HERE’S WHAT’S DRIVING THE GROWTH OF THE VARICOSE VEINS TREATMENT DEVICES MARKET
With procedures ranging from laser therapy and phlebectomy, to vein stripping and sclerotherapy, the market for varicose veins treatment is dynamic, to say the least. According to a Netscribes report, 55.8% of the global revenue generated by this market in 2017 was from the hospitals segment. A number of factors can be attributed to this growth, and it is expected that demand will continue to grow during the forecasted period (2018-2023).
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Growing health awareness: Health-conscious people are careful about what they eat, and when it comes to ailments, they would much rather choose diagnosis rather than letting things aggravate. People with varicose veins opt for treatment in order to lead more comfortable and healthier lives. A significant reason why people are swift in availing treatment is because affordable medical insurance schemes reduce the burden of the expenses that have to be borne.
Higher incidence among women: Changes in the environment, food habits, and several other factors have contributed to the increasing prevalence of varicose veins, especially among menopausal women. This in turn, will boost the demand for devices used for the treatment of this ailment.
Disposable income of the masses has gone up: This is true especially for the countries in the Asia-Pacific region. People are thus investing more in healthcare. Medical tourism in the region has increased, which has driven up the demand for medical devices, including those that help treat varicose veins.
Increased spending on cosmetic procedures: Although the treatment of varicose veins does not strictly fall under the category of cosmetic surgery, people – especially those with spider veins – are choosing to get rid of the condition to appear more appealing. Apart from the pain and other physical limitations, aesthetic reasons is another factor why people opt to treat varicose veins.
These factors are contributing to the growth of the varicose veins treatment devices market. Clinics that specialize in treating the condition have sprung up across the world, while hospitals are also expanding their offerings, with doctors undergoing rigorous training to put the equipment to effective use. With an increasing number of people opting to get themselves treated, the market for varicose veins treatment devices will thrive in the future.