Global Endovenous Laser Therapy Market: Snapshot
Endovenous laser therapy (EVLT) has been used for the treatment of varicose veins with significant success, especially in adult populations with saphenous insufficiency. Varicose veins are a common condition in adult populations of several industrialized nations, increasingly affecting their quality of life. The global endovenous laser therapy market has made considerable strides, driven by continuous advances in techniques used in the procedures.
Various governments, notably in China and Japan, have espoused the safety and increased patient comfort of EVLTs for the patient populations. This has also aided in the steady evolution of the endovenous laser therapy market. The efficacy of EVLT hinges largely to the use of appropriate techniques so as to reduce post-operative complications in patient populations. Thus, developers of endovenous laser systems and ablation technologies are constantly focusing on improving the techniques. This is a key aspect of the evolution of the endovenous laser therapy market.
Several of the key clinical developments form the crux of the study on the global endovenous laser therapy market. The study tracks major product development trends, competitive dynamic prevailing among top players, and imminent investment areas in the endovenous laser therapy market.
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Global Endovenous Laser Therapy Market: Notable Developments
Endovenous laser therapy has become a popular treatment for varicose veins. Nonetheless, the market has faced stiff competition from non-surgical non-invasive treatments. A recent case in point is ultrasound-guided foam sclerotherapy. To assess the potential of such therapies and find whether ELVT is superior, researchers have resorted to randomized trials and assessed the effect of both the therapies on the quality of life of patients after five years of treatments.
Such a randomized, controlled trial was conducted in the U.K. from 2008 to 2012. The outcomes of the treatment was quantified under Aberdeen Varicose Vein Questionnaire (AVVQ)—key disease-specific quality-of-life scores. Researchers found that laser ablation showed higher outcomes and better quality of life for the patient populations.
Unarguably, the results of the trial have limitations. But, they establish a favorable environment for developments of new products in the endovenous laser therapy market.
Some of the prominent players operating in the endovenous laser therapy market are:
- Syneron Medical Ltd.
- Energist Ltd
- Alma Lasers Ltd.
- LSO Medical
- Dornier Medtech GmbH
- AngioDynamics, Inc.
Global Endovenous Laser Therapy Market: Growth Dynamics
Rising incidence of varicose veins especially in women and elderly populations is propelling the expansion of the endovenous laser therapy market. Particularly, in younger adults across both males and females, symptomatic lower extremity varicose veins are a cause of substantial morbidity.
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Knowledge gained from surgical experience over a considerable period of time shapes the development of more effective methods for varicose veins treatment. This has helped in the development of performance standards for this technique.
Over the years, patients have become aware of the high success rate of EVLT procedures. Medical device manufacturers are putting bets on developing devices that reduce the risk of manual errors in these procedures. Also, they have launched devices equipped with data management software. This has expanded the potential in the endovenous laser therapy market.
Global Endovenous Laser Therapy Market: Regional Analysis
Among the various regions, North America and Asia Pacific are regions with vast potential in the endovenous laser therapy market. Prevalence of obesity in populations of North America has been elevating the incidence of varicose veins among adult populations. Medical device manufacturers have also been putting large bets on Asia Pacific. Large patient pool and rising awareness about varicose veins are propelling the rapid expansion of the regional market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.