Vein Illumination Devices Market
Number of pages: 100 | Report Format: PDF | Published date: March 13, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 85 million |
|
Revenue Forecast in 2031 |
US$ 913 million |
|
CAGR |
30.2% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Technology, Application, End-user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global vein illumination devices market was valued at US$ 85 million in 2022 and is expected to register a revenue CAGR of 30.2% to reach US$ 913 million by 2031.
Vein Illumination Devices Market Fundamentals
Vein illumination devices are medical devices that use near-infrared light to detect and illuminate veins beneath the skin’s surface. These devices can aid in inserting intravenous (IV) catheters, blood draws, and other medical procedures requiring access to a patient’s veins.
Handheld devices, wearable devices, and stationary devices are several types of vein illumination devices present in the market. Handheld devices are typically small and portable and are designed to be held close to the skin to identify the location of veins. Wearable devices are worn on the head or chest and are designed to provide a hands-free option for healthcare providers. Stationary devices are typically larger, mounted on a stand, and used in hospital settings. Vein illumination devices emit near-infrared light, which hemoglobin in the blood absorbs. The device then detects the reflected light and uses image processing algorithms to create a real-time image of the veins on the skin’s surface. This image can be used to guide the insertion of IV catheters. It can also help healthcare providers avoid potential complications, such as puncturing an artery or causing tissue damage. Overall, vein illumination devices can be useful for healthcare providers, as they can help improve the accuracy and efficiency of medical procedures requiring vein access.
[567567]
Vein Illumination Devices Market Dynamics
Increasing demand for minimally invasive procedures drives the global vein illumination devices market. Vein illumination devices help healthcare professionals locate veins quickly and accurately, reducing the need for multiple attempts and minimizing patient discomfort. As a result, they are increasingly being used in minimally invasive procedures.
The growing geriatric population is also responsible for the revenue growth of the global vein illumination devices market. With an aging population, the prevalence of chronic diseases and conditions requiring IV therapy, such as diabetes and cancer, is increasing. Vein illumination devices can help healthcare professionals locate veins in older patients with more difficulty finding veins due to aging-related changes.
Technological advancements have made vein illumination devices smaller, more portable, and more accurate. Newer devices can project images of veins directly onto the skin, making it easier for healthcare professionals to locate veins. Vein illumination devices can reduce the risk of complications associated with IV therapy, such as infection, infiltration, and extravasation, leading to tissue damage and other serious complications. Thus, the increased focus on patient safety drives the global vein illumination devices market revenue growth. The growing demand for non-contact medical devices also propels the market revenue growth. In the wake of the COVID-19 pandemic, there has been an increased demand for non-contact medical devices to minimize the risk of infection transmission. Vein illumination devices can be used without touching the patient, making them a safer option in the current environment.
However, the global vein illumination devices market may face several restraints, such as the high cost of devices. Moreover, these devices use advanced technologies and require a significant investment, making them expensive for many hospitals and clinics. The adoption of vein illumination devices is limited in some regions due to a lack of awareness and knowledge about their benefits. Some healthcare professionals may also prefer to use traditional venipuncture methods, hindering market revenue growth. Some healthcare professionals and patients may have safety concerns about using vein illumination devices. Concerns about potential radiation exposure, skin damage, or other adverse effects of using these devices may exist.
Vein Illumination Devices Market Ecosystem
The global vein illumination devices market has been analyzed from four perspectives: technology, application, end-user, and region.
Vein Illumination Devices Market by Technology
[74564]
Based on technology, the global vein illumination devices market has been segmented into ultrasound technology, transillumination technology, and infrared technology.
The infrared illumination technology segment accounts for the largest revenue share in the global vein illumination devices market. This is mostly due to its capacity to penetrate firmly embedded tissues, which makes it possible to see deep-seated blood vessels. The venous blood absorbs infrared light, precisely projecting an image of the vein beneath. As it is simple and affordable, near-infrared lighting is frequently chosen in emergencies.
The transillumination segment is projected to grow at a significant revenue CAGR in the global vein illumination devices market. Devices that use transillumination place a light source in contact with the skin and direct the light towards it to visualize the subject. Neonatal Transilluminator (NT-01), Transilluminator Venoscope II, and Veinlite LED+ are some of the vein illuminators that are now on the market and use this technology. These gadgets make use of very bright LED light sources. By transillumination, these light arrays contribute to maximizing visual contrast. Throughout the projected period, the market revenue growth is anticipated to be boosted by using this technology for accurate vein location.
