Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Vein Illuminator Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, Feb. 04, 2021 (GLOBE NEWSWIRE) — The Global Vein Illuminator Market is expected to grow at a CAGR of around 30.4% from 2020 to 2027 and reach the market value of over US$ 774.1 Mn by 2027.
The vein illuminator market is segmented based on technology, application, end-use, and geography. By technology, the market is divided based on transillumination, infrared, and ultrasound. Based on the application, the market is bifurcated based on intravenous access, blood draws others. Based on end-use, the market is divided into hospitals, blood donation camps, academic institutions, and others.
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The hospital segment by end-use is expected to experience the fastest growth over the forecast period from 2020 to 2027. The high usage rate of vein illuminator in hospitals for diagnosis and treatment of patients particularly to improve patient convenience is supporting the segmental growth. The rising adoption of vein illuminator in small-sized hospitals due to associated benefits is propelling demand. The increasing usage of devices that help in the reduction of infections is further projected to create demand over the forecast timeframe from 2020 to 2027. According to the World Health Organization (WHO), in 2010 around 1.7 million people were infected by Hepatitis B, 315,000 by Hepatitis C, and more than 33,800 by HIV due to unsafe injection.
In 2019, North America held the major share (%) in terms of revenue of the global vein illuminator market, and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The presence of major players in the region such as Christie Medical Holdings, Inc., Accuvein Inc., Infrared Imaging Systems, Inc., and Translite LLC among others is supporting the regional market value. The increasing number of elderly population along with the increasing number of patients with chronic diseases is supporting the regional market value.
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The major economies of the region including the US and Canada are majorly contributing to the vein illuminator market value. Furthermore, Asia Pacific is anticipated to exhibit the fastest growth over the forecast period from 2020 to 2027. The major developing economies of the region including China and India are majorly contributing to the regional market value. The increasing number of blood camps by private as well as government authorities in the countries is additionally supporting the regional market growth.
Some of the leading competitors are Accuvein Inc. (US), Christie Medical Holdings, Inc. (US), Sharn Anesthesia, Infrared Imaging Systems, Inc. (US), Near Infrared Imaging Inc., Translite LLC (US), Venoscope, LLC, Vuetek Scientific LLC., ZD Medical Inc., and Cambridge Medical (Asia) Private Ltd. Vein illuminator companies have announced mergers and acquisitions to expand their position in the vein illuminator industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage.
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Some of the key observations regarding vein illuminator industry include:
- Christie Medical Holdings has exhibited VeinViewer® technology at the Ambulatory Surgery Center Association’s (ASCA) annual meeting, which was held at the Gaylord Texan Resort and Conference Center in May 2016. The VeinViewer can provide a positive patient experience by reducing the number of stick attempts with reduced time.
- Los Altos based Evena Medical has launched Eyes-On Glasses System, which helps healthcare professionals to see vasculature below the skin to deliver needles safely on the first try every time.
- iPhone has come out with the solution for the secure biometric authentication technology for identical twins and family relations with its 2019 iPhone.
- The new face recognition technology scans Vein Patterns & Blood Vessels to tell Identical Twin apart.
- In 2016, Valley Hospital in Ridgewood has invested in vein illuminators particularly to ease the process of IV insertion and drawing of blood as well as to enhance the administration of IV medications.
- AccuVein AV 400 has issued a medical device license in 2018 for usage in Canada. The incorporation of various technologies in the device helps in detailed imaging of the vein structure. The efficient working of the device enhances its usage in various applications such as veinpuncture, cosmetic procedures, vascular procedures, blood draw, and other medical procedures.
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