Increasing investment in R&D and an increasing number of new product launches, innovative and advanced technologies, improved healthcare infrastructure and presence of a large number of vein illuminator manufacturing companies are key factors contributing to high CAGR of Vein Illuminator during the forecast period.
According to the current analysis of Reports and Data, the global vein illuminator market was valued at USD 116.3 Million in 2020 and is expected to reach USD 944.8 Million by the year 2028, at a CAGR of 31.7 percent. Vein illuminator is a handheld device which helps professionals to find a superficial vein for venipuncture. Innovative and advanced technologies improved healthcare infrastructure and the presence of a large number of vein illuminating manufacturing companies.
The wide variety of devices designed for locating veins reflects the great challenges of this procedure. Despite their availability, valuable time and money continue to be wasted and people continue to suffer multiple needle stickings, due to lack of awareness in many areas. Better product marketing could help alleviate this issue. Clinicians face difficulties in locating peripheral veins on a regular everyday basis. They usually start with the basic simple techniques of milking, slapping, and tourniquet. Recurrent failures are helpful in identifying persons who need additional extra help to be cannulated. All existing methods, without exception, will increase success rates for locating veins in particularly in difficult cases. Adoption of these advanced technologies may lead to improved medical treatment, as well as prevent clinical complications such as hematomas. All methods save critical time and improve both medical staff and patient satisfaction. The mobile devices offer solutions to overcome obstacles, drive down costs, redesign care-paths and processes, augment the level of patient safety and significantly improve the quality of care in diverse care settings, including hospital wards, emergency rooms, field hospitals, the military and homes. It could also be very useful and effective for patients that inject their medicine straight into the veins themselves (such as hemophiliacs).
Key companies profiled in the report include
Venoscope, LLC, Christie Medical Holdings, Inc., Inc., Translite, LLC, Vuetek Scientific, LLC, ZD Medical, Inc., Infrared Imaging Systems, Accuvein, Inc., Cambridge Medical (Asia) Private Ltd
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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Vein Illuminator market.
The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.
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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.
The key geographical regions analyzed in the market report are:
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Vein Illuminator Market Segmentation based on Types:
Technology (Revenue, USD Million; 2018–2028)
- Infrared Illumination (NIR)
Applications (Revenue, USD Million; 2018–2028)
- IV Access
- Blood draw
End use (Revenue, USD Million; 2018–2028)
- Rehabilitation Centers
- Blood Donation Camps
- Academic Institutions
Further key findings from the report suggest
- AccuVein Inc. is one of the global leaders in medical imaging solutions. The company’s vein viewing system was the world’s first handheld, non-contact vein illumination solution
- North America is predicted to hold the largest share of the Vein Illuminator access market because of the growing population and high rate of technology adoption
- Vein illuminator device is used for locating veins in dark-skinned patients, obese patients, whose veins are not visible or palpable, patients suffering from burn injuries, agitated patients, thus it can be used for a wide variety of patients to pricking unnecessary needle sticks to the patient.
- Various complications such as hematoma, infections, nerve damage, extravasations, excessive bleeding, edema, thrombosis, and allergies may arise as a result of venipuncture complications which demands the vein illuminator device.
- Europe is expected to gain a significant market share by 2026 as the hospitals End User are going to drive market growth
- Academic institutions are expected to grow at the second-highest CAGR during the forecast period. The increased research and practical application in these institutions drive the demand for vein illuminator devices in this industry
- Infrared illumination is expected to grow at the highest CAGR, because of the accuracy of operation, ease of handling, and cost-effectiveness. NIR is expected to be preferred over transillumination and other technologies in the near future due to better usage of technology
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