WASHINGTON, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Vein Illuminator Market finds that mounting demand of Vein Illuminator from hospitals is expediting market growth. Primarily driven by increasing adoption of Vein Illuminator in healthcare sector, the total global Vein Illuminator Market is estimated to reach USD 327.2 Million by 2028, up from USD 101.1 Million in 2021, at a compound annual growth rate (CAGR) of 30.2%.
Furthermore, the increasing healthcare spending, as well as increasing global obese population is projected to augment the growth of the global Vein Illuminator market, states Vantage Market Research, in a report, titled “Vein Illuminator Market by Technology (Transillumination, Infrared, Ultrasound), by Application (Intravenous Access, Blood Draw, Others), by End Use (Hospitals, Blood Donation Camps, Academic Institutions, Others), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)
List of Prominent Players in the Vein Illuminator Market:
- AccuVein, Inc.
- Christie Medical Holdings, Inc.
- Vuetek Scientific
- LLC
- Near Infrared Imaging, Inc.
- Venoscope
Market Dynamics:
Increasing Demand for Vein Illuminator from Hospitals and Rising Awareness Regarding Blood Donation
Since past few years, the awareness regarding health is increasing at its rapid pace. Vein Illuminator are extensively used in blood donation camps. The consciousness regarding blood donation and beneficial effects of blood donations is increasing at its wildest level across the globe. According to American National Red Cross, a non-profit humanitarian organization, around 6.8 million people in the U.S. donate blood every year. Around every two seconds someone in the U.S. needs blood and or platelets. Whereas, approximately 29,000 units of red blood cells are needed every day in the U. S. Additionally, the demand for blood is increasing along with increasing population suffering from cancer as some of the cancer patients needs blood during their chemotherapy tests. Thus, increasing the demand for blood. Moreover, the number of hospitals is also increasing. Use of Vein Illuminators for detecting vein helps doctors to diagnose more precisely, as well as reduced diagnosis time. Thus, consequently increasing the demand for Vein Illuminators. Moreover, the adoption of Vein Illuminators in academic institutions is also increasing for the better training purposes. These are some of the factors propelling the demand for Vein Illuminators, further driving the Vein Illuminator market growth over the forecast period.
Availability of Large Base of Population, Especially Rising Obese Population
Nowadays, population across the globe is rising explosively. Thus, the number of obese populations across the globe is also increasing at its unprecedented level. According to World Health Organization (WHO), the obese population across the globe have increased almost triple since 1975. In 2016, around more than 1.9 billion adults were overweight, including 18 years and older population. Of which, around 650 million were obese. In 2020, around 39 million children under the age of 5 were overweight or obese. In obese patients’ identification if vein is difficult as compared to normal. Thus, application of Vein Illuminators for detecting vein helps doctors to detect the vein quickly and diagnose the patients more precisely. Consequently, increasing the demand for Vein Illuminators further propelling the market growth over the forecast period.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Vein Illuminator Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Vein Illuminator Market
North America has dominated the global Vein Illuminator market in 2021 and is likely to continue the same trend during the forecast period. The market growth in the region is attributed to factors such as, increasing technological innovations as well as presence of large base of obese population. According to Centers for Disease Control and Prevention (CDC), in U.S., in 2017 – 2018 the obesity prevalence was 42.4%. Additionally, presence of several major players in the region such as TransLite LLC and AccuVein Inc. among others is further propelling the market growth.
Asia Pacific is likely to witness fastest growth in the Vein Illuminator market during the forecast period. The market growth in the region is attributed to factors such as, presence of emerging economies as well as presence of most populated countries in the world such as India and China. Thus, providing large base of population including population donating blood, obese, people suffering from several diseases among others. Consequently, increasing the demand for Vein Illuminator further propelling the Vein Illuminator market growth over the forecast period.
Recent Developments:
March 2019: The United States Patent and Trademark Office issued AccuVein’s 40th patent, extending the protection of AccuVein’s market-leading Vein Visualization System. Patents filed by the corporation are still pending in the United States and elsewhere.
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Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Vein Illuminator Market?
- How will the Vein Illuminator Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Vein Illuminator Market?
- What is the Vein Illuminator market drivers and restrictions?
- What will be the CAGR and size of the Vein Illuminator Market throughout the forecast period?
This market titled “Vein Illuminator Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 101.1 Million |
| Projected Market Size in 2028 | USD 327.2 Million |
| CAGR Growth Rate | CAGR of 30.2% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Technology
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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