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Vein Finder Market Projected to Grow at a CAGR of 11.2% During the Forecast Period 2021-2026

Vein Finder Market Projected to Grow at a CAGR of 11.2% During the Forecast Period 2021-2026
Vein Finder Market
Increase in FDA Approvals for Innovative Technologies Are Now Rapidly Delivering Innovations in the Vein Finder Market.

Vein Finder Market size was estimated at $289.6 million in 2020 and is projected to grow at a CAGR of 11.2% during the forecast period 2021-2026. Increase in innovations in healthcare sectors in terms of advanced and innovative tools has become major factor driving the Vein Finder market. Technological advancements in healthcare sector have made healthcare workers life much easier by innovative gadgets that offer superior healthcare services to the patients. Vein finder is one such tool used during venipuncture procedure in hospitals and various testing laboratories. Vein illuminator device is such tool that assists healthcare professionals in finding the best veins for blood draws and IV starts. They help in locating patient veins and avoids valves and bifurcations. Vein visualization or vein illumination is an innovative technology that helps the healthcare professionals to easily find the best veins. This is also called as vein mapping, this technology gives a real time visual map of the veins on surface of skin, thus it facilitates in detecting invisible veins without causing any pain to the patients. This device is also used in identifying veins beneath the skin and are used as standard care in hospitals. In this way they help healthcare practitioners in finding veins that are difficult to identify and assist them in venipuncture procedure and drawing blood IV access in various groups of patients including elder patients and obese individuals. They have wide range of applications of illuminator device in various hospitals, clinics, ambulatory surgical clinics, diagnostic laboratories and others. Fujitsu Laboratories in 2017 introduced the world’s first slide style palm vein authentication technology. This technology can be integrated in to mobiles and tablets. These devices are portable and are easy to use. They are effective for hard sticks, owing to the factors like, skin tone, weight, age and dehydration.

Vein Finder Market Segment Analysis – By Product Type

Based on Product Type, Vein Finder Market is segmented in to Active vein finder and Passive vein finder. They are differentiated based on their way of highlighting to veins with naked eye. Both the vein finders are effective in locating veins more easily. Active finder segment is accounted for the largest revenue market share in 2020 owing to increasing adoption of active vein finders in hospitals and other clinics. Active vein finders require power source to operate, it runs on electricity or is available in battery-operated. They are illuminator devices that uses infrared light to quickly and easily highlight the patient’s veins. They became an effective tool healthcare practitioner rely on to perform in laboratory testing to venipuncture procedure, so they are available in many options and models. They work at their best in darkened area, so that the veins are easily visible with the help of the infrared light. Passive vein finder segment is poised to grow with the fastest CAGR of 11.8% in the forecast period 2021-2026 owing to its benefits, as they are more like a glasses and healthcare professionals with color-blindness are benefited by these kinds of glasses. These glasses come with anti-fog, anti-scratch lenses and are much suitable for intravenous injections. Another type of vein finder is ultrasound vein finder. They are like a normal ultrasound that not only highlight the patient’s vein, but also reveal their tissues and organs as well. They are mostly used by surgeons and are more powerful and are not as portable as handheld vein finders.

Vein Finder Market Segment Analysis – By Application

Based on Application, Vein Finder Market is segmented in to Venipuncture procedure/Blood draw, Intravenous (IV) access. IV Access segment accounted for largest revenue market share in 2020 owing to the growing applications of vein illuminator device for IV fluid administration, IV nutritional support, IV chemotherapy administration in addition with technological advancements in IV cannulation. IV cannulation is a technique where cannula is placed inside a vein to provide venous access. IV access allows collection of blood sample, as well as, administration of medicines, fluids, chemotherapy, parenteral nutrition and blood products. Venipuncture procedure/Blood draw segment is anticipated to grow with the fastest CAGR of 11.6% in the forecast period 2021-2026 as it is the most basic form of collecting blood from a vein for various tests to perform. Veinpunture is commonly done for laboratory testing where blood is collected from a vein, it requires good skills to perform the procedure not just correctly but also painlessly.

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Vein Finder Market Segment Analysis – By Geography

Based on Geography, North America Vein Finder Market accounted for the 36% revenue share in 2020. This is majorly attributed to the increasing demand for innovative and technologically advanced medical devices, growing cosmetic surgeries and also with the presence of key market players. According to International Society of Aesthetic Plastic Surgery (ISAPS) in 2017, 1.9 million of injectable plastic surgeries were performed in the U.S. where 0.7 million are reported to be hyaluronic acid dermal filler procedures, that requires vein finders or illuminator device to locate and avoid veins in order to minimize bruising in patients. Asia-Pacific region is predicted to grow with the fastest CAGR in the forecast period 2021-2026 owing its increase in aging population along with growing frequency of blood tests, increasing health care expenditure coupled with adoption of advanced medical devices in this region. Moreover, increasing product approvals, and rising usage of these vein finders in various applications like venipuncture procedure, IV access in various end user like hospitals and clinics and blood camps are poised to boost the growth of vein finders in this region.

Vein Finder Market Drivers

Inclination Towards Non-Invasive Technology:

The vein finders are non-invasive medical devices that locates vein on the skin surface for safe venipuncture procedure or IV access procedures. The benefit of vein finder makes it easier to approve them and their approval rates are growing faster in various countries. Vein finder’s technological advancements in intravenous infusion, illuminator device and veinpunture procedures is set to enhance the industry growth. It allows nurses to get a closer look at patient’s veins and detect the most viable route for cannulation or injection. Most of the hospitals and clinics are spending thousands of dollars on these medical devices, while personal devices are available for a couple of dollars. Locating veins of geriatric and obese patients is often difficult that sometimes leads to an improper IV access of drugs. According to World Health Organization (WHO), around 1.7 million were infected by Hepatitis B, 0.31 million by Hepatitis C and more than 33,800 by HIV owing to unsafe injection, as using same syringe or wrongly used syringes leads to various infections. The usage of vein finder results in minimizing the infections thus reducing the infection rate of unsafe injection that aids to market growth. This innovation has the lessen the burden during venipuncture procedure at laboratory testing and on caretakers and self-infusers by offering various benefits to patients, including fewer sticks, lower risk of infection, decrease in pain and discomfort that are driving the market growth.

Vein Finder Market Challenges

High Cost of Devices:

Vein-illuminator device or a vein finder is expensive medical device, while some facilities are willing to bear that cost but not all. Most of the hospitals and personal clinics and diagnostic centers where venipuncture procedure is done don’t have enough budget to purchase the larger, more powerful machines. Moreover, though the hand-held devices come at affordable cost they sometimes challenge to operate for independent patients who self-infuse.

Vein Finder Market Segment Landscape:

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Vein Finder Market. Vein Finder Market top 10 companies are AccuVein, Inc., Acristie Medical Holdings, Inc., Translite, LLC, Teleflex Incorporated, Near Infrared Imaging, Inc., Koninklijke Philips N.V., Venescope, B.Braun Melsungen AG, Dickinson and Company, VINO Optics.

Acquisitions/Product Launches:

In June 2019, CAREstream group announced its acquisition of Christie Medical Holdings, Inc., of Memphis, TN. Chirstie Medical Holdings is a leader in vein visualization that operates in 50 countries worldwide.

Key Takeaways

Geographically, North America Vein Finder Market held the largest revenue share of 36% in 2020 owing to the highest disposable income and growing geriatric population in this region.

Increased demand for R&D made by the key players in different region of the world are driving the market.

Increase in FDA approvals for innovative technologies are now rapidly delivering innovations in the Vein Finder Market.

Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Vein Finder Market.

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