Endovenous laser systems segment is expected to register high CAGR during the forecast period
The market for endovenous laser therapy witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. But in the post covid world, the Rising cases of varicose veins have been driving the market. As recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.
Leading corporations including 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. are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc. to lead the global market for endovenous laser therapy with largest market share.
For instance, Alma Lasers Ltd., is known for Varicose Vein Solution VascuLife. The company recently revealed its Alma HybridTM platform especially designed to enable various skin treatments for skin rejuvenation and scar revision and creates a unique synergistic effect by combining the power of three core energies- CO2 laser, 1570nm laser and IMPACT for TransEpidermal Delivery (TED). Alma HybridTM smart software is the key solution component to enable the practitioners to bring unique skills and experience while offering the treatments.
North America and Asia Pacific regions are predicted to rule the global market for the endovenous laser therapy through 2030 owing to increased consumer spending. Rising incidences of obesity in North Americans has been elevating the incidence of varicose veins among adult populations. Germany is expected to witness growth because of the large number of patients suffering from varicose veins.
Endovenous laser systems segment is the largest segment amongst the product segments of the global endovenous laser therapy market, which was estimated to be valued at more than US$ 200 Mn, or more than 90% share of the total market in 2016. Endovenous laser systems segment is expected to register high Y-o-Y growth throughout the forecast period.
Revenue from this segment is projected to expand at a CAGR of 7.3% from 2016 to 2026 to reach a market valuation of more than US$ 500 Mn by 2026. Endovenous laser systems segment is estimated to record absolute $ opportunity of close to US$ 20 Mn in 2017 over 2016. This segment is expected to be a lucrative segment in the global endovenous laser therapy market over the forecast period owing to the high adoption of endovenous laser systems across the globe to treat varicose veins.
This segment dominated the global endovenous laser therapy market in revenue terms in 2015 and the trend is projected to continue throughout the forecast period.
Rising cases of varicose veins expected to positively impact revenue growth of the endovenous laser systems segment over the forecast period
Rising number of patients with varicose veins globally is driving the growth of the endovenous laser systems segment. Varicose veins are more prominent in female patients as compared to male patients. Besides, increasing cases of varicose veins due to an ageing population is a common problem across the globe. Change in lifestyle with no physical activity can also lead to varicose veins.
Pregnant women are at high risk of varicose veins due to the baby causing increased pressure on the veins and partly due to hormones produced during pregnancy that tend to relax vein walls. Sometimes injury caused in a deep leg vein may also lead to varicose veins. Increasing cases of patients affected by varicose veins are expected to fuel revenue growth of the endovenous laser systems segment over the forecast period.
Another factor creating a positive impact on the endovenous laser systems segment is the fast and effective procedure provided by endovenous laser therapy to treat varicose veins as compared to traditional vein surgery. The procedure requires local anaesthesia and results in minimal discomfort. The success rate of the therapy is also high. Growing demand for endovenous laser therapy is boosting the adoption of endovenous laser systems, thereby fuelling segmental revenue growth.
Medical device manufacturers operating in the global endovenous laser therapy market are focussing on providing user-friendly devices to end users for minimising chances of manual errors. Devices with features like faster procedure setup, intuitive user interface with fewer buttons and portable devices are being manufactured by companies operating in this market to attract a larger customer base.
Features like data storage, compatibility with patient Data Management Software to manage records are also being offered in these devices. This is expected to fuel adoption and subsequently revenue growth of the endovenous laser systems segment.
Endovenous laser systems segment anticipated to be the most attractive product type segment in the North America endovenous laser therapy market
Endovenous laser systems segment is the most attractive segment in the North America endovenous laser therapy market, recording a market attractiveness index of 1.9 during the forecast period. Increasing prevalence of obesity in North America is expected to primarily impact revenue growth of the endovenous laser systems segment over the forecast period.
The surge in demand for varicose veins treatment procedures owing to increasing number of patients suffering from varicose veins in China is anticipated to result in increasing 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.
Increasing availability of technologically advanced products especially in developed countries is expected to fuel the endovenous laser systems segment revenue in the Western Europe endovenous laser therapy market over the forecast period. In Eastern Europe, Russia is predicted to experience a high growth rate as compared to other countries owing to government initiatives for meditec progress in the country.
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The key segments covered in this report are as under:
- North America
- Latin America
- Western Europe
- Eastern Europe
By End User
- Ambulatory Surgical Centres
- Specialised Clinics
- Endovenous Laser Systems
- Diode Lasers
- YAG Lasers
- Endovenous laser Fibres
- Bare Tip Laser Fibre
- Radial Tip Laser Fibre
- Gold Tip Laser Fibre