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Press Release: Endovenous Laser Therapy Market to Surpass US$ 591.1 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Endovenous laser treatment (ELT) is a minimally invasive ultrasound-guided technique used for the treatment of varicose veins. Endovenous thermal ablation (EVTA) by radiofrequency or laser is a safe and effective treatment of refluxing great saphenous veins.
The global endovenous laser therapy market is estimated to account for 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
Increasing prevalence of varicose veins is expected to propel growth of the global endovenous laser therapy market over the forecast period. For instance, according to the American Vein and Lymphatic Society, 2019, over 40 million people in the U.S. suffer from varicose veins.
Moreover, increasing prevalence of obesity is also expected to aid in growth of the market. For instance, according to MedAlertHelp.org, over 1.9 billion adults were reported as overweight worldwide.
North America region held dominant position in the global endovenous laser therapy market in 2018, accounting for 42.4% share in terms of value, followed by Europe.
Global Endovenous Laser Therapy Market: Restraints
Availability of alternative therapies is expected to hinder growth of the global endovenous laser therapy market. For instance, the ‘VenaSeal Closure System’ is intended for the treatment of varicose veins by sealing the affected vein that is closest to the skin (superficial varicose veins). Unlike other treatment options available for venous reflux, also called as chronic venous insufficiency, aforementioned system does not require multiple injections of anesthesia. Moreover, the approach eliminates the risk of nerve injury caused due to thermal-based procedures, owing to its non-sclerosant, non-thermal, and non-tumescent features.
Moreover, complications associated with ELT are also expected to hinder growth of the market. Some of the complications of ELT include, skin burns, deep venous thrombosis, pulmonary embolism, nerve injury, temporary numbness, bruising, phlebitis, hematoma, induration, and a sensation of tightness.
Global Endovenous Laser Therapy Market: Opportunities
ELT is an expensive therapy. For instance, the average treatment cost for varicose vein with foam fillers in U.K. is approximately US$ 2,146 for two legs whereas that with vein stripping procedure is approximately US$ 3,219. ELT cost ranges between US$ 4,292 - 6,439 for two legs, which is almost double than the other treatment procedures. Therefore, key players in the market can focus on launching cost-effective ELTs.
Moreover, technological advancements in ELA devices is also expected to aid in growth of the market. Currently, various ELA devices available in the market may lead to few complications such as thrombophlebitis, nerve damage, burns, and deep vein thrombosis conditions.
Endovenous laser systems segment in the global endovenous laser therapy market was valued at US$ 283.1 Mn in 2018 and is expected to reach US$ 545.6 Mn by 2026 at a CAGR of 7.3% during the forecast period.
Market Trends/Key Takeaways
The market is witnessing increasing adoption of endogenous laser ablation for the treatment of lower extremity chronic venous disease. Veins in lower extremity are divided superficially into further branched veins in the lower extremities. These veins lie superficially to the muscle fascia. The perforating veins cross the fascia and connect the superficial veins to the deep veins that are located beneath the fascia.
Increasing R&D related to ELT and ELA is expected to boost growth of the market. For instance, in July 2019, researchers from Azerbaijan State Advanced Training Institute for Doctors concluded that ELA is a safe, effective, and less traumatic method of ablating deficient perforated veins that is performed on an outpatient basis.
Global Endovenous Laser Therapy Market: Competitive Landscape
Major 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
Major players in the market are focused on launching new products and services to expand their product portfolio. For instance, in March 2019, Healogics launched a new program called Healogics VeinCare to provide patients with a higher level of care in a more convenient manner.
Increasing investment in the treatment of varicose veins is expected to offer lucrative growth opportunities for players in the market. For instance, in August 2019, Palatine, a private equity firm based in the U.K. announced that it has made a ‘significant investment’ into a Veincentre, a UK-based center that provides endovenous laser ablation (ELA) for the management of varicose veins.
Endovenous laser therapy is a minimally invasive ultra sound guided technique which is used for treating varicose veins. Varicose veins, also known as varicosities or varicoses, is a condition caused due to enlargement of veins affecting the legs and feet of the patient resulting in pain due to improper blood flow. Varicose veins may cause due to factors such as obesity, pregnancy, and old age. Endovenous laser therapy uses an optical fiber which is inserted into the vein to be treated, and laser light which shines in the inferior of the vein. This causes contraction of the vein and then fiber is withdrawn from the vein. Increasing prevalence of varicose veins is expected to propel growth of the global varicose veins treatment market over the forecast period. For instance, according to the American Vein and Lymphatic Society, 2019, over 40 million people in the U.S. suffer from varicose veins.
Restraints of the Global Endovenous Laser Therapy Market
Although ELA therapies are effective in the treatment of varicose veins, these therapies are more costly when compared to other procedures such as foam fillers, vein stripping costs, blast with electricity and others. For instance, the average treatment cost for varicose vein with foam fillers in U.K. is approximately US$ 2,146 for two legs whereas that with vein stripping procedure is approximately US$ 3,219. ELA procedure cost ranges between US$ 4,292 - 6,439 for two legs, which is almost double than the other treatment procedures.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 24 market data tables and 16 figures on “Endovenous Laser Therapy Market – Global forecast to 2027.
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