Canada Varicose Vein Treatment Devices Market Growth Forecasts - A USD 77 Mn Industry Opportunity By 2028Posted by rahul nikade on October 19th, 2022 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. Browse through Grand View Research's Medical Devices Industry Research Reports
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)
Canada Varicose Vein Treatment Devices End-use Outlook (Revenue, USD Million, 2016 - 2028)
Market Share Insights
Key Companies profiled: Some of the prominent players in the Canada varicose vein treatment devices market include:
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