The global vein illuminator market is
expected to reach USD 358.5 million by 2024, according to a new report
published by Grand View Research, Inc. The vein illuminator market is
anticipated to witness a lucrative growth during the period 2016 to 2024. The
factors contributing towards the growth of the market are the growing aging
population and the efforts channelized towards improving patient satisfaction.
Additionally, factors, such as the demand for technologically advanced medical
equipment and the rising research and practical applications are expected to be
opportunistic for the industry growth. However, the prevalence of traditional
methods owing to the high costs of the vein illuminator devices is likely to
hinder the growth of the market in the near future.
The vein
illuminator market is segmented on the basis of technology, application,
end-user, and region. Based on technology, the market is further categorized
into transillumination, infrared technology, and ultrasound. The near-infrared
illumination technology is estimated to be the largest shareholder due to its
ability to penetrate deep into the tissue, which makes it possible to visualize
the vessels clearly.
On the basis
of application, the market is segmented into intravenous access and blood draw.
The end-user segment comprises hospitals, rehabilitation facilities, blood
donation camps, and academic institutions. The market for hospitals is expected
to grow rapidly during the forecast period due to a surge in the demand for
technologically advanced medical equipment. The market is also categorized into
North America, Europe, Asia Pacific, MEA, and Latin America.
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Further key findings from the study suggest:
- In terms of market share, the North America vein illuminator market is expected to hold majority of the share in 2016. Factors resulting in the growth of this industry are the steady preference for highly-advanced medical devices by hospitals as well as the presence of several medical device manufacturing companies in the region.
- The infrared illumination technology is estimated to lead the industry due to its deep penetration capability into thick tissues tohighlight the presence of vessels with increased clarity. Based on application, the segment for intravenous access is estimated to be the largest shareholder, followed by the blood draw segment.
- The vein illuminator industry comprises several local as well as global players. Some prominent players in this industry include Accuvein, Inc., Christie Medical Holdings, Inc., Infrared Imaging Systems, Inc., Translite, LLC, and Venoscope, LLC,among others. In order to hold a major share in the industry, the companies are adopting both organic as well as inorganic strategies. The major strategies adopted by the companies are new product development, mergers, collaborations, partnerships, geographical expansions, and acquisitions.
- The companies are also focusing on research and development activities in order to enhance their product portfolio. For instance, in September 2015, Accuvein, Inc., declared its 26th patent, which was issued by the United States Patent and Trademark office for their vein visualization system.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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