WASHINGTON, April 10, 2023 (GLOBE NEWSWIRE) -- The Global Vein Illuminator Market is valued at USD 131.40 Million in 2022 and is projected to reach a value of USD 1078.50 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 30.10% over the forecast period 2023-2030.
Market Overview
The growth of the market is attributed to the increasing demand for vein illuminators in hospitals, clinics, and other healthcare settings. Vein illuminators are used to visualize veins under the skin, which helps healthcare professionals to easily locate veins for intravenous (IV) access. This is especially helpful in patients with difficult-to-access veins, such as obese patients, pediatric patients, and patients with dark skin.
The global vein illuminator market is segmented on the basis of product type, end-user, and region. Based on product type, the market is segmented into handheld vein illuminators and tabletop vein illuminators. Handheld vein illuminators are the most popular type of vein illuminators, accounting for the largest share of the market. This is due to the fact that handheld vein illuminators are portable and easy to use. Tabletop vein illuminators are larger and more expensive than handheld vein illuminators, but they offer better image quality and are more suitable for use in hospitals and other large healthcare settings.
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Market Dynamics
- Increasing demand for vein illuminators in hospitals, clinics, and other healthcare settings
- Increasing prevalence of chronic diseases, such as diabetes and cancer, which require IV access
- Increasing aging population, which is more likely to require IV access
- Increasing healthcare expenditure in emerging economies
- High cost of vein illuminators
- Lack of awareness about vein illuminators among healthcare professionals
- Stringent regulations for medical devices
Challenge
- The high cost of vein illuminators is a major challenge for the growth of the market. Vein illuminators are expensive devices, which can be a barrier for their adoption in low- and middle-income countries.
- The lack of awareness about vein illuminators among healthcare professionals is another challenge for the growth of the market. Many healthcare professionals are not aware of the benefits of using vein illuminators, which can limit their adoption.
- Stringent regulations for medical devices is another challenge for the growth of the market. The approval process for medical devices is long and complex, which can delay the introduction of new vein illuminators into the market.
Opportunities and Recommendations
- Development of low-cost vein illuminators
- Increasing awareness about vein illuminators among healthcare professionals
- Simplifying the approval process for medical devices
- Manufacturers should focus on developing low-cost vein illuminators to make them more affordable for healthcare providers in low- and middle-income countries.
- Manufacturers should increase awareness about vein illuminators among healthcare professionals through educational programs and marketing campaigns.
- Regulatory authorities should simplify the approval process for medical devices to make it easier for new vein illuminators to enter the market.
Top Players in the Global Vein Illuminator Market
- AccuVein Inc.
- Christie Medical Holdings Inc.
- Vuetek Scientific
- LLC
- Near Infrared Imaging Inc.
- Venoscope
- LLC
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Top Report Findings
- Based on end-user, the market is segmented into hospitals, clinics, and other healthcare settings. Hospitals are the largest end-user of vein illuminators, accounting for the largest share of the market. This is due to the fact that hospitals have a large number of patients who require IV access. Clinics are the second largest end-user of vein illuminators, followed by other healthcare settings, such as nursing homes and home healthcare settings.
- Based on region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest market for vein illuminators, followed by Europe. The growth of the market in North America is attributed to the increasing prevalence of chronic diseases, such as diabetes and cancer, which require IV access. The growth of the market in Europe is attributed to the increasing aging population, which is more likely to require IV access. Asia Pacific is the fastest growing market for vein illuminators, due to the increasing healthcare expenditure in emerging economies, such as China and India.
Top Trends in Global Vein Illuminator Market
- Increasing demand for vein illuminators in hospitals and clinics - The increasing demand for vein illuminators in hospitals and clinics is attributed to the increasing prevalence of chronic diseases, such as diabetes and cancer, which require IV access. The increasing aging population is also a major driver of the market, as older adults are more likely to require IV access.
- Increasing adoption of vein illuminators in home healthcare settings - The increasing adoption of vein illuminators in home healthcare settings is attributed to the increasing number of patients who are receiving home healthcare. Vein illuminators can help healthcare professionals to easily locate veins in patients at home, which can reduce the number of needle sticks and improve the patient experience.
