UnderPenetrated Latin American Varicose Vein Treatment Device Market Will Grow Rapidly Through 2021

TORONTO, June 20, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the Latin American varicose vein treatment device market is severely underpenetrated, with less than 5 percent of the eligible patient pool estimated to have undergone treatment in 2012. This can be primarily attributed to the elective nature of these procedures; governments and patients will continue to place more focus on treating life-threatening conditions or those that would more severely impact their quality of life. Nonetheless, as the Latin American economy strengthens, patients will have more disposable income and greater access to insurance, which will spur rapid adoption of varicose vein treatments through 2021.

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36799LOGO )

When varicose veins are treated, many Latin Americans will continue to opt for the least expensive option: surgical vein stripping. Although this procedure is both invasive and painful, it is often covered by public or private insurance, unlike many other alternatives such as endovenous ablation. This is important in the cost-conscious environment in Latin America.

Competitors have therefore struggled to earn adoption of more expensive devices that can be used for less painful varicose vein treatments. For example, manufacturers of endovenous laser ablation devices have experienced the highest rates of adoption in Argentina, but are struggling in other Latin American markets. However, this difficulty is even more pronounced in the sclerotherapy market.

"Sclerotherapy is popular, and getting even more popular," said MRG Analyst Tonya Martin. "However, competitors have been unable to harness this popularity due to difficulties in gaining approval for sclerosants, poor distribution networks and a lack of consensus on the appropriate agent to be used in each sclerotherapy treatment. As a result, most Latin American physicians are using low-cost off-brand sclerosants or importing agents illegally."

Because sclerotherapy accounts for more than half of varicose vein treatment volumes in Latin America, spurring adoption of legal and approved sclerosants is a key opportunity for competitors going forward.

Millennium Research Group's Latin American Markets for Varicose Vein Treatment Devices 2013 report includes unit, procedure, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for endovenous ablation devices and surgical stripping devices in Argentina, Brazil, Colombia and Mexico. Procedure volumes are also provided for sclerotherapy and phlebectomy treatments. Supplemental country coverage is also available for Chile, Peru and Venezuela, as well as in aggregate for the rest of the Latin American countries.

About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.

About Decision Resources Group
Decision Resources Group is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.

All company, brand or product names contained in this document may be trademarks or registered trademarks of their respective holders.

For more information, contact:

SOURCE Millennium Research Group

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED