Industry Outlook
The vein illuminator market is set to reach US$ 403.4 Mn by 2026 from US$ 32.9 Mn in 2017 at a compounded annual growth rate (CAGR) of 32.7% during the forecast period from 2018 to 2026. As per the latest research citing of International Society of Thrombosis and Hemostasis, 1 in 4 people throughout the globe are suffering with deep vein thrombosis (DVT). Inaccurate venipuncture is largely responsible for occurrence of DVT causing pain and discomfort in patients.
The key parameters responsible for the growth of vein illuminator market are greater satisfaction and less pain in geriatric population having thin and loose skin. It has found prominence in achieving accurate venipuncture in dark skinned and obese patients in which determining the vascular position is difficult. The other factors responsible for the vein illuminators market growth are technological advancement in the devices such as excellent optics, resolution, contrast and low price.
Market Synopsis
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"High degree of accuracy in venipuncture and increasing popularity among physicians to drive the infrared technology market growth"
Infrared technology is widely used throughout the globe on account of factors such as 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. 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 transmission of light by body tissues.
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"Increasing demand for minimally invasive procedure to propel the intravenous access market"
Intravenous access is leading the application segment owing to factors such as increasing demand for minimally invasive surgical procedure including venipuncture. The veins are accessed for various purposes such as blood sampling, chemotherapy etc. Vein detection is a very tedious task requiring considerable practice, any discrepancy in vein identification causes pain and discomfort to patient. The vein illuminators help in addressing such complications of inaccurate venipuncture and stimulates the intravenous access market growth. Blood drawing is a tedious task in pediatric and geriatric patient. Vein illuminators eradicate the need for second venipuncture resulting in patient comfort and satisfaction.
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"Domicile of major players and well developed healthcare infrastructure drive the 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 increasing number of patient availing intravenous medications for treating chronic ailments and existence of well-developed healthcare infrastructure having vein illuminating devices. Domicile of key players such as Accuvein, Inc., Venoscope, LLC and Christie Medical Holdings, Inc., have a positive influence on the market 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 large patient population and increased funding by government healthcare agencies for the modernization of hospitals and research centers.
Historical & Forecast Period
This research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments are calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
Compounded annual growth rate (CAGR) and market estimation were determined for the report vein illuminator market by conducting the organic and inorganic market analysis. The market is segmented as by technology, application and geography.
| ATTRIBUTE |
DETAILS |
| Research Period |
2016-2026 |
| Base Year |
2017 |
| Forecast Period |
2018-2026 |
| Historical Year |
2016 |
| Unit |
USD Million |
| Segmentation |
By Technology (2016–2026; US$ Mn)
• Infrared Technology
• Transillumination
• Ultrasound
|
|
By Application (2016–2026; US$ Mn)
• Intravenous Access
• Blood Draw
• Others
|
|
Geography Segment (2016–2026; US$ Mn)
• North America (United States and Canada)
• Europe (U.K., Germany, Rest of Europe)
• Asia Pacific (China, Japan, Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East and Africa (GCC, Rest of MEA)
|
Market assessment was studies to understand the market trends and dynamics prevalent in the vein illuminator market. Latest technological development in the vein illuminators commercially available are covered in the scope of the report. 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 answered in this report
- What will be the market size and compounded annual growth rate (CAGR) for vein illuminator market?
- Who are the market leaders in 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 vein illuminators market?
- Which is the leading and fastest growing application segment for vein illuminators market?
- Which is the leading and fastest growing regional segment for vein illuminators market?
