The vein ablation device market is evaluated at US$115.489 million for the year 2019 and is projected to grow at a CAGR of 5.67% reaching the market size of US$169.857 million by the year 2026. Vein ablation devices are used to treat varicose or spider veins which occur due to the improper functioning of the valves in veins and the blood do not flow effectively. The condition may arise due to numerous reasons such as old age, being overweight, constant sitting or standing position among others leading to poor blood circulation. The rising prevalence of chronic venous disease and insufficiency around the world is anticipated to propel the growth of the global vein ablation device market during the forecast period. The rising geriatric population and adoption of an unhealthy lifestyle are also major drivers for market growth in the coming years. Furthermore, the competitive landscape of vein ablation devices is promoting investments in the vein ablation device market. This is because varicose veins are a common disease and hence, effective treatment procedures are recommended by medical professionals. This is another factor anticipated to propel the global vein-ablation device market growth during the assessment period.
The recent outbreak of the novel coronavirus had a negative impact on the global vein-ablation device market. Along with the social distancing measures implemented during the pandemic to curb the spread of the virus, medical procedures and surgeries were also canceled and the major focus of the healthcare sector was made towards containing the spread of the deadly coronavirus. Also, the fear of the spread of COVID-19 among people prompted the patients to stay at home and not go for procedures. This led to a decline in vein ablation procedures in 2020 and consequently led to a decline in the growth of the global vein-ablation device market. However, as the restrictions are being eased in most parts of the world, the market is anticipated to recover and continue at its normal pace from the year 2022 onwards.
The rise in prevalence of chronic venous disease and insufficiency.
One of the major factors anticipated to drive the growth of the global Vein Ablation device market during the forecast period is the growing cases of chronic venous disease and insufficiency around the world, which is leading to rising demand for vein ablation devices. An article by the medical journal, Advances in Therapy, published in the US National Library of Medicine, National Institutes of Health in February 2019 states that the varicose vein procedures are projected to increase by 60% from 2013 to 2021. It states that the global burden of chronic venous disease consumes nearly 2% in 2019 which is constantly increasing. It also states that the number of cases of thromboembolism is projected to increase from 1 million in 2010 to 1.8 million by 2050. It further shows that the annual progression rate of chronic venous disease is more than 4%. The increasing prevalence of the disease is projected to lead to the growth of the global vein-ablation device market during the forecast period.
Growing geriatric population.
The problem of varicose veins increases with age and with the rise in the global geriatric population, the demand for vein ablation is anticipated to surge during the assessment period. According to the World Population Ageing 2019 report by the Department of Economic & Social Affairs, UN, around 6% of the population was aged 65 or above in 1990 which increased to 9% in 2019, and it is projected to increase to 16% by 2050. The number of people aged 65 years or above is projected to increase from 703 million in 2019 to 1.5 billion by 2050. Around 1 in 11 people around the world was over the age of 65 in 2019 and it is projected to increase to 1 in 6 people by 2050, as per the report. With a rapidly aging population, the number of people suffering from diseases like varicose veins in which vein-ablation devices are used is anticipated to increase and is consequently projected to boost the growth of the global vein-ablation device market during the forecast period.
North America to hold a significant market share.
Geographically, the North American region is anticipated to hold a significant market share owing to the high prevalence of chronic venous disease and insufficiency, especially in the United States, and the presence of an advanced healthcare system. Also, the high popularity of minimally invasive procedures in the region, coupled with the high awareness towards diseases such as varicose veins, chronic venous disease, and insufficiency is projected to surge the growth of the vein ablation device market in North America during the forecast period The Asia Pacific region is anticipated to witness substantial growth due to increasing awareness towards the venous diseases leading to more number of people now seeking treatment, coupled with rising investment in healthcare.
The recent outbreak of the novel coronavirus had a negative impact on the global vein-ablation device market. Along with the social distancing measures implemented during the pandemic to curb the spread of the virus, medical procedures and surgeries were also canceled and the major focus of the healthcare sector was made towards containing the spread of the deadly coronavirus. Also, the fear of the spread of COVID-19 among people prompted the patients to stay at home and not go for procedures. This led to a decline in vein ablation procedures in 2020 and consequently led to a decline in the growth of the global vein-ablation device market. However, as the restrictions are being eased in most parts of the world, the market is anticipated to recover and continue at its normal pace from the year 2022 onwards.
The rise in prevalence of chronic venous disease and insufficiency.
One of the major factors anticipated to drive the growth of the global Vein Ablation device market during the forecast period is the growing cases of chronic venous disease and insufficiency around the world, which is leading to rising demand for vein ablation devices. An article by the medical journal, Advances in Therapy, published in the US National Library of Medicine, National Institutes of Health in February 2019 states that the varicose vein procedures are projected to increase by 60% from 2013 to 2021. It states that the global burden of chronic venous disease consumes nearly 2% in 2019 which is constantly increasing. It also states that the number of cases of thromboembolism is projected to increase from 1 million in 2010 to 1.8 million by 2050. It further shows that the annual progression rate of chronic venous disease is more than 4%. The increasing prevalence of the disease is projected to lead to the growth of the global vein-ablation device market during the forecast period.
Growing geriatric population.
The problem of varicose veins increases with age and with the rise in the global geriatric population, the demand for vein ablation is anticipated to surge during the assessment period. According to the World Population Ageing 2019 report by the Department of Economic & Social Affairs, UN, around 6% of the population was aged 65 or above in 1990 which increased to 9% in 2019, and it is projected to increase to 16% by 2050. The number of people aged 65 years or above is projected to increase from 703 million in 2019 to 1.5 billion by 2050. Around 1 in 11 people around the world was over the age of 65 in 2019 and it is projected to increase to 1 in 6 people by 2050, as per the report. With a rapidly aging population, the number of people suffering from diseases like varicose veins in which vein-ablation devices are used is anticipated to increase and is consequently projected to boost the growth of the global vein-ablation device market during the forecast period.
North America to hold a significant market share.
Geographically, the North American region is anticipated to hold a significant market share owing to the high prevalence of chronic venous disease and insufficiency, especially in the United States, and the presence of an advanced healthcare system. Also, the high popularity of minimally invasive procedures in the region, coupled with the high awareness towards diseases such as varicose veins, chronic venous disease, and insufficiency is projected to surge the growth of the vein ablation device market in North America during the forecast period The Asia Pacific region is anticipated to witness substantial growth due to increasing awareness towards the venous diseases leading to more number of people now seeking treatment, coupled with rising investment in healthcare.
Market Segmentation:
By Type
- Endovenous Laser Ablation Therapy(EVLT) Devices
- Radiofrequency Ablation (RFA) Devices
- Non-Thermal Non-Tumescent (NTNT) Devices
By End-User
- Hospitals
- Ambulatory surgical centers
- Specialized clinics
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- UK
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Vein Ablation Device Market Analysis, by Type
6. Vein Ablation Device Market Analysis, by End-User
7. Vein Ablation Device Market Analysis, by Geography
8. Competitive Environment and Analysis
9. Company Profiles
Companies Mentioned
- Angiodynamics, Inc.
- F Care Systems
- Medtronic Plc
- Sciton, Inc.
- Teleflex Incorporated
- Biolitec AG
- Venclose
- Lumenis
- MedArt A/S
- Eufoton S.r.l.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 115 |
| Published | July 2021 |
| Forecast Period | 2019 - 2026 |
| Estimated Market Value ( USD | $ 115.49 million |
| Forecasted Market Value ( USD | $ 169.86 million |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
