(PharmaNewsWire.Com, September 03, 2021 ) Endovenous Laser Devices Market size is estimated at $289 million in 2020, projected to grow at a CAGR of 5.1% during the forecast period 2021-2026. Endovenous laser treatment is a non-surgical procedure for treating varicose veins. EVLA is a laser-based treatment for varicose veins. It is a minimally invasive ultrasound-guided technique for removing varicose veins. In medical procedures such as eye surgery and dermatology, the treatment is both safe and successful.
Varicose veins are a common ailment that affects the quality of life of adults in a number of developed countries. The global demand for endovenous laser therapy has grown significantly, owing to advancements in the techniques used in the procedures. EVLTs have been endorsed by several governments, most notably in China and Japan, for their safety and increased patient comfort. This has also contributed to the endovenous laser devices market steady growth. Furthermore, the rising prevalence of obesity is expected to boost demand growth.
According to MedAlertHelp.org, over 1.9 billion adults worldwide are considered overweight. The use of appropriate techniques to reduce post-operative complications in patient populations is critical to the efficacy of EVLT. As a result, developers of endovenous laser systems and thermal ablation technologies are still working to improve their methods is driving the Endovenous Laser Devices industry.
Endovenous Laser Devices Market Segment Analysis - By Product Type:
Based on Product Type, Endovenous Laser Devices Market is segmented into Endovenous Laser Systems - Diode Lasers and YAG Lasers - Endovenous Laser Fibers, Radial Tip Laser Fibre, Gold Tip Laser Fibre and Bare Tip Laser Fibre. Endovenous Laser Systems accounted for the largest revenue market share in 2020 owing to the high adoption of endovenous laser systems across the globe to treat varicose veins.
Endovenous thermal ablation is favored over traditional procedures such as surgical stripping and ligation because it is less invasive and has fewer complications. Furthermore, a number of market players are concentrating on the production of effective minimally invasive ultrasound-guided technique and technologically advanced products, which is expected to drive market growth. Alma Lasers Ltd., for instance, introduced the Alma HybridTM platform, that is specifically designed to allow a variety of skin treatments for skin rejuvenation and scar revision.
Alma HybridTM smart software is a key component of the approach that allows clinicians to apply their own expertise and knowledge to the treatments they provide, thereby, driving the segment growth. Endovenous Laser Fibers segment is anticipated to grow with the fastest CAGR of 5.2% in the forecast period 2021-2026. The design of laser fibers used in endovenous laser thermal ablation (EVLA) for the treatment of lower-extremity varicose vein disease can have a positive effect on treatment, driving the Endovenous Laser Devices Industry.
Endovenous Laser Devices Market Segment Analysis – End Use:
Based on End Use, Endovenous Laser Devices Market is segmented into Hospitals/Clinics, Ambulatory Surgical Centers and Research Institutes. Hospitals/Clinics accounted for the largest revenue market share in 2020. This growth is likely to be driven by improved healthcare services, medical diagnostic and pathological laboratories, private-public partnerships, and the health insurance market. Furthermore, there is rise of societal health consciousness and the increasing burden of cardiovascular diseases along with rising varicose veins disease.
The profits earned by numerous cutting-edge medical institutions are the primary source of medical innovation like minimally invasive ultrasound-guided technique. As awareness and affordability increase, demand for medical devices is expected to grow, as it has in many developed countries, where healthcare services contribute significantly to GDP growth, resulting in Endovenous Laser Devices Industry growth.
Ambulatory Surgical Centers segment is anticipated to grow with the fastest CAGR of 5.8% during the forecast period 2021-2026. A major factor propelling segment growth is the need to monitor rising healthcare costs and increase the quality of healthcare services by reducing medical errors measures, thereby, expanding the Endovenous Laser Devices Industry. Market growth is being fueled by a growing array of procedures offered by ASCs, as well as increased reimbursement benefits. ASCs all over the world are constantly attempting to expand their range of facilities in order to increase the number of patients served and thereby increase revenue.
