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Vein Illuminator Device Market

Analysis by Technology (Transillumination, Near-Infrared, and Ultrasound); by Application (Intravenous Access, Blood Draw, Venipuncture, and Others); and by End User (Hospitals, Clinics, Rehabilitation Centers, Blood Donation Camps, Nursing Homes, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2031

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Report ID: 516 | Published On: Feb 13, 2023
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Major Macro-Economic Indicators Impacting the Market Growth

Global Healthcare Expenditure Graph

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According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.


Vein Illuminator Device Market Overview Graph
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Global Vein Illuminator Device Market: Growth Drivers and Challenges
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Growth Drivers

  • Rising Prevalence of Blood Borne Diseases

Anemia, which is a major global health concern, is known to primarily affect children and pregnant women. A staggering 42% of children less than 5 years old and 40% of pregnant women are stated to be living with anemia across the globe. 

The rising cases of blood diseases such as anemia, leukocytosis, and hemophilia requires lengthy blood treatment regimens which is expected to fuel the demand for vein illuminator devices over the forecast period.

  • Infections Caused by Wrong Use of Syringes for Blood Collection
  • World Health Organization (WHO) reported that 290 000 deaths were caused by hepatitis C in 2019 while 1.67 million new cases of hepatitis B are caused annually by unsafe injection practices.
  •  Global Expansion of Hospitals and Blood Donation Camps 

Between 2008 to 2018, voluntary unpaid blood donations increased by 10.7 million. Worldwide, 118.5 million blood donations are collected. The majority of these are collected in high-income countries. Over 13,300 blood donation centers in 169 countries report collecting 106 million donations in total.

  • Increasing Expenditure on Healthcare

According to Centers for Medicare & Medicaid Services, the federal government financed the largest share of total health spending (36.3 %), followed by households (26.1 %).   State and local governments accounted for 14.3 percent of total health care spending, while private businesses accounted for 6.5 percent.

  • Overweight and Obesity Among Adults

According to Centers for Disease Control and Prevention the prevalence of obesity in the US increased from 30.5% in 1999-2000 to 41.9% in 2017-2020. A similar increase of 4.7% in the prevalence of severe obesity occurred during the same period.

Challenges

  • Higher Price Associated with Vein Illuminator Devices
  • Lack of Awareness about the Product
  • Availability of Non-Branded and Cheap Products in Market

The market is segmented by technology into transillumination, near-infrared, and ultrasound. Out of these, the transillumination segment is anticipated to capture the largest market size in the global vein illuminator device market on account of extensive usage of the transillumination vein locators for peripheral venous line procedures. It is observed, that the success rate of cannulation was significantly higher in the US group (~80%) than in the Veinlite group (~55%), about 90% of the US group and around 80% of the Veinlite group achieved good overall success rates. Moreover, the adoption of this technology is rapidly increasing owing to its benefits, including less pain, precise vein identification, and reduced risk of bruising and bleeding. Therefore, these technological benefits are expected to contribute to segment growth over the forecast period.


Global Vein Illuminator Device Market Regional Synopsis

Regionally, the global vein illuminator device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is estimated to hold the largest market share by the end of 2031 on the back of the strong healthcare industry and increasing healthcare expenditure in the region. According to data released by the Centers for Medicare & Medicaid Services, United States health care expenditure reached USD 4.1 trillion in 2020. In addition, the demand for vein illuminators is expected to grow over the forecast period owing to the increasing geriatric population in the region as well as the large usage of vein illuminators during venipuncture. According to the data provided by World Bank, the geriatric population in United States is stated to reach 56,545,938 in 2021.  Furthermore, the presence of major established market players in the region is also projected to drive the vein illuminator devices market during the forecast period

Vein Illuminator Device Market Share Image

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The global vein illuminator device market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook


Market Segmentation

Our in-depth analysis of the global vein illuminator device market includes the following segments:

By Technology

  • Transillumination
  • Near-Infrared
  • Ultrasound

By Application

  • Intravenous Access
  • Blood Draw
  • Venipuncture
  • Others

By End User

  • Hospital
  • Clinics
  • Rehabilitation Centers
  • Blood Donation Camps
  • Nursing Homes
  • Others
 


Global Healthcare Expenditure Graph
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Top Featured Companies Dominating the Global Vein Illuminator Device Market

    • AccuVein Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Qingdao Bright Medical Manufacturing Co Ltd
    • Ibis Medical Equipment & Systems Pvt.  Ltd.
    • Venoscope, LLC
    • Christie Medical Holdings, Inc.
    • Sharn Anesthesia, Inc.
    • TransLite, LLC.
    • AimVein 
    • ZD Medical Inc.
    • B. Braun SE

In The News

  • February 2, 2021: AccuVein Inc. announced that the Infusion Nurses Society (INS) recommends the use of NIR vein visualization technology for venipuncture procedures, to help in vein selection by assessing peripheral venous systems.

  • July 23, 2020: ZD Medical Inc. upgraded its Vein Finder System- Vascular Positioning to provide more effective vein visualization solutions.


Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the vein illuminator device market?

Ans: Rising incidences of chronic conditions and blood borne diseases are major factors driving the growth of the vein illuminator device market.

2) What would be the CAGR of vein illuminator device market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~30% over the forecast period, i.e., 2022 – 2031.

3) What are the challenges affecting the vein illuminator device market growth?

Ans: High cost associated with product and lack of awareness vein illuminator device of among people are expected to hamper the market growth.

4) Which region will provide more business opportunities for growth of vein illuminator device market in future?

Ans: The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

5) Who are the major players dominating the vein illuminator device market?

Ans: The major players in the market are Qingdao Bright Medical Manufacturing Co Ltd, Ibis Medical Equipment & Systems Pvt. Ltd., Venoscope, LLC, Christie Medical Holdings, Inc., Sharn Anesthesia, Inc., TransLite, LLC., AimVein, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the vein illuminator device market?

Ans: The market is segmented by technology, application, end user and by region.

8) Which segment captures the largest market size in technology in the vein illuminator device market?

Ans: The transillumination segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.

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