Endovenous laser therapy (ELT) closes and shrinks the varicose vein and causes scar tissue within the vessel in order to seals off the vein and promote blood flow through other nearby 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 adoption of endovenous laser ablation therapy is expected to propel growth of the global endovenous laser therapy market over the forecast period. Endovenous laser ablation therapy is a minimally invasive procedure that makes use of catheters, lasers, and ultrasound to treatment of varicose veins. The procedure requires less time (around an hour) and one small incision. Moreover, the recovery time of patient is also low. These advantages boost adoption of endovenous laser ablation therapy, thereby propelling growth of the market.
Global Endovenous Laser Therapy Market: Opportunities
Increasing 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 were reported as overweight worldwide.
Global Endovenous Laser Therapy Market: Restraints
Unfavourable reimbursement scenario in some economies is expected to hinder growth of the global endovenous laser therapy market. 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 at a CAGR of 7.6% during the forecast period. Diode lasers are used in several endovenous laser systems which is supporting growth of the segment. For instance, VenaCure EVLT 1470 Pro manufactured by AngioDynamics uses high-performing diode laser
The ambulatory surgical centers segment held dominant position in the global endovenous laser therapy market in 2018, accounting for 35.7% share in terms of value, followed by hospitals and specialized clinics, 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 is expected to support growth of the segment over the forecast period.
The 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 and Asia Pacific, respectively.
Factors such as presence of key players in the region, and product launches is expected to support growth of the region over the forecast period. 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
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
“*” marked represents similar segmentation in other categories in the respective section.