The size of the global endovenous laser therapy market is expected to be growing at a CAGR of 7.37% during the forecast period. The size of the market is predicted to grow USD 416.4 million by 2027 from USD 291.8 million in 2022.
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, dermatology.
MARKET DRIVERS:
During the forecast period, the global endovenous laser therapy market is expected to rise due to the rising prevalence of varicose veins.
According to the American Vein and Lymphatic Society, more than 40 million people in the United States suffer from varicose veins in 2019. Furthermore, the growing prevalence of obesity is expected to fuel business growth.
The adoption of emerging technologies resulting from technological innovation catalyzes business development; increasing the aging population is expected to drive revenue growth in the endovenous laser systems market.
The global endovenous laser therapy market growth is further expected to be supported by increased R&D in the areas of 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.
Along with this, the market's growth will 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 business 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 on the planet 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 difficult situation for players in the Endovenous Laser Therapy market. The market shares are going to grow at a double rate in 2021.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2027 |
|
Segments Covered |
By Technology, End User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
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:
Based on technology, the endovenous laser system is expected to lead the global endovenous laser therapy market during the forecast period. The quick and efficient procedure offered by endovenous laser therapy to treat varicose veins instead of conventional vein surgery has a positive impact on the endovenous laser systems market.
Endovenous Laser Therapy Market - By End User:
Based on the end-user, the hospital segment is forecasted to be in the leading position during the forecast period. The rising scale of the hospitals and an increasing number of patients are escalating the market demand.
Endovenous Laser Therapy Market - By Region:
Regionally, North America is the market leader in the global endovenous laser therapy market. The increasing prevalence of obesity in North America is expected to primarily impact the revenue growth of the Endovenous laser systems segment over the forecast period. Over the forecast period, the rising prevalence of obesity in North America is expected to affect revenue growth in the Endovenous laser systems market significantly.
The APAC regional market is predicted to grow at a significant rate during the forecast period. 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 had accounted for a substantial share in the global market in 2020. Higher availability of technologically advanced products, particularly in emerging economies, is anticipated to drive the Endovenous laser systems market category revenue in the Western Europe market over the forecast mentioned above period. 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:
List of crucial players leading role in the Global Endovenous Laser Therapy Market profiled in this report is 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:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Technology
5.1.1 Introduction
5.1.2 Endovenous Laser Systems
5.1.2.1 Diode Lasers
5.1.2.2 YAG Lasers
5.1.3 Endovenous Laser Fibres
5.1.3.1 Bare Tip Laser Fibre
5.1.3.2 Radial Tip Laser Fibre
5.1.3.3 Gold Tip Laser Fibre
5.1.4 Y-o-Y Growth Analysis, By Technology
5.1.5 Market Attractiveness Analysis, By Technology
5.1.6 Market Share Analysis, By Technology
5.2 End User
5.2.1 Introduction
5.2.2 Hospital
5.2.3 Clinic
5.2.4 Ambulatory Center
5.2.5 Y-o-Y Growth Analysis, By End User
5.2.6 Market Attractiveness Analysis, By End User
5.2.7 Market Share Analysis, By End User
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Technology
6.1.3.3 By End User
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Technology
6.1.4.3 By End User
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Technology
6.1.5.3 By End User
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 AngioDynamics, Inc.
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Syneron Medical Ltd
8.3 Dornier Medtech GmbH
8.4 Alma Lasers Ltd.
8.5 Alna-Medicalsystem GmbH
8.6 LSO Medical
8.7 Wontech Co., Ltd
8.8 Intros Medical Laser GmbH
8.9 Energist Ltd
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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