Laser Atherectomy Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 20, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 195.21 Million |
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Revenue Forecast in 2031 |
US$ 370.53 Million |
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CAGR |
7.38% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global Laser atherectomy devices market was valued at US$ 195.21 million in 2022 and is expected to register a revenue CAGR of 7.38% to reach US$ 370.53 million by 2031.
Laser Atherectomy Devices Market Fundamentals
Laser atherectomy is a minimally invasive medical technique that employs laser light to remove or melt atherosclerotic plaque from arteries, which are blood channels that have constricted or become blocked owing to fatty deposit deposition. Atherosclerosis is a common disorder that can affect arteries in the body, including those in the heart, legs, and neck.
Laser atherectomy is a prominent treatment option for peripheral arterial disease (PAD), affecting the arteries outside the heart, most often in the legs. PAD symptoms include leg discomfort, cramps, and trouble walking, and if left untreated, it can develop more serious problems such as limb ischemia (loss of blood flow) and amputation. Moreover, Laser atherectomy is less intrusive than standard surgical procedures and may result in a quicker recovery. However, as with any medical operation, there are dangers, such as possible artery wall damage, bleeding, infection, or issues associated with using laser light. It is essential to get the advice of a trained healthcare practitioner to establish whether laser atherectomy is a viable therapy choice for your problem.
Trends in laser technology, enhanced accuracy and safety, increased acceptance of catheter-based systems, combination treatments, a focus on outpatient settings, improving clinical evidence, and a rising emphasis on cost-effectiveness are all developments in laser atherectomy. These changes are predicted to affect the future of laser atherectomy, resulting in better patient outcomes and more treatment choices for PAD. It's essential to remember that medical trends can shift over time, so always seek the advice of a knowledgeable healthcare practitioner for the most up-to-date information.
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Laser Atherectomy Devices Market Dynamics
The increasing prevalence of peripheral artery disease (PAD) supports the global laser atherectomy devices market revenue. The rising prevalence of PAD, driven by risk factors such as the aging population, diabetes, obesity, and sedentary lifestyles, has increased demand for minimally invasive treatment options like laser atherectomy devices. According to the 2022 Centers for Disease Control and Prevention estimates, peripheral artery disease affects approximately 6.5 million people in the United States aged 40 and over. If left untreated, PAD can cause severe pain and even lead to amputation, making early diagnosis and treatment crucial. Laser atherectomy devices offer a safe and effective alternative to traditional surgical interventions, resulting in faster recovery and improved patient outcomes.
Advancements in laser technology will increase the market revenue share of the global Laser atherectomy devices market during the forecast years. This advancement has led to the development of more efficient and precise laser atherectomy devices used in treating peripheral artery disease. The devices have shown promising results in improving blood flow and reducing the risk of amputation in patients with severe arterial blockages. For instance, The Auryon laser atherectomy system manufactured by AnginoDynamics, Inc. is a three times smaller and lighter laser atherectomy device with a solid-state medium that allows quick warm-up and no catheter calibration. Clinical studies have shown lower perforation and flow-limiting dissection risk, making it a valuable addition to the laser atherectomy market. It treats all levels of calcification, is nonreactive to contrast media, addresses perforations, has built-in capabilities for eccentric lesions and aspiration, and is portable and quiet. Introducing such products in the market will revolutionize the field of interventional cardiology and provide physicians with more options for treating patients with complex cardiovascular conditions, ultimately improving patient outcomes and quality of life.
The high cost of laser atherectomy devices and the lack of skilled professionals to operate these devices in developing countries are the major restraining factors impeding market revenue growth.
Laser Atherectomy Devices Market Ecosystem
The global laser atherectomy devices market is analyzed from three perspectives: application, end user, and region.
Laser Atherectomy Devices Market by Application
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Based on application, the global laser atherectomy devices market is segmented into cardiovascular, neurovascular, and peripheral vascular diseases.
In 2022, the peripheral vascular diseases segment dominated the global laser atherectomy devices market in terms of revenue share. This can be attributed to the rising prevalence of peripheral vascular diseases such as atherosclerosis and the increasing adoption of minimally invasive procedures for their treatment. According to 2022 estimates by the Department of Neurology, Beijing Tiantan Hospital, Capital Medical University, Beijing, China, the prevalence and burden of atherosclerosis in the general population have been reported in several studies, and the estimate of poly-vascular atherosclerosis ranges from 3% to 42%.
