Endovenous Laser Therapy Market to Find Better Growth with US$ 591.1 Million By 2027 | CAGR: 7.6%: Coherent Market Insights
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Endovenous laser therapy (ELT) is majorly used to close or shrink the varicose vein and causes scar tissue within the vessel to stimulate blood flow through other nearby veins.
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The global endovenous laser therapy market was valued at US$ 329.3 Mn, in terms of value and is estimated to reach US$ 591.1 Mn by the end of 2027.
Global Endovenous Laser Therapy Market: Drivers
The increasing adoption of endovenous laser ablation therapy is one of the major factors that is expected to fuel growth of the global endovenous laser therapy market over the forecast period. Endovenous laser ablation therapy is a minimally invasive procedure that utilizes catheters, lasers, and ultrasound for treating varicose veins. The procedure requires less time (around an hour) and one small incision. Moreover, the recovery time of patient is low. These advantages drives adoption of endovenous laser ablation therapy, which further propels the market growth.
Global Endovenous Laser Therapy Market: Opportunities
Moreover, rising prevalence of obesity is expected to offer lucrative growth opportunities for players in the global endovenous laser therapy market as the condition is a high risk factor for varicose veins. For instance, according to MedAlertHelp.org, over 1.9 billion adults’ are reported to be overweight, globally.
Global Endovenous Laser Therapy Market: Restraints
However, unfavorable reimbursement scenario in some economies is expected to hamper growth of the global endovenous laser therapy market over the forecast period. For instance, in France, only radiofrequency is reimbursed and not endovenous laser ablation therapy.
The diode lasers segment in the global endovenous laser therapy market was valued at US$ 201.3 Mn in 2018, and is expected to reach US$ 394.9 Mn by 2027 exhibiting a CAGR of 7.6% over the forecast period. Moreover, diode lasers are utilized in several endovenous laser systems which is expected to drive growth of the segment. For instance, VenaCure EVLT 1470 Pro manufactured by AngioDynamics uses high-performing diode laser.
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On the basis of end user, ambulatory surgical centers segment accounted for major market share of 35.7% in 2018, in terms of value, followed by hospitals and specialized clinics segments, respectively. Ambulatory surgical centers perform outdoor patient surgeries for which overnight patient admission is not necessary. These type of centers save time as well as costs, which are expected to drive growth of the segment over the forecast period.
Among regions, North America accounted for major market share of 42.4%, in 2018, in terms of value, followed by Europe and Asia Pacific, respectively. The regional growth is attributed to factors such as presence of key players in the region, and increasing product launches. For instance, AngioDynamics, a provider of endovenous laser therapy products is based in the U.S.
In countries such as the U.S., endovenous laser therapy for varicose veins is majorly performed in clinics rather than hospitals in order avoid long-time waiting in big hospital settings, which is why physicians are rapidly adopting laser therapy systems.
In Denmark, prior authorization for using endovenous laser ablation is not required and all patients are covered through state health insurance.
Global Endovenous Laser Therapy Market: Competitive Landscape
Key players operating in the global endovenous laser therapy market include AngioDynamics, Inc., Candela Corporation, Dornier MedTech GmbH, Alma Lasers Ltd., Alna-Medicalsystem GmbH, LSO Medical, Wontech Co., Ltd., Intros Medical Laser GmbH, and Energist Ltd.
Global Endovenous Laser Therapy Market: Key Developments
- October 2019: AngioDynamics, Inc. acquired Eximo Medical, Ltd., an early commercial-stage, medical device company, and its proprietary 355nm wavelength laser-technology platform
- May 2019: Candela Corporation entered into a partnership with The Vascular Birthmarks Foundation and E.V.A. Clinic to provide pro-bono laser treatments
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- Global Endovenous Laser Therapy Market, By Product Type:
- Endovenous Laser Systems
- Diode Lasers
- Yag Lasers
- Endovenous Laser Fibers
- Bare Tip Laser Fibers
- Radial Tip Laser Fibers
- Gold Tip Laser Fibers
- Endovenous Laser Systems
- Global Endovenous Laser Therapy Market, By End User:
- Ambulatory Surgical Centers
- Specialty Clinics
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