ENDOVENOUS LASER THERAPY MARKET ANALYSIS

The global endovenous laser therapy market is estimated to be valued at US$ 432.1 million in 2023 and is expected to exhibit a CAGR of 7.5% during the forecast period (2023-2030).

Analysts’ Views on Global Endovenous Laser Therapy Market:

To enable a endovenous laser therapy (ELT) platform which is rapid, efficient sample processing and in order to reduce the risk of manual errors, medical device manufacturers in the endovenous laser treatment market are focusing on offering end users with user-friendly products. Furthermore, the global endovenous laser therapy market will rise as manufacturers continue to introduce new and improved products and invest more in research and development. Improved healthcare services, medical diagnostic laboratories, private-public collaborations, and the health insurance sector are projected to drive this expansion.

 Figure 1. Global Endovenous Laser Therapy Market Share (%), by Product Type, 2023

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Global Endovenous Laser Therapymarket – Driver

Increasing prevalence of varicose veins

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, in August 2022, Varicose veins are convoluted, expanded, and stretched subcutaneous veins of the lower leg and are the most frequently reported medical condition.Globally, between 150 million and 400 million patients, each year suffer a varicose veins. Over 40 million people in the U.S. suffer from varicose veins.

Rise in the investments in research and development

Rising research and development regarding ELT and technological developments in ELT devices is further anticipated to propel the growth market growth. Manufacturers in the endovenous laser devices market are focusing on increasing R&D investments in order to design and develope new and innovative endovenous ablation devices. For instance, in July 2022, Medanta is a multi-super specialty hospital in Delhi NCR (Gurugram), India, introduced treatment in ultrasound machine, vascular catheter, radiofrequency electrode, and console are used in the procedure of laser treatment. Topical anaesthetic cream is used to minimise the discomfort. Ultrasound is used to develop an image of the varicose vein and to track the path of the catheter. A laser fiber or an electrode is extended to the desired location of the vein. The laser is then applied, resulting in heating of the veins. As a result, the vein will shrink and collapse.

Figure 2. Global Endovenous Laser TherapyMarket Value (US$ Million), by Region, 2023

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Global Endovenous Laser Therapy Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global endovenous laser therapy market over the forecast period. North America is estimated to hold 42.4 % of the market share in 2023. The North America endovenous laser therapy market is expected to witness significant growth in the coming years, driven by factors such as the inorganic strategies like increasing investment into a companies, Thus, driving the market growth over the forecast period. For instance, in October 2022, Palatine, a private equity firm based in the U.K., announced that it has made a ‘significant investment’ into a Veincentre, a U.K.-based center that provides endovenous laser therapy device for the management of varicose veins. 

Global Endovenous Laser TherapyMarket – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global endovenous laser therapy market. For instance, a case study published in the journal of medicine in August 2022 reported that COVID-19 could present with Light and lasers, as high-tech devices which  medical potential has yet to be fully discovered, had made important contributions to medicine, even in the pandemic. The main aim of this review was to investigate how light was applied as a therapeutic tool during a crisis triggered by COVID-19. a non-invasive, easily accessible, safe, and side-effect-free adjuvant method appears to be photobiomodulation therapy , alone or in synergistic combination with ntimicrobial photodynamic therapy, which has been shown to work in COVID-19 and opens unprecedented potential for use as home self-treatment to end the pandemic.

Global Endovenous Laser Therapy Market Segmentation:

The global endovenous laser therapy market report is segmented into by Product Type, By End User and Region.

By Product Type, the market is segmented into Endovenous Laser Systems (Diode Lasers and Yag Lasers) and  Endovenous Laser (Fibers Bare Tip Laser Fibers, Radial Tip Laser Fiber and Gold tip Laser Fiber). Out of which, the  into Laser Systems (Diode Lasers and Yag Lasers) segment is expected to hold a dominant position in the global endovenous laser therapy market during the forecast period and this is attributed to the technological advancements in the field of endovenous laser therapy.

