The vein illuminator market is expected to reach $403.4 million by 2026, up from $32.9 million in 2017, at a compound annual growth rate (CAGR) of 32.7% from 2018 to 2026. As per the latest research cited by the International Society of Thrombosis and Hemostasis, 1 in 4 people throughout the globe is suffering from deep vein thrombosis (DVT). Inaccurate venipuncture is largely responsible for the occurrence of DVT, which causes pain and discomfort in patients.
The key parameters responsible for the growth of the vein illuminator market are greater satisfaction and less pain in the geriatric population, which has thin and loose skin. It has found prominence in achieving accurate venipuncture in dark-skinned and obese patients, in whom determining the vascular position is difficult. Other factors driving the growth of the vein illuminators market include technological advancements in the devices, such as excellent optics, resolution, contrast, and a low price.
Market Synopsis
Infrared technology market growth will be driven by high venipuncture accuracy and rising physician popularity.
Infrared technology is widely used throughout the globe on account of factors such as its popularity among physicians due to its accuracy and ability to detect deep-seated veins. Near-infrared technology can be used for vein identification in all body types and skin tones. An ultrasound vein illuminator employs sound waves to produce the image of veins. It is widely used for the detection of vascular malformations, blood clots, and narrow vessels. Transillumination is gaining importance among healthcare professionals due to its ability to detect veins by employing the principle of light transmission through body tissues.
Increasing demand for minimally invasive procedures will propel the intravenous access market.
Intravenous access is leading the application segment owing to factors such as increasing demand for minimally invasive surgical procedures, including venipuncture. The veins are accessed for various purposes, such as blood sampling, chemotherapy, etc. Vein detection is a time-consuming task that requires extensive practice; any error in vein identification causes pain and discomfort to the patient.
The vein illuminators help address such complications as inaccurate venipuncture and stimulate the intravenous access market's growth. Blood drawing is a tedious task for pediatric and geriatric patients. Vein illuminators eradicate the need for second venipuncture, resulting in patient comfort and satisfaction.
Major players' domiciles and well-developed healthcare infrastructure drive market growth in North America.
North America is currently dominating the vein illuminator market. The key factors influencing the vein illuminator market growth in North America are the increasing number of patients availing intravenous medications for treating chronic ailments and the existence of a well-developed healthcare infrastructure having vein illuminating devices. A number of key players, such as Accuvein, Inc., Venoscope, LLC, and Christie Medical Holdings, Inc., have a positive influence on the market's growth in North America.
In Europe, the vein illuminator market is driven by huge demand for technologically innovative medical devices and excellent clinical practices adopted by physicians and nurses for intravenous drug infusion. Asia Pacific will register stable growth during the forecast period on account of a large patient population and increased funding by government healthcare agencies for the modernization of hospitals and research centers.
Periods of History and Forecast
This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The compound annual growth rate (CAGR) and market estimation were determined for the report on the vein illuminator market by conducting an organic and inorganic market analysis. The market is segmented by technology, application, and geography.
Market assessment studies were conducted to understand the market trends and dynamics prevalent in the vein illuminator market. The scope of the report includes the most recent technological developments in commercially available vein illuminators. The competitive landscape is mapped to understand the competitive nature prevailing in the vein illuminators market.
The key players active in the vein illuminators market are Accuvein, Inc., BLZ Technology, Inc., Cambridge Medical Private Ltd., Christie Medical Holdings, Inc., C.R.Bard, Inc., Infrared Imaging Systems, Inc., Koninklijke Philips N.V., Translite, LLC, Venoscope, LLC, and Vuetek Scientific, LLC.
Key questions are answered in this report.
What will be the market size and compound annual growth rate (CAGR) for the vein illuminator market?
Who are the market leaders in the vein illuminator market?
What are the drivers, restraints, and challenges, and how will they affect the vein illuminators' market dynamics?
What is the competitive scenario prevalent in the vein illuminator market?
Which is the leading and fastest-growing technology segment for the vein illuminators market?
Which is the leading and fastest-growing application segment for the vein illuminators market?
Which is the leading and fastest-growing regional segment for the vein illuminators market?
Frequently Asked Question:
The market for Vein Illuminator Market is expected to reach USD$ 403.4 Mn in 2026.
The Vein Illuminator Market is expected to see significant CAGR growth over the coming years, at 32.7%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Accuvein, Inc., BLZ Technology, Inc., Cambridge Medical Private Ltd., Christie Medical Holdings, Inc. are some of the major players in the global market.
