Kenneth Research has evaluated the current market opportunities in Varicose Veins Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Varicose Veins Market Products.
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According to the statistics by the World Bank, current health expenditure around the world increased from 9.391 % of GDP in the year 2011 to 9.896 % of GDP in the year 2017. Moreover, the statistics also stated that Tuvalu, a nation in Oceania region, had the highest expenditure of 17.143 % of GDP in the year 2017, followed by the United States, with 17.061 % of GDP.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The global varicose vein treatment devices market is estimated to reach USD 1,388.86 Mn by 2023, expanding at a compound annual growth rate (CAGR) of 16.4% during the 2018-2023 period. The number of patients suffering from varicose veins is rising. However, technologically advanced treatment procedures are also emerging, which is expected to bolster the growth of the market during the forecast period.
Treatment mode segment insights:
The thermal ablation segment dominated the market, accounting for a 63.0% share of the global revenue in 2017. Rising adoption of minimally invasive procedures with reduced recovery periods is expected to fuel the demand for thermal ablation, including radiofrequency ablation and endovenous laser therapy, over the next few years. Furthermore, attractive reimbursement policies and recommendations by the United States (U.S.) American Venous Forum guidelines and the U.K. National Institute for Health and Care Excellence guidelines in favour of the thermal ablation process has resulted in spurring demand.
Endovenous non-thermal ablation is expected to be the fastest growing segment, increasing exponentially from 2018 to 2023 at a CAGR of 40.3%. Reduced risk of complications is projected to fuel the acceptance of this non-tumescent process over thermal ablation and other conventional treatment processes. The market share of the stripping treatment method is expected to decline considerably, owing to post-operative complications like infections at the incision sites, heavy bleeding, blood clots, bruising or scarring, and nerve injury.
End user segment insights:
The hospital segment garnered the largest share in 2017, followed by surgical clinics and specialized clinics. The availability of experienced medical professionals, coupled with favorable medical insurance policies has driven the demand for varicose veins treatment at hospitals. This segment held a 55.8% share of the global revenue in 2017.
The specialized clinics segment, which includes dedicated clinics for varicose veins treatment, is projected to witness a robust growth of 18.0% from 2018 till 2023. Patients, especially those from developed economies, are anticipated to propel the demand for treatment at specialized clinics during the forecast period. Adequate availability of cutting-edge, minimally invasive treatment procedures is predicted to drive the growth of this segment.
Regional insights:
North America was the largest regional segment, accounting for a 45.3% share of the global revenue in 2017. A growing geriatric population, obesity, and sedentary lifestyle in countries such as the U.S. and Canada, have resulted in the increased prevalence of varicose veins. Advanced healthcare infrastructure, coupled with favorable reimbursement policies have driven demand in this region in the past couple of years.
Europe was the second-leading regional segment in 2017, followed by Asia-Pacific. The market share of the Asia-Pacific region is expected to expand at the highest CAGR of 20.3% during the 2018-2023 period, owing to increased awareness among patients, along with rising healthcare expenditure. Countries like China, India, Japan, and South Korea are likely to experience significant growth over the next few years, owing to the prospects of the growing medical tourism industry, and a large patient pool.
Companies covered:
1. AngioDynamics, Inc.
2. Syneron Medical Ltd.
3. Vascular Insights, LLC
4. Biolas Health, Inc.
5. Energist Ltd.
6. Medtronic plc
7. BTG plc
8. Alma Lasers, Inc.
9. Lumenis Ltd.
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Varicose Veins Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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