Vein Illuminator Market Analysis, COVID-19 Impact,Outlook, Opportunities, Size, Share Forecast and Supply Demand 2021-2027|Trusted Business Insights

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Vein Illuminator market.

Trusted Business Insights presents an updated and Latest Study on Vein Illuminator Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Vein Illuminator market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

Get Sample Copy of this Report @ Vein Illuminator Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19

Report Overview: Vein Illuminator Market

The global vein illuminator market size was valued at USD 83.2 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 29.5% from 2021 to 2027. It uses various technologies to accurately locate veins and projects its image on the skin. Usage of this device helps medical professionals minimize errors while finding a puncture point.

These devices are highly portable and help reduce time and pain experienced during the puncture. Moreover, locating the veins of pediatric, geriatric, and obese patients is difficult, which could later lead to improper intravenous access to drugs. The adoption of vein illuminator is expected to show steep growth in small sized hospitals, emergency departments, and ambulatory care centers, thereby driving the market growth.

End-use segments such as hospitals are widely adopting these illuminator devices to improve patient convenience. In June 2016, the Valley Hospital in Ridgewood invested in vein illuminators to ease the process of IV insertion and drawing of blood and also enhance the administration of IV medications.
As these devices is non-invasive, its approval rates in various countries are faster. In February 2018, AccuVein AV 400 was issued a medical device license for its usage in Canada. In addition, incorporation of various technologies in this device helps in detailed imaging of the vein structure and enhance its usage in various applications such as blood draw, venipuncture, vascular procedures, cosmetic procedures, and other medical procedures.

VeinSight vein finder VS400 by BLZ Technology incorporates two technologies such as Real Multi-Exposure Image Fusion (RMIF) and Pulse-Width Modulation (PWM) dimming technology, which helps clinicians effectively locate veins for various procedures. Therefore, a growing number of medically licensed vein illuminators and growing advancements in these illuminators are expected to drive the market growth in upcoming years.

Usage of the same syringes or wrongly used syringes can lead to various hospital-acquired and other infections. As per the World Health Organization (WHO), 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. A growing number of infections due to unsafe injections is expected to propel the adoption of these devices by various medical professionals. Usage of the device will result in a reduction of the infections thus reducing the burden on hospitals and patients.

Technology Insights: Vein Illuminator Market

The infrared illumination technology segment is expected to register the fastest growth rate during the forecast period mainly due to its ability to penetrate deeply located tissues, which enables the visualization of deep-seated blood vessels. The infrared radiation is absorbed by the venous blood and the image of the underlying vein is projected accurately. The usage of near-infrared illumination is easy and cost-effective, therefore is widely preferred in emergency situations.
Players present in the market are focused on developing devices integrated with infrared illumination technology. AccuVein vein finder uses this technology for imaging the veins. It includes two safe barcode-scanner class laser, a visible red, and an invisible infrared. These two lasers work together to create an image of 10 mm deep subcutaneous vasculature by reducing the light reflection and then creating the vein map for the clinician.

The transillumination segment is also expected to grow at a significant growth rate.

Transillumination devices use cold light source for visualization by placing a light source in contact with the skin, directing toward it. The vein illuminators available in the market, based on this technology include Neonatal Transilluminator (NT-01) and Transilluminator venoscope II manufactured by Venoscope, LLC, and Veinlite LED+ by Veinlite. These devices use LED light sources that is extremely bright. These light arrays help maximize the image contrast during transillumination. The usage of this technology for proper vein location is expected to increase the segment growth during the forecast period.

Application Insights: Vein Illuminator Market

Increasing applications of vein illuminators for IV nutritional support, IV fluid administration, IV medication administration, IV chemotherapy administration coupled with technological advancements in IV cannulation are some of the major factors accounting for its larger share.
IV cannulation technique is used by healthcare professionals for IV access, which involves the insertion of a cannula inside the patients vein. IV access is used for various purposes, including the administration of medications, parenteral nutrition, chemotherapy, and blood products. IV access allows the collection of blood samples as well as the administration of fluids and IV medications. It is a complicated procedure in obese patients, especially in the case of scar tissue from trauma, surgery, burns, or chronic renal failure. Thus, the vein illuminator is expected to gain popularity in the upcoming years owing to its expanding applications.

