developments in healthcare infrastructure.
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The report also profiles some of the prominent players in the market, including Medtronic plc., Boston Scientific Corporation, AngioDynamics, Inc., Lumenis Ltd., Syneron Medical Ltd., Dornier MedTech GmbH, Alma Lasers Ltd., Energist Ltd., Sciton Inc., Merz Pharma GmbH Co. KGaA, BTG International Ltd., Biolitec AG, Integra LifeSciences Corporation, Diomed, Inc., and Vascular Solutions, Inc. Furthermore, the report cites some recent developments, such as Boston Scientific's acquisition of Veniti, a medical device company that specializes in the treatment of venous disease, particularly varicose veins. Additionally, Medtronic plc. unveiled a minimally invasive treatment option for varicose veins called the VenaSeal closure device.
The report segments the global varicose vein treatment devices market based on Product Type Outlook, End-use Outlook, and Regional Outlook. Product types include laser-based devices, RF ablation devices, surgical devices, and others. End-use sectors include hospitals, clinics, and ambulatory surgery centers. Regional outlooks include North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa.
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