- Development of new technologies - There is a growing focus on the development of new technologies for vein illumination. These new technologies are designed to improve the accuracy and efficiency of vein visualization. Some of the new technologies that are being developed include near-infrared vein illuminators, ultrasound vein illuminators, and 3D vein illuminators.
- Expansion of the market to emerging markets - The vein illuminator market is expanding to emerging markets, such as China and India. This expansion is attributed to the increasing healthcare expenditure in these countries and the growing demand for vein illuminators from hospitals and clinics.
- Competition from other technologies - The vein illuminator market is facing competition from other technologies, such as ultrasound and near-infrared imaging. These technologies are also used to visualize veins, but they offer different advantages and disadvantages. Vein illuminators are typically less expensive than ultrasound and near-infrared imaging systems, but they may not be as accurate.
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Recent Developments in the Global Vein Illuminator Market
- In January 2023, Christie Medical Holdings, Inc. announced the launch of its new vein illuminator, the AccuVein AV400. The AccuVein AV400 is a handheld device that uses near-infrared light to illuminate veins under the skin. The device is designed to be easy to use and can be used on patients of all skin types.
- In February 2023, Infrared Imaging Systems, Inc. announced the launch of its new vein illuminator, the VeinLite Pro. The VeinLite Pro is a tabletop device that uses near-infrared light to illuminate veins under the skin. The device is designed to be used in hospitals and clinics.
- In March 2023, Translite LLC announced the launch of its new vein illuminator, the VeinViewer 4D. The VeinViewer 4D is a handheld device that uses 3D imaging to visualize veins under the skin. The device is designed to be used in hospitals, clinics, and other healthcare settings.
The global vein illuminator market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America is the largest market for vein illuminators, followed by Europe. The growth of the market in North America is attributed to the increasing prevalence of chronic diseases, such as diabetes and cancer, which require IV access. The growth of the market in Europe is attributed to the increasing aging population, which is more likely to require IV access. Asia Pacific is the fastest growing market for vein illuminators, due to the increasing healthcare expenditure in emerging economies, such as China and India.
- North America - The North American vein illuminator market is expected to grow at a CAGR of 32.1% from 2020 to 2027. The growth of the market is attributed to the increasing prevalence of chronic diseases, such as diabetes and cancer, which require IV access. The increasing aging population is also a major driver of the market, as older adults are more likely to require IV access.
- Europe - The European vein illuminator market is expected to grow at a CAGR of 29.8% from 2020 to 2027. The growth of the market is attributed to the increasing healthcare expenditure in Europe. The increasing aging population is also a major driver of the market, as older adults are more likely to require IV access.
- Asia Pacific - The Asia Pacific vein illuminator market is expected to grow at the highest CAGR of 35.2% from 2020 to 2027. The growth of the market is attributed to the increasing healthcare expenditure in emerging economies, such as China and India. The increasing prevalence of chronic diseases, such as diabetes and cancer, is also a major driver of the market.
- Rest of the World - The Rest of the World vein illuminator market is expected to grow at a CAGR of 30.9% from 2020 to 2027. The growth of the market is attributed to the increasing healthcare expenditure in developing countries, such as Brazil and Mexico. The increasing prevalence of chronic diseases, such as diabetes and cancer, is also a major driver of the market.
Browse market data Tables and Figures spread through 178 Pages and in-depth TOC on Vein Illuminator Market Forecast Report (2023-2030).
Global Vein Illuminator Market Segmentation
- Technology (Transillumination, Infrared, Ultrasound)
- Application (Intravenous Access, Blood Draw, Others)
- End Use (Hospitals, Blood Donation Camps, Academic Institutions, Others)
- Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 101.1 Million |
| Revenue Forecast by 2028 | USD 327.2 Million |
| CAGR | 30.2% from 2023 to 2028 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | AccuVein, Inc., Christie Medical Holdings, Inc., Vuetek Scientific, LLC, Near Infrared Imaging, Inc., Venoscope, LLC. |
| Customization Request | If our report does not include the information you are searching for, you may contact us to have a report tailored to your specific business needs https://www.vantagemarketresearch.com/vein-illuminator-market-1262/request-sample |
Key Questions Answered in the Vein Illuminator Market Report are:
- What is the size of the global vein illuminator market?
- What are the key drivers and restraints of the market?
- What are the key trends in the market?
- What are the major opportunities in the market?
- Who are the key players in the market?
- What are their strategies and developments?
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