Endovenous Laser Therapy Market to Witness Contraction, as Uncertainty Looms Following Global Coronavirus Outbreak
VALLEY COTTAGE, N.Y. – Obese people are seldom prone to health implications arising from increasing caseload for varicose veins in their body. The rising number of obesity cases recorded across the globe are prompting the adoption of endovenous laser therapy for treatment of varicose veins. A latest study on global endovenous laser therapy market, published by Future Market Insights, indicates that growing attention towards aftereffects of lifestyle choices and consequences of obesity have collectively factored the growth in demand for endovenous laser therapies. With the help of this minimally-invasive therapy, which is guided by ultrasound laser techniques, vascular surgeons and radiologists can effectively treat impaired varicose vessels and curb the occurrence of side effects such as temporary paraesthesia.
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The report, titled “Endovenous Laser Therapy Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” reveals that an estimated US$ 273.6 million revenues were procured, globally, from adoption of endovenous laser therapy in 2016. Key findings compiled in the report predict that by the end of 2026, the global market for endovenous laser therapy will be valued at a little over US$ 550 million, registering increment at an impressive CAGR of 7.3%.
In 2016, nearly 8,500 units of endovenous laser therapy equipment were consumed in the world. The demand for such equipment and devices is projected to soar at close to 8% CAGR and record the sales of more than eighteen thousand units by the end of 2026. An in-depth analysis of the global sales of endovenous laser therapy equipment indicated that the demand for endovenous laser systems will remain prodigiously higher than that of endovenous laser fibres. Throughout the forecast period, more than 90% of global revenues will be emanating from global sales of endovenous laser systems. Among them, preference to diode lasers will continue to outpace the adoption of YAG laser systems. And, with respect to the fibres used in endovenous laser therapy, gold-tip laser fibres will gain traction and register a revenue growth at 7.2% CAGR.
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The advanced operational infrastructure in hospitals and availability of trained medical professionals make them suitable for conducting endovenous laser therapies effectively. However, ambulatory surgical centres (ASCs) located around the world are witnessing advancements in terms of their working mechanism. In 2017 and beyond, hospitals will witness a gradual decline of their global revenue share whereas ASCs emerge to be the largest end-user of endovenous laser therapy in the world. By 2026-end, more than US$ 200 million worth of revenues will be accounted by adoption of endovenous laser therapy through ASCs.
AngioDynamics, Inc., is a US-based medical device manufacturer which has gained prominence as a key player in the global endovenous laser therapy market. Correspondingly, North America’s share in the global market for endovenous laser therapy is also expected to remain dominant through 2026; procuring over 50% share of global revenues. Nevertheless, the Asia-Pacific excluding Japan (APEJ) region will see rampant growth in demand for endovenous laser therapy.
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Revenues from this region are anticipated to surge at the highest CAGR of 7.9%. Meanwhile, Western Europe will be observed as the second-largest market for endovenous laser therapy, placing itself between North America and APEJ region. European companies such as Dornier MedTech GmbH, Alna-Medicalsystem GmbH, LSO Medical, intros Medical Laser GmbH, and Energist Ltd. will continue to actively participate in the growth of global endovenous laser therapy market. Besides, Wontech Co. Ltd., Alma Lasers Ltd., and Syneron Medical Ltd. are also recognised as leading manufacturers of endovenous laser systems in the world.
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