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.
Market Size – USD 52.4 million in 2018, Market Growth – CAGR of 31.7%, Market Trends – Product launches and research for advanced vein illuminator devices
New York, November 25, 2019 –According to the current analysis of Reports and Data, the global vein illuminator market was valued at USD 52.4 million in 2018 and is expected to reach USD 510.6 million by the year 2026, 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.
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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).
Technological developments such as advances in optics, greater contrast, and resolution, the falling cost of devices and others are critical drivers of the market. More accuracy in determining vein width with a low deviation as low as 60 to 100 microns is the key to be market leaders. Increasing demand and falling size and cost of devices is another technical driver. The constraints of the global vein illuminator market are lack of awareness, high cost of devices, and others. Increasing global geriatric population along with an increase in the success rate, are boosting the growth of vein illuminator market. Rising awareness regarding the use of better healthcare technologies and the rapid technological advancements are anticipated to offer substantial growth opportunities in the market during the forecast period. However, higher pricing of these devices and the lower awareness of vein illumination technology is expected to hamper the growth of the vein illuminator market over the forecast period.
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
- Some of the key players in the market are 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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For this report, Reports and Data have segmented the vein illuminator market based on technology, application, end-use, and region:
Technology (Revenue, USD Million; 2016–2026)
- Infrared Illumination (NIR)
Applications (Revenue, USD Million; 2016–2026)
- IV Access
- Blood draw
End use (Revenue, USD Million; 2016–2026)
- Rehabilitation Centers
- Blood Donation Camps
- Academic Institutions
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/vein-illuminator-market