Varicose veins also known as varicoses occur when the veins become enlarged and overfilled with blood. These veins appear bluish purple and are twisted, bulging, and swollen. In most cases, varicose veins appear on the thighs and lower legs. The several causes of varicose veins include pregnancy, standing for long periods, obesity, menopause, old age and heredity.
According to research conducted by Research on Global Markets, 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 market is classified on the basis of treatment mode, end users and regions.
Based on the treatment mode, thermal ablation held 63% of the market in 2017 due to the growing demand for minimally invasive surgeries with minimum pain and recovery time. Endovenous non thermal ablation is expected to expand at a compound annual growth rate (CAGR) of 40.3% by 2023, due to the low risks of complications. The market share of the stripping method is expected to decline steadily due to the chances of infections, blood clots, cuts, bruises and nerve injury.
Based on the end user, the market is shared between hospitals, surgical clinics and specialized clinics. The hospital segment held 55.8% share of the global device market due to the favourable medical policies and increase in availability of medical professionals in hospitals. The specialized clinic unit is expected to grow until 18% till 2023 due to the availability of minimally invasive procedures.
Geographical, the market was dominated by North America, who held 45.3% of the global varicose veins treatment devices market in 2017 followed by Europe and Asia Pacific region respectively. 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.
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