Endovenous Laser Therapy Market is expected to reach US$ 811.0 Million by 2031 - Comprehensive Research Report by FMI
Rising Cases of Varicose Veins Expected to Positively Impact Revenue Growth of the Endovenous Laser Therapy over the Forecast Period
DUBAI, United Arab Emirates, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The global Endovenous Laser Therapy Market was valued at US$ 378.3 Mn in 2021 and is expected to reach US$ 811.0 Mn by 2031, finds `Future Market Insights (FMI) in a recent market survey.
According to a recent study by Future Market Insights (FMI), the global Endovenous Laser Therapy Market is expected to witness high growth during the forecast period. The market is expected to grow from US$ 378.3 Mn in 2021 to over US$ 811.1 Mn by 2031. This reflects a cumulative CAGR of around 7.9% over the forecast period (2022-2031).
Data Points | Market Insights |
Market Value 2021 | USD 378.3 Mn |
Market Value 2022 | USD 407.6 Mn |
Market Value 2031 | USD 811.0 Mn |
CAGR 2022-2031 | 7.9% |
Key Players | The key players in AngioDynamics, Inc., Syneron |
Share of Top 5 Countries | 59.7% |
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Rise in number of varicose veins cases, availability of technologically advanced laser therapy, shift towards minimally invasive procedures and increasing product launches are the primary factors responsible for the growth of the market during the forecast period.
Varicose veins are more common in pregnant women, partially because the baby puts more pressure on the veins and partly because hormones generated during pregnancy relax vein walls. Varicose veins can develop as a result of damage to a deep leg vein. Over the projected period, rising instances of varicose veins are expected to drive revenue growth in the endovenous laser systems market.
Another factor that is having a positive impact on endovenous laser therapy is the rapid change in lifestyle with no physical activity and labour across the globe, as well as the rise in the elderly population, both of which are anticipated to contribute to the global market's growth over the forecast period. The market is also expected to develop due to the quick and effective technique as well as the growing demand for endovenous laser therapy.Moreover, growing prevalence of obesity worldwide is driving growth of the endovenous laser therapy market. Obesity leads to problems related to blood circulation which leads to varicose veins.
Medical device manufacturers operating in the endovenous laser therapy market are focusing on providing user friendly devices to the end users to minimize chances of manual errors. In addition, continuous launch of new and improved products and increasing investment in research and development by the manufacturers in endovenous laser therapy devices would lead to growth of global market over the forecast period.
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Scope of the Report
Attribute | Details |
Forecast | 2022-2031 |
Historical | 2016-2021 |
Market | USD Million for Value and Volume in Units |
Key Countries | US, Canada, Germany, U.K., France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, South Africa |
Key Segments | Product, End User and Region |
Key | • AngioDynamics, Inc. |
Report | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
Key Takeaways from Endovenous Laser Therapy Market Study
Endovenous laser systems held the maximum share of 92.0% in 2021 by component, expanding at a rapid rate owing to the rising number of varicose veins cases and increase in number of product launches with advanced features.
Ambulatory surgical centers showed maximum growth among all end users with a market share of 36.2% in 2021 owing to the rise in demand for outpatient surgeries. In countries such as the U.S., endovenous laser therapy for varicose veins is majorly performed in ambulatory surgical centers rather than hospitals in order avoid long-time waiting in big hospital settings, which is why the segment is developing at a rapid rate
North America held the largest share of 42.7% of the global endovenous laser therapy market by region in 2021 indicating the growth due to increase in prevalence of obesity and growing number of FDA approvals in North America.
“Growing prevalence of varicose veins, shift towards minimally invasive procedures, availability of novel laser treatment and increasing number of product launches Is Expected to Drive the Demand for Endovenous Laser Therapy over the Decade,” says the FMI Analyst
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Who is winning?
The key market players covered by FMI include AngioDynamics, Inc., Syneron Medical Ltd., Dornier MedTech GmbH, Alma Lasers Ltd., Alna-Medical system GmbH, LSO Medical, Wontech Co., Ltd., intros Medical Laser GmbH and Energist Ltd.
Some of the leading manufacturers of endovenous laser therapy market are focusing on product launch, approvals, collaboration and partnership strategies for global expansion objectives, thereby, enhancing their market presence.
In January 2021, Syneron Medical Ltd. announced the availability of the Frax Pro™ system. The FDA-cleared and CE-marked, non-ablative fractional device is the first platform featuring dual-depth skin resurfacing with both Frax 1550™ and the novel Frax 1940™ applicators.
In July 2020, Wontech announced that 'Picowon', an alexandrite (755nm)-based pico laser, has obtained US Food and Drug Administration (FDA) approval for the first time in Asia and the second in the world.
Want more insights?
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global endovenous laser therapy market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights on endovenous laser therapy segment based on product (Endovenous Laser Systems {Diode Lasers and YAG Lasers}, and Endovenous laser Fibers {Bare Tip Laser Fiber, Radial Tip Laser Fiber and Gold Tip Laser Fiber}), and end user (hospitals, ambulatory surgical centers and Specialized Clinics) across seven major regions.
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