Laser atherectomy devices have several advantages in treating neurovascular conditions, such as high precision, reduced risk of embolization, and the ability to treat a variety of lesion types. These devices offer minimal invasiveness and faster recovery times than traditional surgical procedures. Furthermore, laser atherectomy devices have shown promising results in improving long-term outcomes and reducing the need for repeat procedures. As a result, they are becoming an increasingly popular treatment option for neurovascular conditions.
However, the rise in cardiovascular diseases is expected to show significant revenue growth during the forecast years. This growth can be attributed to the increasing prevalence of cardiovascular diseases, such as coronary and peripheral artery disease, requiring minimally invasive treatment procedures. Developing advanced laser atherectomy devices with improved efficacy and safety profiles is also expected to grow market revenue.
Laser Atherectomy Devices Market by End User
Based on end users, the global laser atherectomy devices market is segmented into hospitals & surgical centers, ambulatory care centers, and others.
In 2022, the hospital segment held most of the global laser atherectomy devices market. This can be attributed to the high patient preference for hospitals due to their advanced healthcare infrastructure and availability of skilled healthcare professionals. Additionally, the increasing incidence of cardiovascular diseases requiring complex procedures in hospitals is also driving the revenue growth of this segment. Moreover, hospitals have the resources to provide emergency care and round-the-clock monitoring of critically ill patients, which is impossible in other healthcare settings. This further reinforces the patient's preference for hospitals as a reliable option for their healthcare needs.
The ambulatory surgical center's segment is expected to show lucrative revenue growth in the forecast years. The increasing number of outpatient procedures and the rising demand for minimally invasive surgeries support segment growth. Technological advancements in laser atherectomy devices are also driving the growth of this segment. Patients prefer outpatient procedures as they are less time-consuming and require shorter hospital stays. Moreover, laser atherectomy devices have reduced complications and faster recovery times, boosting demand for this segment.
Laser Atherectomy Devices Market by Region
Based on the region, the global laser atherectomy devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the highest revenue share in the laser atherectomy devices market. This sizable revenue is attributed to the high prevalence of cardiovascular diseases, the increasing adoption of advanced technologies, and the well-established healthcare infrastructure in the region. Moreover, the rising geriatric population and sedentary lifestyle of people in North America have also contributed to the growth of the laser atherectomy devices market in the region. The increasing demand for minimally invasive procedures and favorable reimbursement policies are expected to further boost market revenue growth in North America.
Several key players and high competition characterize the European laser atherectomy devices market. Some of the major players operating in this market include Boston Scientific Corporation, Cardiovascular Systems Inc., and Medtronic Plc. These companies focus on developing advanced laser atherectomy devices to gain a competitive edge. Additionally, strategic collaborations and partnerships with other companies are also expected to play a crucial role in the revenue growth of these players in the market.
The Asia Pacific Laser atherectomy devices market revenue is expected to grow significantly during the forecast period. This growth can be attributed to the increasing prevalence of cardiovascular diseases and the rising adoption of minimally invasive surgeries. Technological advancements in laser atherectomy devices are also expected to boost market revenue growth further. Moreover, Laser atherectomy devices are now preferred over traditional surgical procedures in these regions due to their high precision and minimal tissue damage. Furthermore, the growing geriatric population is also expected to contribute to the revenue growth of the laser atherectomy market.
Laser Atherectomy Devices Market Competitive Landscape
The competitive scenario of the laser atherectomy devices market is highly dynamic, with numerous players competing. Market players in the global laser atherectomy devices market focus on expanding their product portfolio and investing in research and development activities. These companies also focus on strategic collaborations and partnerships to expand their market presence and increase revenue.
The prominent companies operating in the global laser atherectomy devices market with the largest revenue share are,
Laser Atherectomy Devices Market Recent Developments
The laser atherectomy devices market is expected to grow significantly due to the increasing prevalence of cardiovascular diseases and technological advancements in laser technology. The rising demand for minimally invasive procedures and the growing geriatric population is also expected to drive market revenue growth.
According to the deep-dive market assessment study by Growth Plus Reports, the global laser atherectomy devices market was valued at US$ 195.22 million in 2022
These strategies include mergers and acquisitions, product innovation, strategic partnerships, and expansion into new markets. The ultimate goal is to gain a competitive advantage and increase market revenue share.
In 2022, the peripheral vascular diseases segment dominated the global laser atherectomy devices market with the largest revenue share.
The global laser atherectomy devices market is expected to register a revenue CAGR of 7.36% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain