Vein Illuminator Market Size Will Achieve USD 1,757 Million by 2030 growing at 30% CAGR - Exclusive Report by Acumen Research and Consulting

LOS ANGELES, Sept. 05, 2022 (GLOBE NEWSWIRE) -- LOS ANGELES, September 05, 2022 (GLOBE NEWSWIRE) – The Vein Illuminator Market is expected to grow at a CAGR of around 30% from 2022 to 2030 and expected to reach the market value of around USD 1,757 Million by 2030.

Vein Illuminator Market Report Key Highlights

• Global vein illuminator market size was USD 171 million in 2021 and is expected to grow at CAGR of 30% from 2022 to 2030

• North America vein illuminator market is expected to lead with more than 35% market share

• According to the World Health Organization (WHO) estimates, more than 1.7 million people were infected by Hepatitis B in the world

• The Asia-Pacific vein illuminator market is expected to grow with fastest CAGR during the forecast period from 2022 to 2030

• Among technology, infrared occupied more than 50% of the total market share

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Report Coverage:

A vein illuminator is a device that provides a real-time accurate view of the vasculature on the skin's surface, assisting clinicians and nurses in verifying the vein status and lowering the danger of accidental puncture. The handheld vein illuminators are portable and require no patient interaction. The increasing elderly population and rising number of blood tests are the primary factors boosting the global vein illuminator market share. An increasing need to precisely find out the vein of geriatric, pediatric, and obese patients is another factor that is supporting the global vein illuminator market growth. Additionally, the growing adoption of new technologies in the healthcare sector is a very popular vein illuminator market trend that is flourishing the industry growth.

COVID-19 Impact on the Global Vein Illuminator Market Revenue

COVID-19 had a major detrimental impact on the global vein illuminator sector in 2020 and 2021. This was owing to a major decline in blood donor pools as some governments prohibited blood donation from immunized individuals against new coronaviruses. Furthermore, the reduction in blood tests, travel ban, periodic lockdowns, and social distancing laws all contributed to a dip in vein illuminator market sales during this period. However, the availability of drugs for mild to moderate COVID-19 victims via IV infusion may prove useful to the market in the near future.

Vein Illuminator Market Dynamics

Growth in the success rate of blood draws at the first attempt and increased patient satisfaction are the leading aspects that are driving the vein illuminator market size. However, lack of awareness and patients' reluctance toward new procedures due to the fear of getting pricked would restrict the market from growing. In addition, growing biometric banking applications would generate significant growth opportunities for the market in the coming years. Furthermore, the growing elderly population coupled with the rising prevalence of chronic disorders are some of the factors that are supporting the vein illuminator market share.

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Vein Illuminator Market Segmentation

According to our vein illuminator industry analysis, the market is segmented based on technology, application, end-user, and geography. By technology, the market is divided based on transillumination, infrared, and ultrasound. Based on the application, the market is bifurcated based on intravenous access, blood draws others. Based on end-use, the market is divided into hospitals, blood donation camps, academic institutions, and others.

As per our vein illuminator market forecast, the hospital segment by end-use is expected to experience the fastest growth over the forecast period from 2022 to 2030. The high usage rate of vein illuminators in hospitals for diagnosis and treatment of patients particularly to improve patient convenience is supporting the segmental growth. The rising adoption of vein illuminators in small-sized hospitals due to associated benefits is propelling demand. The increasing usage of devices that help in the reduction of infections is further projected to create demand over the forecast timeframe from 2022 to 2030. According to the World Health Organization (WHO), in 2010 around 1.7 million people were infected with Hepatitis B, 315,000 with Hepatitis C, and more than 33,800 with HIV due to unsafe injections.

Vein Illuminator Market Regional Outlook

North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the vein illuminator market industry.

In 2021, North America held the major share (%) in terms of revenue of the global vein illuminator market, and the region is also projected to maintain its dominance over the forecast period from 2022 to 2030. The presence of major players in the region such as Christie Medical Holdings, Inc., Accuvein Inc., Infrared Imaging Systems, Inc., and Translite LLC among others is supporting the regional market value. The increasing elderly population along with the increasing number of patients with chronic diseases is supporting the regional market value.

The major economies of the region including the US and Canada are majorly contributing to the vein illuminator market value. Furthermore, Asia Pacific is anticipated to exhibit the fastest growth over the forecast period from 2022 to 2030. The major developing economies of the region including China and India are majorly contributing to the regional market value. The increasing number of blood camps by private as well as government authorities in the countries is additionally supporting regional market growth.

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Vein Illuminator Market Players

Some of the leading vein illuminator companies/competitors are Accuvein Inc. (US), Christie Medical Holdings, Inc. (the US), Sharn Anesthesia, Infrared Imaging Systems, Inc. (US), Near Infrared Imaging Inc., Translite LLC (US), Venoscope, LLC, Vuetek Scientific LLC., ZD Medical Inc., and Cambridge Medical (Asia) Private Ltd. Vein illuminator companies have announced mergers and acquisitions to expand their position in the vein illuminator industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage.

Some of the key observations regarding the Vein Illuminator industry include:

• Christie Medical Holdings has exhibited VeinViewer® technology at the Ambulatory Surgery Center Association’s (ASCA) annual meeting, which was held at the Gaylord Texan Resort and Conference Center in May 2016. The VeinViewer can provide a positive patient experience by reducing the number of stick attempts with reduced time.

• Los Altos-based Evena Medical has launched Eyes-On Glasses System, which helps healthcare professionals to see vasculature below the skin to deliver needles safely on the first try every time.

• iPhone has come out with a solution for the secure biometric authentication technology for identical twins and family relations with its 2019 iPhone.

• The new face recognition technology scans Vein Patterns & Blood Vessels to tell Identical twins apart.

• In 2016, Valley Hospital in Ridgewood invested in vein illuminators particularly to ease the process of IV insertion and drawing of blood as well as to enhance the administration of IV medications.

• AccuVein AV 400 has issued a medical device license in 2018 for usage in Canada. The incorporation of various technologies in the device helps in detailed imaging of the vein structure. The efficient working of the device enhances its usage in various applications such as vein puncture, cosmetic procedures, vascular procedures, blood draw, and other medical procedures.

Questions Answered By This Report

• What was the market size of Vein Illuminator Market in 2021?
• What will be the CAGR of Vein Illuminator Market during the forecast period from 2022 to 2030?
• Who are the major players in Global Vein Illuminator Market?
• Which region held the largest share in Vein Illuminator Market in 2021?
• What are the key market drivers of Vein Illuminator Market?
• Who is the largest end user Vein Illuminator Market?
• What will be the Vein Illuminator Market value in 2030?
  
  

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