Vein Illumination Devices Market Size is expected to grow rapidly from 2022 to 2028. This growth is driven by the rising introduction of innovative vein illumination devices that are clinically proven to reduce patient pain, improve first stick success, increase catheter dwell time, and reduce procedural time. Likewise, the escalating rate of surgical procedures and the subsequent rise in the need for peripheral IV infusion after surgery will also proliferate industry expansion over the forthcoming years. Vein visualization or vein finder refers to medical technology that shows the location of the peripheral veins for blood draws and IV starts. This technology uses NIR (near-infrared) imaging to detect veins and enable their accurate visualization under the skin.
Rising prevalence of hereditary hemochromatosis and the strong focus on increasing public spending on healthcare services are the key trends bolstering the vein illumination devices market share through 2022-2028. As per data from MedlinePlus, type 1 hemochromatosis is among the most common genetic disorders in the U.S., affecting over 1 million people. This growing disease incidence could fuel the demand for vein visualization devices, given the adoption of phlebotomy to remove blood from the body to treat hemochromatosis. Additionally, the high emphasis on boosting access to safe blood and blood products for transfusion will further assert a positive influence on overall industry dynamics in the years ahead.
Based on technology, the vein illumination devices industry from the transillumination segment will register a high revenue by 2028. Growth from the segment is due to the significant usage of the vein finders based on transillumination technology for peripheral IV cannulation, owing to advantages like reduced pain and effective identification of veins. The capability of such devices to lower the risks of bruising and bleeding during cosmetic injectable treatments will further amplify the segmental expansion over the forecast spell.
Latin America vein illumination devices market is set to account for a major share by 2028. This is a result of the potential increase in the requirement of therapeutic phlebotomy to treat sickle cell disease, one of the most common hereditary conditions in Brazil. Also, as per Mexico’s Secretariat of Health, the total cost of obesity is likely to reach $13.6 billion by 2023, which could also push the demand for vein illumination systems in the region, given the high challenges of venipuncture in obese patients.
The competitive landscape of the vein illumination devices market consists of companies such as Qingdao Bright Medical Manufacturing, Ibis Medical, Future Med, BLZ Technology Inc., Bard Access Systems Inc. (BD), Venoscope, LLC, Christie Medical Holdings, Inc. (CAREstream Medical Ltd.), Sharn Anesthesia, AccuVein Inc., and TransLite, LLC, among others. These market participants are implementing various strategies including new product launches and business expansions to strengthen their footprint in the competitive market. For instance, in February 2021, AccuVein Inc. announced that the 2021 Infusion Therapy Standards of Practice released by the Infusion Nurses Society recommend the use of its NIR vein visualization technology in venipuncture procedures, given its efficacy in reducing patient harm and enhancing cost effectiveness.
In light of the novel coronavirus outbreak, blood donor pools have reduced to alarmingly low levels globally. This dramatic reduction is due to the significant ban on blood donation from vaccinated individuals against COVID-19 in some countries, while the lockdown measures in response to infection rise have also contributed to the overall decline in the number of donors. Situations such as these may have created a hindrance to the steady expansion of the vein illumination devices industry over the past months. However, the availability of medications to be administered via IV infusion for mild to moderate COVID-19 patients may prove to be beneficial for the industry over the foreseeable future.
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