Global Endovenous Laser Therapy Market Set for Remarkable Growth, Poised to Reach USD 811 Million by 2031

The global endovenous laser therapy market is on the brink of transformative growth, with projections highlighting a substantial rise in its value. According to a recent survey by Future Market Insights (FMI), the market, valued at USD 407.6 million in 2022, is expected to nearly double, reaching USD 811.0 million by 2031, driven by a robust Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period.

Endovenous laser therapy has gained significant traction in the treatment of vascular conditions, offering a minimally invasive solution for disorders like varicose veins. The therapy's growing global adoption is fueled by its proven efficacy, increasing trust from healthcare professionals, and positive patient outcomes.

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Key Drivers of Market Expansion:
• Technological Advancements: Continuous innovations in EVLT technology are enhancing treatment precision, minimizing complications, and improving overall patient outcomes. These advancements position EVLT as a leading alternative to traditional surgical methods, offering patients a safer and more effective treatment option.

• Rising Prevalence of Varicose Veins: As the global incidence of varicose veins increases, the demand for minimally invasive treatments like EVLT is surging. Unlike conventional surgeries, EVLT offers patients quicker recovery times and reduced discomfort, driving its widespread adoption.

• Shift Towards Minimally Invasive Procedures: With healthcare trends favoring less invasive treatments, EVLT has emerged as the preferred choice for patients seeking effective solutions without the need for extensive surgery. This shift is contributing to the growing demand for minimally invasive alternatives in the healthcare sector.

Regional Insights:
North America and Europe are leading the adoption of EVLT. North America held the largest market share, accounting for 42.7% in 2021, driven by increasing obesity rates and a surge in FDA approvals for new treatment technologies. Europe benefits from a strong healthcare infrastructure and favorable reimbursement policies, which further promote the use of minimally invasive procedures like EVLT.

As the EVLT market continues to expand, both healthcare providers and patients can expect a future of cutting-edge, effective, and patient-centric treatment options. With ongoing technological advancements and global acceptance of EVLT, the therapy is solidifying its position as a cornerstone of modern vascular care.

This surge in the EVLT market signals a promising shift in the way vascular conditions are treated, bringing innovative, minimally invasive treatments to the forefront of patient care worldwide.

"Growing prevalence of varicose veins, a shift towards minimally invasive procedures, the availability of novel laser treatments, and an increasing number of product launches are expected to drive the demand for endovenous laser therapy over the next decade," said Sabyasachi Ghosh, Associate Vice President at Future Market Insights, Inc.

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Competitive Landscape:
The endovenous laser therapy market is highly fragmented, with numerous global and local competitors. These companies engage in various strategic alliances to strengthen their market position. Key strategies include product launches, FDA approvals, and acquisitions, all aimed at expanding market share.

Recent developments in the industry include:
• In June 2021, AngioDynamics, Inc. received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the AlphaVac Mechanical Thrombectomy System, a multi-purpose device designed for non-surgical thrombi or emboli removal from the vasculature.

• In November 2018, Alma completed the first phase of acquiring Nova Medical, its Israeli distributor, expanding its operations and establishing a direct presence in Israel.

Key Companies to Watch:
• AngioDynamics, Inc.
• Syneron Medical Ltd.
• Dornier MedTech GmbH
• Alma Lasers Ltd.
• Alna-Medical System GmbH
• LSO Medical
• Wontech Co., Ltd.
• Intros Medical Laser GmbH
• Energist Ltd.

Endovenous laser therapy Market by Category:
By Product:
• Endovenous Laser Systems
o Diode Lasers
o Yag Lasers
• Endovenous Laser Fibers
o Bare Tip Laser Fibers
o Radial Tip Laser Fiber
o Gold tip Laser Fiber

By End User:
• Hospitals
• Ambulatory Surgical Centers
• Specialized Clinics

By Region:
• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan
• Japan
• Middle East & Africa (MEA)

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.