by The endovenous laser therapy (EVT) market is rapidly gaining prominence as it helps treat chronic venous insufficiency in a minimally invasive manner. EVT involves inserting a laser fiber into an affected vein which is then used to heat and seal the vein. This procedure eliminates refluxing veins and helps relieve troublesome symptoms like leg pain, swelling, and skin discoloration. As opposed to invasive surgeries, EVT allows patients to return to normal activities quicker with lesser scarring and risks of complications.
The Global Endovenous Laser Therapy Market is estimated to be valued at US$ 499.35 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031. Rising prevalence of venous diseases globally as well as growing preference for minimally invasive procedures are major factors driving market growth. The increasing geriatric population who are more prone to such conditions also favors market expansion.
Key Takeaways
– Key players operating in the endovenous laser therapy market include Syneron Medical Ltd., AngioDynamics, Inc., Candela Corporation, Dornier MedTech GmbH, Alma Lasers Ltd., Alna-Medicalsystem GmbH, LSO Medical, Wontech Co., Ltd., Intros Medical Laser GmbH, biolitec AG.
– The Endovenous Laser Therapy Market demand is witnessing high growth due to the effectiveness of EVT in treating varicose veins and its benefits over conventional therapies. EVT prevents recurrence while allowing improved quality of life post-procedure.
– Major players are focusing on geographic expansion and new product launches. For instance, AngioDynamics launched the VenaCure EVLTTM laser system to further strengthen its portfolio of endovenous laser systems.
Market Key Trends
One key trend aiding the endovenous laser therapy market expansion is growing obesity rates worldwide. Being overweight puts additional pressure on leg veins which can damage vein valves over time and cause varicose veins. It is projected that by 2030, over 1.12 billion adults will be obese. This rising prevalence of obesity and associated risk of chronic venous disorders creates high demand for EVT.
Porter’s Analysis
Threat of new entrants: New companies entering the Endovenous Laser Therapy Market will require large investment in research and development to develop innovative products.
Bargaining power of buyers: Individual consumers have low bargaining power as endovenous laser therapy procedures are generally one-time purchases and buyers have limited options. However, large hospitals and clinics can negotiate lower prices in bulk purchases.
Bargaining power of suppliers: A few large companies dominate the supply of laser systems, catheters, fibers, and anesthetics used in endovenous laser treatments. This provides suppliers significant bargaining power over price and product development.
Threat of new substitutes: Alternative treatment options like radiofrequency ablation pose competition but laser therapy remains the gold standard. However, pharmaceutical companies developing oral medications can disrupt the market over the long run.
Competitive rivalry: The Endovenous Laser Therapy Market Challenges and Opportunities are highlighted by the competitive landscape, with major players differentiating through innovative products and acquiring smaller companies. Continuous technological advancements and expansion into new geographies intensify competition.
Geographical Regions
North America currently holds the largest share of the endovenous laser therapy market owing to factors such as high prevalence of varicose veins, rise in obesity rates, developed healthcare infrastructure and availability of favorable reimbursement policies in the region.
Asia Pacific is poised to witness the fastest growth over the forecast period due to large patient pool, increasing healthcare spending, growing medical tourism industry and rising awareness about minimally invasive procedures in countries like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
