Burlingame, Jan. 16, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Global Vein Illumination Devices Market is estimated to value at US$ 608.8 Million in the year 2023, and is anticipated to reach a US$ 1,232.5 Million by 2030, with growing at a CAGR of 10.6% during forecast period 2023-2030.
The global vein illumination devices market is driven by two key factors. Firstly, the increasing demand for minimally invasive procedures is expected to drive the market growth. The adoption of vein illumination devices is rising as they are effective in locating veins, reducing discomfort for patients, and improving the efficiency of healthcare professionals. Moreover, these devices offer benefits such as reduced patient complications, decreased hospital stays, and improved patient satisfaction. The growing demand for minimally invasive procedures and the advantages offered by vein illumination devices are anticipated to fuel the market growth during the forecast period.
Secondly, the rising geriatric population is also a significant driver for the market. The elderly population is more prone to developing chronic diseases, which often require frequent venous access for diagnosis and treatment. Vein illumination devices aid healthcare professionals in locating veins accurately, which is crucial for successful venous access. The increasing geriatric population globally is expected to drive the demand for vein illumination devices, thereby boosting the market growth.
Key Market Takeaways:
- The Global Vein Illumination Devices Market Size is anticipated to witness a CAGR of 10.6% during the forecast period 2023-2030, owing to the growing demand for these devices in healthcare settings.
- On the basis of technology, the infrared radiation segment is expected to hold a dominant position. This is due to its ability to accurately detect veins beneath the skin, improving the efficiency of healthcare procedures.
- In terms of application, the intravenous access segment is expected to dominate the market. This is because vein illumination devices are widely used in intravenous access procedures, allowing healthcare professionals to locate veins more easily.
- Hospitals are the dominant end user of vein illumination devices, due to the high patient volume and the need for these devices in various healthcare procedures. However, blood donation camps and academic institutions also contribute to the demand for these devices.
- Asia Pacific is expected to hold a dominant position in the global vein illumination devices market. This is due to the increasing adoption of these devices in countries like China, India, and Japan, supported by the growing healthcare infrastructure.
- Key players operating in the Global Vein Illumination Devices Market include AccuVein, Christie Medical Holdings, Sharn Anesthesia, Venoscope, ZD Medical, Vivolight, Cambridge Medical (Asia) Private, Evena Medical, Near Infrared Imaging, Veinlite, Sharn Anesthesia, and VINO Optics Inc. These key players play a crucial role in driving market growth and technological advancements in vein illumination devices.
Read the complete market research report, "Global Vein Illumination Devices Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.
Market Trends:
There are two key trends observed in the Global Vein Illumination Devices Market. Firstly, the integration of advanced technologies into vein illumination devices is a prominent trend. Manufacturers are focusing on incorporating advanced features such as augmented reality (AR) and artificial intelligence (AI) in these devices to enhance their accuracy and effectiveness. These technologies provide real-time imaging of the veins, improving the success rate of venous access procedures. The integration of advanced technologies is anticipated to drive the market growth and attract more healthcare professionals towards using vein illumination devices.
Secondly, the increasing adoption of portable vein illumination devices is gaining traction in the market. Portable devices offer ease of use, convenience, and flexibility. They allow healthcare professionals to locate veins accurately even in challenging situations and environments.
Recent Developments
- In April 2022, ImmunoTek Bio Centers a biotechnology company launched veinviewer technology for Plasma Donations. It provided better donor experience to the people.
- In July 2020, ZD Medical Inc. a medical device company enhanced their vascular positioning vein finder system to offer improved vein visualisation options.
Market Opportunities:
Growing Demand for Vein Illumination Devices in Healthcare Settings
The global vein illumination devices market is expected to witness significant growth during the forecast period. One of the key market opportunities is the growing demand for vein illumination devices in healthcare settings. Vein illumination devices are widely used in hospitals, blood donation camps, and academic institutions for intravenous access, blood draw, and surgery procedures.
In terms of technology, the infrared radiation segment dominates the market. Infrared radiation technology allows healthcare professionals to visualize veins beneath the skin by detecting heat emitted by the veins. This makes it easier to locate veins, improving the accuracy and efficiency of procedures such as intravenous access and blood draw.
Hospitals are the dominant end user of vein illumination devices, with the largest market share. This can be attributed to the high number of patients visiting hospitals and the need for vein illumination devices in various healthcare procedures. Blood donation camps and academic institutions also contribute to the demand for these devices.
Increasing Adoption of Vein Illumination Devices in Emerging Markets
The Asia Pacific region is expected to dominate the global vein illumination devices market during the forecast period. This presents a lucrative market opportunity for manufacturers and suppliers of these devices. The increasing adoption of vein illumination devices in emerging markets such as China, India, and Southeast Asian countries is contributing to this growth.
In these countries, there is a rising awareness about the benefits of vein illumination devices in healthcare settings. The need for accurate and efficient procedures, especially in hospitals, is driving the demand for these devices. Additionally, the growing healthcare infrastructure and investments in healthcare facilities further support the market growth in these regions.
The dominating region in terms of market share is the Asia Pacific region. This can be attributed to the increasing adoption of vein illumination devices in countries like China, India, and Japan. These countries have a large patient population and a growing focus on improving healthcare infrastructure.
Global Vein Illumination Devices Market Segmentation:
- By Technology
- Infrared radiation
- Transillumination
- Ultrasound
- Others
- By Application
- Intravenous access
- Blood draw
- Surgery
- Others
- By End User
- Hospitals
- Blood donation camps
- Academic institutions (Research, Academic Institutes, etc.)
- Others
- By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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Top Questions Answered in this Report:
- What factors are impeding the growth of the market for Global Vein Illumination Devices?
- What are the primary drivers fostering growth in the market for Global Vein Illumination Devices?
- Which segment stands out as the leading component in the Global Vein Illumination Devices Market?
- Who are the key players actively involved in the Global Vein Illumination Devices Market?
- Which region is poised to take the lead in the Global Vein Illumination Devices Market?
- What is the projected CAGR for the Global Vein Illumination Devices Market?
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