31 October 2019
Prospects by Technology (Transillumination, Near Infrared Illumination, Ultrasound Technologies), Application (Intravenous Access, Blood Draw, Other Applications), End-Users (Hospitals, Academic Institutes, Blood Donation Camps, Rehabilitation Facilities, Other End Users), and Geography.
Global vein illuminator market is projected to grow on account of rising satisfaction among healthcare providers & patients, and increasing the success rate of drawing blood at the first attempt. The global market is projected to grow at a lucrative CAGR of 32.1% and anticipated to surpass USD 2,100 Million by 2029.
The use of vein illuminators is particularly useful in the dark-skinned, elderly, obese, restless or agitated patients or patients undergoing chemotherapy. The use of these devices also benefits burn victims and drug abusers as the visibility of veins are increased with their use. Different complications such as hematoma, diseases, nerve damage, excessive bleeding, extravasations, thrombosis, edema, and allergies may lead to complications of venipuncture. Using vein illuminators drastically decreases needle stick injuries and other complications in patients suffering from needle phobia.
The global vein illuminator market is growing at a substantial pace owing to increased use of this device during most of the central catheter (PICC) peripherally inserted procedures in hospitals. The instrument is also used in sclerotherapy, i.e. for the treatment of varicose veins and spider veins. Growing healthcare spending and growing inclination of doctors and nurses in their practice to embrace technologically sophisticated equipment are anticipated to fuel market growth. Also, the global market is growing owing to technologically advanced product launches. However, greater pricing of these systems together with a lack of awareness of vein illumination technology is anticipated to hamper global market development over the forecast period.
Based on applications, the global market is sub-segmented into blood draw, intravenous access, and other applications. Due to various reasons such as blood sampling, drug delivery administration, chemotherapy, and blood collection among others, intravenous access dominated the market. An important skill is the capacity to trace a vein, which involves significant practice. Venipuncture is the most prevalent in all invasive medical processes. If the veins are hard to access, performing an IV insertion is a tedious job. Vein illuminator helps trace these difficult veins, stimulating the development of the industry. The precision of vein illuminators and the ease of using the device are key variables that are anticipated to boost the market growth.
North America vein illuminator market is the largest market and similar trend is anticipated to over the forecast period corresponding to the enormous demand for technologically sophisticated medical devices in hospitals. Moreover, innovative and advanced techniques, enhanced healthcare facilities and the existence of major vein illuminator companies in the region are boosting North America's vein illuminator market growth.
Growing patient pool, healthcare expenditure, the prevalence of chronic diseases and development of healthcare facilities and government initiatives for modernization of healthcare infrastructure in emerging economies such as Japan, China, and India are projected to boost market growth over the forecast period in the Asia Pacific region.
Some of the major players operating in this industry are Cambridge Medical (Asia) Private Ltd., ZD Medical Inc., Vuetek Scientific LLC, Venoscope, LLC Inc., Christie Medical Holdings, Inc., Accuvein Inc., Near Infrared Imaging Inc., AIMVEIN LTD., Techno MedicaCo., Ltd., Sharn Anesthesia, Translite LLC, BLZ Technology Inc. and Koninklijke Philips N.V. among other players.
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