Rising prevalence of varicose veins and obesity is expected to fuel revenue growth of endovenous laser therapy market over the forecast period. In terms of value, the global market for endovenous laser therapy is expected to expand at 7%-8% CAGR over the forecast period of 2016–2026. With over 40% market share, North America dominated the global market for endovenous laser therapy partly due to increasing adoption of laser ablation over other treatment procedures for varicose veins. Western Europe, the second largest market globally is expected to rake US$ 98 Mn in revenue by 2016 end. APEJ is the third largest market for EVLT and battle for the third place will continue to draw the interest due to ever increasing install base for EVLT in countries such as Australia.
Earlier, treatment of swollen and painful varicose veins required a surgical procedure, however now, there are multiple treatment options available to treat varicose veins based on the severity. Endovenous laser therapy is considered as gold standard for treatment of varicose veins across the globe as patients experience minimal discomfort during and post procedure. Endovenous laser therapy (EVLT), also known as endovenous laser ablation (EVLA), was approved by FDA in 2002 which replaced many other treatment options for varicose veins as patients experience minimal or no scarrring and downtime. EVLT has mainly replaced the need for painful surgical stripping of large, varicose veins in the leg which involved a longer recovery period as compared to EVLT and slight chances of causing unsightly scars. Endovenous laser therapy market accounted for a value of US$ 258.7 million in 2015 which is not a considerable proportion of a worldwide health care market but has a wide scope over the forecast period.
Initially during 1990’s, surgical treatment of varicose veins was the only option available however currently, alternative treatment methods listed below are also available:
- Radiofrequency ablation
- Endovenous laser therapy
Diode Lasers -Top Selling Product
In 2016, over 60% of global endovenous laser therapy revenue is estimated to be accounted by sales of diode lasers. Diode laser gives more penetration in comparison to Yag lasers and thus is preferred by the physicians for the treatment of varicose veins. Although side effects of Yag laser are less, it is less efficacious for varicose vein treatment. Diode laser sale revenue is anticipated to account for over US$ 150 Mn revenue by 2016 end.
Endovenous laser therapy is the most accepted procedure for treatment of varicose veins
Endovenous laser therapy is a fast and effective procedure to treat varicose vein as compared to traditional vein surgery. High success rate of EVLT leads to minimal reoccurrence of varicose veins thus is cost effective. EVLT treats the affected vein from inside out and patient is released within an hour. Additionally the procedure only requires local anaesthesia and results in minimal discomfort. Puncture made to insert the catheter is very small which means no scaMAMRng due to long cuts and sutures and no need to stay overnight in a healthcare facility.
Endovenous Laser Therapy Market- Key Players
Some market players in the global endovenous laser therapy market include AngioDynamics, Inc., Syneron Medical Ltd., Dornier MedTech GmbH, Alma Lasers Ltd., Alna-Medicalsystem GmbH, LSO Medical, Wontech Co., Ltd, intros Medical Laser GmbH and Energist Ltd. Major market players are implementing different strategies and are launching new products in order to grow their market share. Increasing availability of technologically advanced products due to increasing FDA approvals is expected to fuel revenue growth of endovenous laser therapy market over the forecast period. In February 2012, AngioDynamics, Inc. obtained FDA approval for NeverTouch Direct procedure kit for use with the company’s VenaCure EVLT laser vein ablation system