By End User, the market is segmented into Hospitals, Ambulatory Surgical Centers and Specialty Clinics. Out of which, the Hospitals is expected to dominate the market over the forecast period and this is attributed to the increasing hospital expenditure.

Among all the segmentations, the product type segment has the highest potential due to the increasing advancements in laser devices over the forecast period.

Global Endovenous Laser Therapy Market Cross Sectional Analysis:

Key players are manufacturing new laser devices with advance technology in emerging economies is also expected to boost demand for endovenous laser therapy technologies in North America region. For instance, in May 2021, Zynex Inc is manufacturing and marketing of medical devices, launched NeuroMove is U.S. FDA-cleared for stroke rehabilitation, and its use has dramatically ameliorated functional impairments in stroke survivors in many clinical studies and in the clinical practice.

Global Endovenous Laser Therapy Market: Key Developments

In July 2020, WON TECH Co., Ltd. is in the field of medical aesthetic lasers and energy-based aesthetic equipments in south korea announced that 'Picowon', an alexandrite (755nm)-based pico laser, has obtained U.S. Food and Drug Administration (FDA) approval.

in January 2021, Syneron Medical Ltd. is a company that develops and markets devices for cosmetic surgery,  Introduced The Frax Pro system is an advanced diode laser system that delivers highly targeted 1550 nm and 1940 nm wavelengths for dual-depth skin resurfacing. which is U.S. FDA-approved and CE-marked.

For instance, in November 2020, Vascular Barcelona Devices, SL is automated microfoam preparation system company in spain,announced European CE Mark approval for its Varixio Pod Air product, which automates the preparation of foam for sclerotherapy of varicose veins.

According to the article published in the Journal of the American Heart Association, in February 2022, reported around 23% of adults in the U.S. have varicose veins. Numerous methods, such as endovenous ablation, sclerotherapy/adhesion injection, ligation or stripping, and supportive treatment, are used for venous reflux disease treatment.

Global Endovenous Laser TherapyMarket: Key Trends

Increasing adoption of endogenous laser ablation for the treatment of lower extremity chronic venous disease can drive the growth of market

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. The endovenous laser therapy market is expected to experience considerable expansion in the North American region. For instance, according to the article published in the WebMD LLC. Is Science report publishing company In April 2022, reported Varicose Vein Treatment With Endovenous Laser Therapy, a prospective safety and effectiveness study using endovenous laser ablation with a 400-μm optical fiber for the treatment of pathologic perforator veins in patients with advanced venous disease.

Global Endovenous Laser Therapy Market: Restraint

Availability of alternative therapies

Availability of alternative therapies is expected to hinder growth of the global endovenous laser therapy market. 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.

 Global Endovenous Laser Therapy Market - Key Players

Major players operating in the global endovenous laser therapy market include Syneron Medical Ltd., AngioDynamics, Inc., Candela Corporation, Dornier MedTech GmbH, Alma Lasers Ltd., Alna-Medicalsystem GmbH, LSO Medical, Wontech Co., Ltd., Intros Medical Laser GmbH, biolitec AG, EUFOTON S.R.L , Teleflex Incorporated, Boston Scientific Corporation, Merit Medical Systems, Sciton, Inc.  and Energist Ltd.

Global Endovenous Laser Therapy Market– Definition

Endovenous laser ablation is used in the treatment and management of varicose veins from chronic venous disease. The main indication for this treatment is disease that is refractory to conservative therapy with compression stockings. Endovenous laser varicose vein surgery is a procedure that uses heat from a laser to reduce varicose veins. Varicose veins are swollen, bulging veins that often happen on the thighs or calves. A laser is a device that sends a thin beam of radiation in the form of light.Laser surgery closes and shrinks the varicose vein and causes scar tissue within the vessel. This seals off the vein. Blood then flows through other nearby veins instead.