Vein Illumination Devices Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4217
Vein Illumination Devices Market size is projected to experience significant growth from 2019 to 2025.
Venipuncture is the most common non-surgical medical procedure performed globally. Venipuncture also called phlebotomy, a medical procedure that is performed to withdraw blood from patients for clinical or medical testing. Accessing veins for blood sampling or intravenous therapy occurs more than 2.7 million times in the U.S, each day. Thus, rising blood donation and venipuncture procedures are estimated to propel the vein illumination devices market growth in the estimation period.
It has been considered that nearly one-third of the attempt to identify correct veins fails the very first time and thus, resulting in patient discomfort and dissatisfaction along with additional costs. Devices with innovative technologies such as AccuVein AV400 vein visualization digitally displays a map of the vasculature on the surface of the skin. Application of advanced vein illumination devices increases the patient’s satisfaction and comfort. Thus, surge in such advanced technologies will improve the vasculature access, thereby increasing the demand for vein illumination devices in the forthcoming years.
Vein illumination devices improve the professional ability of healthcare practitioner to identify the correct position of the underlying vein. However, expensive cost associated with these devices may hinder the market growth in low and middle-class income regions.
Infrared technology segment will hold a significant revenue size over the forecast years. Infra-red venipuncture devices use near-infrared imaging for detecting veins thus, providing a clearer view and is highly utilized in healthcare facilities as compared to other technological devices. These devices are light-weight and can be carried anywhere easily thus, making extremely useful for traveling doctors and nurses that provide help at home, thereby augmenting the infrared venipuncture devices market growth in the forecast period.
Hospitals segment will show momentous growth over the projected timeframe due to the rising adoption rate of vein illumination devices across major countries such as the U.S., UK, Germany, Canada, and others. Improving healthcare infrastructure in these facilities will spur the industry growth. Growing number of blood banks and blood donation camps will further boost the hospital segment growth in the foreseeable future.
U.S. vein illumination devices market is estimated to witness lucrative growth over the forecast period owing to the introduction of advanced and innovative technologies and improved healthcare infrastructure. High adoption rate of vein illumination devices in U.S. hospitals to improve the vasculature access procedure will boost the industry growth. Moreover, presence of major key players such as Accuvein Inc, will augment U.S. vein illumination devices industry growth.
India vein illumination devices market is estimated to witness lucrative growth over the forecast period. Robust growth can be attributed to rising awareness about the advanced vein illumination devices among the healthcare practitioners, offering better patient outcome. Moreover, rising government investment that supports the R&D activities and growing healthcare expenditure will accelerate India vein illumination devices market growth.
Few of the prominent players operating in the global vein illumination devices market include TransLite, LLC, AccuVein Inc., Sharn Anesthesia, Christie Medical Holdings, Inc., and Venoscope, LLC. among other players. These industry players implement various strategic alliances such as mergers & acquisitions, partnerships, collaborations, as well as new product launch to enhance profitability and company growth. For instance, in November 2014, AccuVein AV400 vein visualization device was awarded the Innovative Technology designation by Novation due to its decrease in multiple needle sticks resulting in improving patient care and the time to access veins.
Vein Illumination Devices Market, by Technology, 2014-2025 (USD Million)
- Infrared Technology
Vein Illumination Devices Market, by End-Use, 2014-2025 (USD Million)
- Nursing Homes
- Research Institutions
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- AccuVein Inc.
- Bard Access Systems Inc.
- BLZ Technology Inc. (VeinSight)
- Christie Medical Holdings, Inc.
- Future Med
- Ibis Medical
- Qingdao Bright Medical Manufacturing
- Sharn Anesthesia
- TransLite, LLC
- Venoscope, LLC
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