Endovenous Laser Devices Market Segment Analysis - By Geography:
Based on Geography, North America Endovenous Laser Devices Market accounted for the 43% revenue share in 2020 owing towards the rising prevalence of anaphylaxis and food allergies, as well as rapid technical advances in the healthcare field in this region. According to the American Society of Vascular Surgery, at least 20 to 25 million Americans have varicose veins, with women accounting for 33% and men for 17%. The demand for varicose vein treatment devices is also growing leading to the advent of advanced technologies.
Navarro opened a vein center in the United States in May 2016 with the aim of educating the public about chronic venous insufficiency and varicose veins, as well as the proper treatment for these conditions. Each year, about 30 million Americans are diagnosed with varicose veins, but only about 10% of the population receives care. The high prevalence of cardiovascular diseases, especially in the United States, will provide numerous opportunities for companies operating in this region to expand.
The major players are working on modern Endovenous Laser Devices systems that are technologically advanced is accelerating Endovenous Laser Devices Industry expansion across the region. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards presence of a large elderly population, increasing disposable income, and rising awareness about these procedures also owing to differing regulatory factors, the market is highly diverse, resulting in differences in product availability across region.
Endovenous Laser Devices Market - Drivers
The Increasing Prevalence Of Varicose Veins:
The growing number of patients with varicose veins around the world is propelling the endovenous laser systems market forward. Female patients have more pronounced varicose veins than male patients. Furthermore, growing cases of varicose veins as a result of an aging population is a global problem. Varicose veins may also be caused by a change in lifestyle that includes little physical activity. Varicose veins are more common in pregnant women, partly because the baby puts more pressure on the veins and partly because hormones released during pregnancy relax vein walls aiding growth towards the Endovenous Laser Devices Industry. Also, in order to reduce the risk of manual errors, medical device manufacturers in the global endovenous laser therapy market are focusing on providing end users with user-friendly products.
Companies in this industry are producing devices with features such as quicker process setup, minimally invasive ultrasound-guided technique, an intuitive user interface with fewer buttons, and compact devices in order to draw a wider consumer base, thus, driving the Endovenous Laser Devices Market’s growth.
The Endovenous Laser Devices 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 is restraining the industry growth. Furthermore, problems associated with ELT are likely to stymie market development. Skin burns, deep venous thrombosis, pulmonary embolism, nerve damage, transient numbness, bruising, phlebitis, hematoma, induration, and a tightness feeling is some of the complications of ELT.
Endovenous Laser Devices Market - Landscape:
The Endovenous Laser Devices Market's main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Endovenous Laser Devices Market top 10 companies are Alna-Medicalsystem GmbH, LSO Medical, AngioDynamics, Inc., Candela Corporation, Dornier MedTech GmbH, Alma Lasers Ltd., Medtronic plc, Wontech Co., Ltd., Intros Medical Laser GmbH and Energist Ltd.
Acquisitions/Product Launches:
In October, 2019, AngioDynamics, Inc acquired by paying $46 million up front for Eximo Medical, Ltd., a medical device company in its early commercial stages, and its patented 355nm wavelength laser-technology platform, as well as up to $20 million in contingent consideration tied to certain technological and sales milestones. Eximo's patented laser technology, which has earned 510(k) approval for use in the treatment of Peripheral Artery Disease, will be added to AngioDynamics' current Vascular Interventions and Therapies (VIT) product range (PAD). AngioDynamics' leading thrombus control and venous insufficiency technologies are enhanced by the Eximo technology.
Key Takeaways
Manufacturers of medical devices are betting on creating devices that reduce the chance of human error in these procedures. They've also released devices that come with data management tools. This has increased the market demand for endovenous laser therapy, thereby, driving the market growth.
Geographically, North America Endovenous Laser Devices Market held the largest revenue share of 43% in 2020 owing to the involvement of potential players who are developing innovative products, advances in medical device technology, high investments in R&D and support of government. In the final report, the scope of the Endovenous Laser Devices Market for various regions will be given.
The Endovenous Laser Devices Industry is expanding owing to enhanced R&D efforts by companies to develop quick, cost-effective, and new technology-based Endovenous Laser Devices for the treatment of varicose veins.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Endovenous Laser Devices Market.
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