TOP FOUR FACTORS IMPACTING THE VARICOSE VEINS TREATMENT DEVICES MARKET IN THE U.S.
In the U.S., more than 40 Mn people, and over 50% of the U.S. population aged above 50 years, suffer from varicose veins, implying that the demand for treatment devices for this disease in the region is on the rise. A growing geriatric population, obesity, and sedentary lifestyles have resulted in the increasing prevalence of varicose veins. Owing to this, North America accounted for the largest share (45.3%) of the global varicose veins treatment devices market.
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From laser therapy and phlebectomy, to vein stripping and sclerotherapy, the treatment procedures for varicose veins treatment are dynamic, to say the least. Between the widely used thermal treatments and the alternative non-thermal technologies being developed, options are not only becoming more varied, but are far more efficient and cost-effective. Some of the factors impacting the treatment procedures for varicose veins are:
Shift towards minimally-invasive techniques
Stripping and ligation are the most widely used methods for treating varicose veins. However, invasive treatment methods are steadily being replaced by non-invasive or minimally-invasive techniques, owing to advantages like shorter recovery time, reduced procedure duration, and no requirement of anaesthesia. Devices that involve the use of medical adhesives or Mechanochemical Endovenous Ablation (MOCA) are projected to achieve further traction during the forecasted 2018-2023 period.
Rapid technological advancements
The emergence of cutting-edge technologies has opened up new avenues in the varicose veins treatment devices market, and is enabling R&D-focused companies to introduce advanced devices. Conventional vein stripping is being replaced by effective, painless thermal ablation devices such as VNUS Closure and VenaCure. Clarivein, Varithena, and VenaSeal are some of the other devices that are poised to gain market traction.
Product innovation and introduction of advanced treatment devices are crucial to the growth of the varicose veins treatment devices market. The market has witnessed several product launches in recent years. Medtronic launched the VenaSeal Closure System in July 2015. France-based start-up Miravas unveiled a product called VBox at MEDICA 2016, while BTG launched Varithena in 2017. Product innovation is one of the key strategies adopted by the major players for increasing their footprint in the market.
Initiatives to create awareness about the disease
Organisations like the British Association of Sclerotherapists (BAS), American Venous Forum, The Circulation Foundation and Society for Vascular Surgery, are working towards increasing awareness about the available innovative and advanced devices for the treatment of varicose veins, as well as chronic venous insufficiency and the appropriate treatment options.
These factors are contributing to the growth of the market for varicose veins treatment devices in North America, especially the U.S., which is poised for significant expansion (15.98% CAGR) till 2023.