Endovenous Laser Devices Market - Forecast(2024 - 2030)

Endovenous Laser Devices Market Overview

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.

Report Coverage

Key Takeaways

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:

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.

Endovenous Laser Devices Market - Challenges

Alternative Treatment Options For Varicose Veins:

Endovenous Laser Devices Market - Landscape:

Acquisitions/Product Launches:

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