Vein Illumination Devices Market by Application
Based on application, the global vein illumination devices market has been segmented into intravenous access, venipuncture assistance, blood draw, and others.
The intravenous access segment accounts for the largest revenue share in the global vein illumination devices market. Vein illuminators are increasingly used for IV nutritional support, IV fluid administration, IV pharmaceutical administration, and IV chemotherapy administration, along with improvements in IV cannulation technology. These applications are fueling this increased revenue share of the segment. Healthcare personnel employs the IV cannulation procedure, which involves inserting a cannula within the patient’s vein to gain access to an IV. Parenteral feeding, chemotherapy, and the administration of blood products are just a few of the uses for IV access, which enables the delivery of fluids and IV medicines and the collection of blood samples. For obese people, it is a challenging treatment, especially when scar tissue is left over from burns, surgery, trauma, or chronic renal failure.
Vein Illumination Devices Market by End-user
Based on end-user, the global vein illumination devices market has been segmented into hospitals & clinics, blood donation camps, rehabilitation centers, and others.
The hospitals & clinics segment accounts for the largest revenue share in the global vein illumination devices market. A significant factor in the high segment revenue share is the widespread usage of vein illuminators in hospitals for patient diagnosis and treatment. The need for vein lighting devices is anticipated to increase with greater emphasis on providing patients with modern healthcare services.
The blood donation camps segment is projected to record a higher revenue CAGR during the forecast period. Vein illuminators are being utilized more frequently in blood donation clinics to lessen the agony of several pricks. By May 2022, around 118.5 million blood donations had been made worldwide, according to WHO. Thus, an increase in blood donation camps is projected to aid in market revenue growth.
Vein Illumination Devices Market by Region
Based on region, the global vein illumination devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the vein illumination devices market. The demand for technologically improved medical gadgets in hospitals and outpatient care facilities is responsible for this dominance. Furthermore, the existence of significant market participants, such as Christie Medical Holdings, Inc., TransLite LLC, Accuvein, Inc., and Venoscope LLC, is expected to help increase product availability in the area.
Europe accounts for the second-largest revenue share in the vein illumination devices market. It is expected to experience a moderate revenue growth rate during the forecast period. The competitors are constantly creating and innovating new products to obtain their goods, the CE Mark, and increase their market revenue share throughout Europe. The rising number of product approvals for these illuminators in the region is anticipated to aid in market revenue growth.
Asia Pacific is projected to register the fastest revenue CAGR during the forecast period owing to rising healthcare costs and the usage of cutting-edge technologies, including vein illuminators, in nations such as China and India. Major companies in the market are also entering into a distribution arrangement to increase the availability of vein illuminators in Asia Pacific. The China FDA(CFDA) permitted AccuVein AV400 to be sold in China. As a result, rising product approvals in the nation and increasing adoption of different end-use industries such as hospitals and blood drives are anticipated to support the revenue growth of the market.
Vein Illumination Devices Market Competitive Landscape
The prominent players operating in the global vein illumination devices market are:
The market is highly competitive in nature, owing to the presence of many players. The existing market players indulge in strategic activities, such as product launches, distribution agreements, and display of the products in conferences, to achieve a firm hold in the market and expand their product portfolio. Growing initiatives by the players are expected to propel the revenue growth of the market.
Vein Illumination Devices Market Strategic Developments
The global vein illumination devices market is expected to grow at a revenue CAGR of 30.2% during the forecast period.
Accuvein, Inc., TransLite LLC, InfraRed Imaging Systems, Inc., Christie Medical Holdings, Inc., and Ibis Medical Equipment & Systems Pvt Ltd. are among the key players in the global vein illumination devices market.
The infrared technology vein illumination devices segment accounts for the largest revenue share in the global vein illumination devices market.
Asia Pacific is expected to observe the highest growth in the global vein illumination devices market during the forecast period.
The global vein illumination devices market was valued at US$ 85 million in 2022.
*Insights on financial performance are subject to the availability of information in the public domain