Canada's varicose vein treatment device market was valued at USD 48.0 millions in 2020. It is expected to grow at 6.6% compound annual growth rate (CAGR). Market growth is driven by the increasing number of patients suffering from varicose veins, and the increased use of endovenous ablation. A study published by National Center for Biotechnology Information, (NCBI) found that nearly 3.7 million Canadians have varicose vessels. Market growth is expected to be aided by a growing awareness of venous diseases among patients. Market growth is expected to be driven by the rising demand for minimally invasive treatments, approval from Health Canada of various ablation devices & sclerotherapies, as well as positive recommendations from associations such Ontario Health Technology Advisory Committee for Endovenous Laser Ablation, (EVLA), and Radiofrequency Ablation, (RFA).
According to the most recent studies, non-invasive methods for treating varicose have similar efficacy as invasive surgery. This has led to a greater preference for minimally invasive procedures. There are many other benefits to minimally invasive procedures over invasive surgery. Technological advancements have led to the development of minimally invasive procedures. Endovenous ablation and sclerotherapy can be used to treat varicose veins. Endovenous treatment can be performed using radiofrequency or laser procedures. Radiofrequency is more commonly used when the vein has been heated to a temperature between 60 and 100 degrees Celsius. Sclerotherapy is the injection of a salt solution into a vein to cause irritation and blood vessel lining collapse. This causes a blood clot. In recent years, these minimally invasive procedures have been preferred to invasive surgeries.
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Pandemic Impact |
Outlook after COVID |
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The Canadian Institute for Health Information reports that the number of varicose and vein repairs/vein surgeries from March 2020 to June 2020 saw a double-digit decrease compared to 2019. |
Hospitals and clinics will be able to resume treatment of varicose veins by vaccinating, locking down upliftment, as well as relaxations in social restrictions. Virtual consultations are now available at many vein clinics. This will have a positive effect on the market's growth over the next year. |
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Key manufacturers used cost-reduction strategies to address the COVID-19 pandemic, declining revenue and other factors, including a reduction in travel, meetings and customer events, hiring and certain clinical research and development programs. |
Backlogs for varicose veins will drive demand as hospitals and clinics reopen services to non-emergent patients across the country. |
Varicose vein treatment is covered by insurance and reimbursement in Canada. Canada's public healthcare covers vein stripping, ligation surgery and sclerotherapy. The Ontario Health Insurance Plan emphasizes the prevention of more invasive procedures. The Ontario Health Technology Advisory Committee recommended that patients receive compression therapy in 2019. However, most patients are not eligible for medical-grade compression stockings.
The market can be divided into three types: surgical ligation and stripping, endovenous ablation and sclerotherapy. In 2020, the sclerotherapy market accounted for 62% of the total revenue. This is due to high demand and easier access to treatment of varicose veins. Endovenous ablation and sclerotherapy cost less than vein surgery. Invasive open vein surgery is more invasive and requires a longer hospital stay. Recurrence is also possible after 4 to 5 year. Because they are daycare procedures, minimally invasive procedures don't require hospitalization. There is negligible recurrence and fewer side effects.
These factors have led to a gradual shift towards minimally invasive procedures which will likely boost segment growth. Endovenous ablation can be further divided into radiofrequency ablation and endovenous laser. Laser therapy is rapidly becoming a popular treatment for varicose veins. This has contributed to the growth of this segment. Many market players invest in the development and commercialization of new products. The market is expected to grow further with the commercialization of several products in recent years. Biolitec AG, for instance, announced in February 2020 the launch of ELVeS Radical 2ring Pro, a laser fiber that can be used to treat severely tortuous varicose vanes.
The market can be divided into three segments based on its end use: ambulatory care units (Veneer Clinics), hospitals, and others. Due to Canada's high number of private and public hospitals, the hospitals segment held the largest share at over 51% in 2020. Hospitals can also purchase expensive equipment such as the endovenous ablation device. Hospitals are growing because of this and favorable policies regarding open vein surgery.
The second-largest segment was vein clinics. It is expected to grow at a fastest CAGR of 5% from 2021 to 2028. There are increasing numbers of cosmetic clinics that offer minimally invasive treatment for varicose and other conditions. This segment is expected to grow due to the increasing number of vascular surgeons and physicians who have their own vein clinics.
Patients also prefer endovenous ablation, as many vein clinics such as The Vein Treatment Centre, Canada Vein Clinics and Canada Vein Institute offer this treatment. The popularity of vein clinics is steadily increasing which supports segment growth.
Market players adopt key strategies such as acquisitions, partnerships and the launch of new products. In August 2019, Boston Scientific Corp. purchased BTG. This resulted in Varithena being added to the company's portfolio of minimally invasive surgical instruments. Merit Medical Systems purchased the assets of Vascular Insights, LLC in December 2018. This resulted in ClariVein being added to the company's product line. Among the most prominent players in Canada's varicose vein treatment device market are:
Angiodynamics
Medtronic
Teleflex Incorporated
Sciton, Inc.
Biolitec AG
Dornier Medtech
Merit Medical Systems
Alma Lasers
Boston Scientific Corp.
Up Market Research published a new report titled “Canada Varicose Vein Treatment Devices Market research report which is segmented by End Use (Hospitals, Ambulatory Care Unit, Vein Clinics), by Type (Sclerotherapy, Endovenous Ablation), By Players/Companies Merit Medical Systems, Angiodynamics, Teleflex Incorporated, Boston Scientific Corp, Alma Lasers, Dornier Medtech, Sciton Inc, Medtronic, Biolitec AG”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
| Report Attributes | Report Details |
| Report Title | Canada Varicose Vein Treatment Devices Market Research Report |
| By End Use | Hospitals, Ambulatory Care Unit, Vein Clinics |
| By Type | Sclerotherapy, Endovenous Ablation |
| By Companies | Merit Medical Systems, Angiodynamics, Teleflex Incorporated, Boston Scientific Corp, Alma Lasers, Dornier Medtech, Sciton Inc, Medtronic, Biolitec AG |
| Regions Covered | North America, Europe, APAC, Latin America, MEA |
| Base Year | 2020 |
| Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
| Forecast Year | 2028 |
| Number of Pages | 239 |
| Number of Tables & Figures | 168 |
| Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by End Use (Hospitals, Ambulatory Care Unit, Vein Clinics), by Type (Sclerotherapy, Endovenous Ablation).
Canada Varicose Vein Treatment Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Canada Varicose Vein Treatment Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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