The global vein illuminator market was valued at USD 33.6 million in 2015. The booming industry is a result of the extensive application in the intravenous or venipuncture procedures used for clinical diagnostic and therapeutic purposes.
Due to their unique ability to highlight deep-seated or small veins in individuals that present difficult vascular or intravenous access issues, such as in obese adult, chronic renal failure, and pediatric patients, these aid in achieving the following: minimizing the medically unnecessary use of tools, such as the use of Peripherally Inserted Central Catheter (PICC) and increase the accuracy of the first prick, as well as assure greater patient satisfaction, which in turn greatly influences the value-based procedure reimbursement in hospitals.
The applications are largely seen in expediting the vein location process required in prehospital and hospital clinical settings in performing a wide range of procedures, such as the venipuncture, hemodialysis, and effective intravenous delivery of medication in a number of cases including chemotherapy.
Hence, the increasing number of applications is accelerating the growth of this market. However, the detection of veins by traditional methods is often preferred over the usage of the vein illuminators due to the high-cost associated with these devices, which is hindering the growth of the vein illuminator market.
Vein Illuminator Market, by End-user, 2013 - 2024 (USD Million)
Based on technology, the industry is segmented into transillumination, infrared technology, and ultrasound. The near-infrared illumination technology is estimated to be the largest shareholder owing to its ability to penetrate deep into the tissue, which makes it possible to visualize deep-seated blood vessels clearly. 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, it is preferred on a wider base and this segment is hence expected to grow rapidly.
Application based categorization includes intravenous access, blood draw, and others. Intravenous access is the largest shareholder, globally, followed by blood draw. Drawing of blood with the help of a vein illuminator is more convenient, less painful, and hence it is mostly preferred by patients. Thus, the growing demand in the blood drawing procedure is anticipated to trigger the industry growth rapidly.
Based on end-user categories, this sector is categorized into hospitals, rehabilitation facilities, blood donation camps, academic institutions, and others. The market for hospitals is expected to exhibit explosive growth during the forecast period attributable to the increasing emphasis on improving patient satisfaction, which has a clear role in containing healthcare expenditures and the increasing incorporation of advanced medical equipment. The boost in the adoption rates in the research industry and academic institutions is further expected to fuel the market growth. Thus, the academic institutions segment is anticipated to grow at a significant CAGR during the study period.
North America is estimated to witness a high growth in the market corresponding to the huge demand for technologically advanced medical devices in hospitals as well as due in part to the patient-centered approach adopted by the hospitals. Asia Pacific is expected to hold the second position in terms of growth rate. The rising adoption of advanced technology in countries, such as Australia and Japan, has resulted in the profitable growth in this sector. Conversely, in regards to the number of hospitals, the U.S. is estimated to hold a major share in comparison to the other countries in the Asia Pacific region; therefore, the uptake is expected to be lower in Asia Pacific as compared to North America.
Competitive Market Share Insights
Some major competitors identified in the vein illuminator market include Accuvein, Inc., Christie Medical Holdings, Inc., Infrared Imaging Systems, Inc., Translite, LLC, Venoscope, LLC, Vuetek Scientific, LLC, ZD Medical, Inc., Cambridge Medical (Asia) Private Ltd., and others. Agreements, collaborations, partnerships, and product launches are the key strategies, which are implemented by the market players to attain growth in the market.
To acquire significant shares and gain sustainability in the market, the companies were majorly involved in the development of new products through extensive R&D efforts. For instance, in June 2016, Christie Medical Holdings announced positive results in the quality assessment of the use of VeinViewer technology, in minimizing the use of Peripherally Inserted Central Catheters (PICCs), in a patient cohort suffering from kidney-related disorders.
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