Endovenous Laser Therapy Market

Endovenous Laser Therapy Market Size (2023 to 2028)

The global endovenous laser therapy market is expected to grow at a CAGR of 7.37% during the forecast period. The market is predicted to grow to USD 447 million by 2029 from USD 313.3 million in 2023.

Endovenous laser therapy is the treatment of eliminating varicose veins using laser energy. The therapy is safe and effective in medical procedures such as eye surgery and dermatology.

MARKET DRIVERS:

The rising prevalence of varicose veins majorly drives the growth of the global endovenous laser therapy market.

According to the American Vein and Lymphatic Society, an estimated 40 million people in the United States suffered from varicose veins in 2019. Furthermore, the growing prevalence of obesity is expected to fuel business growth. In addition, the adoption of emerging technologies resulting from technological innovation and the increasing aging population is expected to fuel the growth rate of the endovenous laser therapy market.

In addition, the growth of the global endovenous laser therapy market is further expected to be supported by increased R&D in ELT (Endovenous laser treatment) and ELA (endovenous laser ablation). Researchers from the Azerbaijan State Advanced Training Institute for Doctors concluded in July 2019 that ELA is a safe, reliable, and less painful method of ablating deficient perforated veins that can be done as an outpatient procedure.

MARKET RESTRAINTS:

The global endovenous laser therapy market is projected to be hampered by the availability of alternative therapies. The ‘VenaSeal Closure System,’ for instance, is designed to treat varicose veins by sealing the affected vein nearest to the skin (superficial varicose veins). Furthermore, due to its non-sclerosant, non-thermal, and non-tumescent properties, the method eliminates the risk of nerve damage caused by thermal-based procedures. In addition, the market's growth is anticipated to be hampered by high initial costs. Risk factors associated with varicose vein care and a lack of highly skilled professionals restrict the market growth. ELT-related issues are likely to stymie the market expansion. ELT risks include skin burns, deep vein thrombosis, pulmonary embolism, nerve damage, temporary numbness, bruising, phlebitis, hematoma, induration, and a tightness sensation; the challenges faced by the endovenous laser therapy market.

Impact of COVID-19 on the global endovenous laser therapy market:

The disease has spread to almost every nation since the COVID-19 virus outbreak in December 2019, causing the World Health Organization to declare it a public health emergency. Endovenous laser therapy (ELT) is mainly used to close or shrink varicose veins by inducing scar tissue to stimulate within the vessel, thus increasing blood flow. The pandemic of COVID-19 has created a problematic situation for the endovenous laser therapy market participants. However, the market is expected to have a quick recovery concerning the decreasing impact of COVID-19 and the growing adoption of new normalization.

REPORT COVERAGE:

This research report on the global endovenous laser therapy market has been segmented and sub-segmented based on the technology, end-user, and region.

Endovenous Laser Therapy Market - By Technology:

• Endovenous Laser Systems             
  • Diode Lasers
  • YAG Lasers
• Endovenous Laser Fibres  
  • Bare Tip Laser Fibre
  • Radial Tip Laser Fibre
  • Gold Tip Laser Fibre

Based on technology, the endovenous laser system is expected to lead the global market during the forecast period. The rapid and efficient procedure offered by endovenous laser therapy to treat varicose veins instead of conventional vein surgery positively impacts the endovenous laser systems market.

Endovenous Laser Therapy Market - By End User:

• Hospital    
• Clinic          
• Ambulatory Centres

Based on the end-user, the hospital segment is forecasted to lead the market during the forecast period owing to the rising scale of the hospitals and an increasing number of patients admitted for treatment.

Endovenous Laser Therapy Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The North American region is anticipated to play the leading role in the global endovenous laser therapy market during the forecast period. The increasing prevalence of obesity in North America is expected to primarily fuel the growth rate of the North American market in the coming days.

The APAC regional market is predicted to grow at a significant CAGR during the forecast period. In addition, the surge in demand for varicose vein treatment procedures due to the increasing number of patients suffering from varicose veins in China is anticipated to increase the adoption of Endovenous laser systems in China, thereby adding to the market attractiveness of this segment in the country and subsequently in the APEJ region.

The European market accounted for a substantial share of the global market in 2021. Higher availability of technologically advanced products, particularly in emerging economies, is anticipated to drive the Endovenous laser systems market revenue in Western Europe over the forecast mentioned above. In Eastern Europe, Russia is estimated to witness a high growth rate in contrast to other countries because of the government initiatives for medical progress in the country.

KEY MARKET PARTICIPANTS:

A few of the notable players operating in the global endovenous laser therapy market profiled in this report are Alma Lasers Ltd., Alna-Medical system GmbH, LSO Medical, AngioDynamics, Inc., Syneron Medical Ltd, Dornier Medtech GmbH, Wontech Co., Ltd, intros Medical Laser GmbH, Energist Ltd among others.

THIS REPORT INCLUDES THE FOLLOWING:

• The evaluation of the current market for your product or services and the future implications of the market.
• Addresses the opportunities by better understanding the market through size estimates and growth rate analysis to forecast the future market.
• Extensive segmentation is used to understand the market dynamics at a very granular level by splitting the market into the smallest segment.
• Addresses the fundamental market dynamics involving the drivers, restraints, and challenges to provide insights for gaining market share.
• Porter's Five Forces analyze the factors responsible for shaping the industry due to the competitive environment.
• The effects of political, economic, social, technological, legal, and environmental factors on the industry are analyzed through PESTLE analysis to understand better the aspects of strategic management required to comply with the exogenous and endogenous factors.
• Strategic evaluation of the key players to gain insights into their performance, allowing access to their product portfolio, financial performance, and the strengths of their strategic business developments.