Vein Illuminator Device Market Overview
Vein illuminator device is a medical healthcare device which is used to locate the veins on the skin. This device uses infrared to illuminate the vein on the surface of the skin. Vein illuminator devices are generally used in hospitals, clinics, blood donation camps and nursing homes. These devices are useful in detecting the veins of elderly person and obese person.
Market Size and Forecast
Global vein illuminator device market is projected to flourish at a CAGR of 24.3% during the forecast period. Further, the market of vein illuminator device was held at USD 38.2 Million in 2016. Increasing investment in healthcare across the globe is expected to foster the growth of the global vein illuminator device market during the forecast period.
In the regional platform, North America dominated the overall market of vein illuminator in 2016. Further, North America is anticipated to continue its dominance over the forecast period. Rising spending on healthcare is the key growth factor of vein illuminator device market in the North America region. Beside this, increasing healthcare infrastructure in the region is likely to swell the demand for the vein illuminator device. U.S. leads the overall vein device illuminator market with more than 80% market share. Rapid adoption of advanced and innovative healthcare products is believed to strengthen the growth of vein illuminator device in the country. Europe region is forecasted to showcase significant growth during the forecast period. This can be attributed to rising disposable income of the population. Further, rules and laws to strengthen the public health are likely to foster the growth of vein illuminator device in the region.
Asia Pacific is anticipated to grow at a significant pace during the forecast period. Increase in healthcare budget by the government is likely to drive the growth of vein illuminator device market in the emerging economies of the region. Further, rising adoption of technologically advanced and innovative healthcare products by the hospitals is likely to spur the demand for vein illuminator device during the forecast period.
On the basis of the end user, global vein illuminator market has been segmented into hospitals, blood donation banks, rehabilitation centers, nursing homes, academic institutions and others. Hospitals segment dominated the overall market of vein illuminator market owing to the heavy adoption of advanced and innovative healthcare products.
Our in-depth analysis has segmented global vein illuminator device market into the following segments:
By End User
Global vein illuminator device market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Increase in the number of hospitals and blood donation camps across the globe are fostering the growth of the global vein illuminator device market. Beside this, increasing expenditure on healthcare is believed to drive the growth of vein illuminator market globally. Apart from this, rise in healthcare budget by various Middle East and Asian countries is also envisioned to bolster the growth of the global vein illuminator device market.
Due to intense competition within the hospitals, they are adopting innovative healthcare products to increase the patient comfort and provide better healthcare services. This factor is expected to escalate the growth of the global vein illuminator market. Apart from this, technological advancement associated with the vein illuminator device such as obese person vein detection is expected to fuel the growth of vein illuminator device market during the forecast period.
In contrast, high cost of infrared vein illuminator device is expected to limit the growth of the global vein illuminator device market. Further, lack of awareness about the vein illuminator device in the undeveloped regions is negatively affecting the growth of the vein illuminator device.
Scope and Context
Overview of the Parent Market
The global vein illuminator device market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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