Canada Varicose Vein Treatment Devices Industry Overview
The Canada varicose vein treatment devices market size was valued at USD 48.0 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% over the forecast period.
The rising cases of varicose veins and increasing adoption of endovenous ablation are key factors driving the growth of the market. According to a study published in National Center for Biotechnology Information (NCBI), nearly 3.7 million people have varicose veins in Canada. Furthermore, rising awareness among patients regarding venous diseases is anticipated to favor market growth. The rising demand for minimally invasive treatment options, approval from Health Canada for various ablation devices sclerotherapies, and positive recommendations from associations, such as Ontario Health Technology Advisory Committee (OHTAC) for Endovenous Laser Ablation (EVLA) Radiofrequency Ablation (RFA), is anticipated to drive the market.
Gather more insights about the market drivers, restrains and growth of the Canada Varicose Vein Treatment Devices Market
The non-invasive techniques for treating varicose veins have been found to have similar effectiveness as invasive surgeries as per the latest studies, resulting in more preference for minimally invasive procedures. These minimally invasive procedures have a lot of other merits over invasive surgeries. In recent times, technological advancements have resulted in the emergence of minimally invasive surgeries. Endovenous ablation sclerotherapy are noninvasive surgeries for treating varicose veins. Endovenous ablation consists of radiofrequency and laser procedures. The radiofrequency procedure is used more where the vein is thermally heated at a temperature of 60 °C to 100 °C. Sclerotherapy involves injecting a salt solution into the vein irritating the blood vessel lining, collapsing sticking together making a blood clot. These minimally invasive techniques are being preferred more in recent years over invasive surgeries.
In Canada, reimbursement and health insurance coverage for varicose veins depends on the type of treatment. Public healthcare in Canada provides coverage for conventional vein stripping and ligation surgery sclerotherapy. The Ontario Health Insurance Plan (OHIP) emphasizes conservative management of varicose veins before more invasive procedures. In 2019, the Ontario Health Technology Advisory Committee (OHTAC) recommended coverage for compression therapy for patients; however, medical-grade compression stockings are not publicly funded for most patients.
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Canada Varicose Vein Treatment Devices Market Segmentation
Grand View Research has segmented the Canada varicose vein treatment devices market on the basis of type and end use:
Canada Varicose Vein Treatment Devices Type Outlook (Revenue, USD Million, 2016 - 2028)
- Endovenous Ablation
- Sclerotherapy
- Surgical Ligation Stripping
Canada Varicose Vein Treatment Devices End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Ambulatory Care Unit
- Vein Clinics
- Hospitals
Market Share Insights
- February 2020: biolitec AG announced the launch of ELVeS Radial 2ring Pro, an advanced laser fiber for endovenous laser treatment of severely tortuous varicose veins.
- August 2019: Boston Scientific Corp. acquired BTG, which resulted in the inclusion of Varithena and the expansion of its portfolio in minimally invasive surgical devices.
Key Companies profiled:
Some of the prominent players in the Canada varicose vein treatment devices market include:
- Angiodynamics
- Medtronic
- Teleflex Incorporated
- Sciton, Inc.
- Biolitec AG
- Dornier Medtech
- Merit Medical Systems
- Alma Lasers
- Boston Scientific Corp.
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