The U.S. varicose vein treatment devices market size is expected to reach USD 706.3 million by 2026, registering a CAGR of 5.5% over the forecast period, according to a new report published by Grand View Research, Inc. High prevalence of varicose veins due to risk factors, such as obesity, pregnancy, sedentary lifestyle, and physical activities like standing for longer durations is expected to drive the market growth.
The prevalence of vein diseases is high in population above 60 years at 26%, owing to the factors such as increasing age and development of conditions like hypertension and venous thrombosis. The incidence is lowest in the age group of 0 to 17 at 17% and is majorly due to the risk factors such as genetics, obesity, and lifestyle-related disorders affecting the arteries and veins.
Increasing technological advancements due to continuous R&D activities are anticipated to drive the market for varicose vein treatment devices. Many ongoing clinical trials conducted by the key market players study the use of novel systems over traditional treatment methods to gain a competitive edge over the existing devices. This increases competition in the market enhancing the quality of products introduced in the market. For instance, in June 2019, the Lake Washington Vascular Centre conducted a study based on patients with symptomatic varicose veins treated with Venaseal and Endovenous Thermal Ablation.
The total expenditure of Americans on combined surgical and nonsurgical cosmetic procedures was USD 13.5 billion in 2015. The percentage of nonsurgical procedures has grown by 44% since 2011 and accounted for 42% of the total expenditure done on cosmetic procedures. These statistics highlight that the market for varicose vein treatment devices is attractive for cosmetics purposes.
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U.S. Varicose Vein Treatment Devices Market Report Highlights
• Based on type, sclerotherapy accounted for the largest market share in 2018
• Medicare offers insurance for sclerotherapy procedures for varicose veins, resulting in its high adoption by the healthcare providers and patients
• Some of the key players operating in the U.S. varicose vein treatment devices market are Medtronic plc; AngioDynamics, Inc.; Biolitec AG; Lumenis Ltd.; Syneron Medical Ltd.; Energist Group; Eufoton srl; Quanta Systems S.p.A.; and Teleflex, Inc.
• In February 2015, Medtronic (then Covidien) received a pre-market approval from the U.S. Food and Drug Administration (FDA) for their new product, VenaSeal closure system-a minimally invasive and uses a medical adhesive to close the damaged vein in patients with vein diseases
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U.S. Varicose Vein Treatment Devices Market Segmentation
Grand View Research has segmented the U.S. varicose vein treatment devices market based on type:
Varicose Vein Treatment Devices Type Outlook (Revenue, USD Million, 2015 – 2026)
• Endovenous Ablation
• Laser Ablation
• Radiofrequency Ablation
• Sclerotherapy
• Surgical Ligation & Stripping
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