Varicose Veins Treatment Device Market is projected to grow at a CAGR of 4.14% between 2025 to 2030.
Varicose veins are essentially twisted and enlarged veins. The veins present in the legs can most commonly become varicose. That is because standing and walking upright creates pressure in the veins of the lower part of the body. It can cause a lot of pain and discomfort. Damage valves often lead to varicose veins. The problem is most commonly found in women, especially in pregnant women and in the elderly population. The signs of having varicose veins include:
A major reason for the growth of this market is the rapid upward trend in global wealth.
Global wealth has increased significantly over the past two decades. The Asia Pacific market is expected to witness rapid growth in the varicose veins treatment device market. The region has witnessed significant growth in disposable income over the years. Vietnam is likely to be the top performer. According to the world bank, “more than 800 million people have been lifted out of poverty in China.” Bangladesh and India are projected to witness enormous growth in per capita income. According to the World Bank, GDP per capita growth in North America stood at 1.5 percent in 2019. The highest growth was witnessed by the USA (1.7 percent). Similarly, the growth stood at 1.6 percent in the European countries. There exists a positive relationship between income and health. As the global income is witnessing an upward trend, people have better access to care. The valuation of risk increases with income. According to the world health organization, “Spending on health is growing faster than the rest of the global economy, accounting for 10% of global gross domestic product (GDP).” Moreover, middle-income countries are spending more on health as compared to high-income countries. For the middle-income countries, the health expenditure is growing on an average of 6 percent annually whereas that of high-income countries is amassing on an average of 4 percent. The rapidly rising income is expected to boost the growth of the Varicose veins treatment devices market.
Technological innovation is expected to drive the demand for this market in the forecast period.
Technological advancement in the devices used for the varicose veins treatment is expected to spur market growth. Innovation in science is helping millions of people suffering from the varicose veins problem. Millions of people can fight the problem with the help of invasive treatment called radiofrequency (RF) technology. The innovation locks the damaged veins with low-temperature radiofrequency energy. New technology is invented in Belgium for the treatment of varicose veins. It thermally district's the small veins. Theraclion’s SONOVEIN was discovered in 2019 for the varicose vein treatment. It allows treating the problem from outside the body and hence does not require any operation theatre. Many hospitals have also incorporated improved imaging cloud to assist doctors to further improve the treatment. These technological advances are patient-friendly with better safety measures and help in treating the problem in an improved manner. Therefore, technological advancements are expected to fuel the growth of the market.
According to the World Health Organisation, in 2018, more than 125 million people were aged 80 years or older. The number of people aged 60 years and older accounted for 1 billion people. The rate of population aging is increasing dramatically around the world. According to World Health Organisation,
“By 2050, the world’s population aged 60 years and older is expected to total 2 billion and there will be almost this many (120 million) living in China alone of the age group 80 years and above, and 434 million people in this age group worldwide.” The risk of varicose vein problems increases with age. Aging often leads to wear and tear on the valves that hamper the blood flow. The blood collects in the veins instead of flowing back to the heart. This makes the problem even more severe. Also, women are most likely to develop the condition. As the problem is spurting, and the population is aging promptly, people are spending more on the treatment. This, in turn, will contribute to the growth of the varicose veins treatment devices market.
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