Other applications of vein illuminators include vascular procedures, dialysis, and cosmetic procedures. Illuminators help in locating the vein pre-, during-, and post-cosmetic and vascular procedures. In addition, usage of this device during cosmetic surgery helps in avoiding vein damage and painful bruising. Therefore, growing usage of vein illuminator for applications such as cosmetic surgeries is expected to contribute toward the segment growth during the forecast period.

End-Use Insights: Vein Illuminator Market

The hospital segment is estimated to dominate the overall market in terms of revenue as well as growth rate during the projected period. The high usage rate of vein illuminator in hospitals for diagnosis and treatment of patients is a major factor contributing to the large segment share. In June 2012, Childrens Mercy Hospital and Clinics used illuminators by AccuVein AV 300 for improving and streamlining patient care. Increasing focus on the delivery of advanced healthcare facilities to a patient is expected to further propel the demand for vein illumination devices.
Usage of vein illuminators in blood donation camps is also increasing to minimize the discomfort caused due to multiple pricks. As per WHO, around 112.5 million blood donations had been conducted globally by July 2016. Therefore, a growing number of blood donation camps are expected to contribute toward the market growth.

Research institutes are frequently using illuminators for locating veins to deliver critical medications for various medical conditions such as urinary tract infections, congestive heart failure, and sepsis. Increasing demand for vein illuminating devices in emergency departments and rehabilitation centers is expected to have a significant impact on the global market growth during the forecast period.

Regional Insights: Vein Illuminator Market

North America held the largest revenue share in the vein illuminator market largely due to the growing demand for technologically advanced medical devices in hospitals and ambulatory care centers. Moreover, the presence of major market players such as Accuvein, Inc.; TransLite LLC; Christie Medical Holdings, Inc.; and Venoscope LLC is also expected to contribute toward product availability in the region.

Europe held a significant revenue share in the market in 2019 and is expected to experience a moderate growth rate during the forecast period. Players present in the market are continuously developing and innovating products to receive CE Mark for its products to expand its reach in all the European countries. In June 2014, AccuVein was awarded CE certification from the British Standards Institution (BSI). Receiving CE certification indicates that the product has passed all the safety requirements and can be sold throughout 28 countries in Europe. Therefore, growing product approvals for such illuminators in the region is expected to contribute toward the overall market growth.

Asia Pacific region is expected to experience the fastest growth rate during the forecast period owing to increasing healthcare expenditure and adoption of advanced technologies such as vein illuminators in countries like China and India. Moreover, the global players in the market are also entering into a distribution agreement to expand the reach of vein illuminators in the APAC region.
AccuVein AV400 received approval from the China Food and Drug Administration (CFDA) for its sale in China. Therefore, growing product approvals in the country and increasing adoption of various end-use sectors such as hospitals and blood camps in the country are expected to increase the growth of the overall market in the region.

Key Companies & Share Insights: Vein Illuminator Market

The market is highly competitive in nature owing to the presence of a large number of players. The existing market players indulge in strategic activities such as product launches, distribution agreements, and display of the products in conferences to achieve a firm hold in the market and expand their product portfolio. For instance, in March 2016, Christie Medical Holdings presented the VeinViewer system at the American Organization of Nurse Executives (AONE) 2016 Annual Meeting to demonstrate the impact of IV insertion to nurse leaders. Therefore, growing initiatives by the market players are expected to propel the growth of the overall market. Some of the prominent players in the vein illuminator market include:

Key companies Profiled: Vein Illuminator Market Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global vein illuminator market report on the basis of technology, application, end use, and region:

Technology Outlook (Volume, Units; Revenue, USD Million, 2016 – 2027)

  • Transillumination
  • Infrared
  • Ultrasound

Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Intravenous Access
  • Blood Draw
  • Others

End-Use Outlook (Revenue, USD Million, 2016 – 2027)

  • Hospitals
  • Blood Donation Camps
  • Academic Institutions
  • Others

 

Looking for more? Check out our repository for all available reports on Vein Illuminator in related sectors.

Quick Read Table of Contents of this Report @ Vein Illuminator Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19

Contacts

Trusted Business Insights
Shelly Arnold
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580

Next Post

Vegan Yogurt Market Analysis, COVID-19 Impact,Outlook, Opportunities, Size, Share Forecast and Supply Demand 2021-2027|Trusted Business Insights

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Vegan Yogurt market. Trusted Business Insights presents an updated and Latest Study on Vegan Yogurt Market 2020-2029. The report contains market predictions related […]

Subscribe US Now