The vein illuminator market is expected to grow at a
CAGR of 32.41% between 2016 and 2022. The growth of the market is
expected to be driven by the growing aging population, pediatric
applications and growing demand for high patient satisfaction level.
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Out of the major end-user industries, market for
hospitals is expected to grow at a high CAGR between 2016 and 2022 owing
to the demand for technologically advanced medical equipment that can
contribute to the increased satisfaction level of patients along with
reduced discomfort. Academic institutions are expected to grow at the
second-highest CAGR during the forecast period. The increased research
and practical application in these institutions drives the demand for
vein illuminator devices in this market. However, the prevalence of
traditional methods of vein detection as well as the high cost of these
devices hinders the adoption of vein illuminators.
In terms of geography, North America is expected to
witness high growth in this market between 2016 and 2022 owing to the
demand for highly advanced medical devices in hospitals, the presence of
major vein illuminator-manufacturing companies, and increased
importance of patient’s satisfaction. Asia-Pacific is expected to follow
North America in terms of CAGR. High growth of vein illuminators in the
region is attributed to the higher adoption of the technology by
countries such as Japan and Australia. The healthcare services in these
countries are technologically advanced and on par with those in North
America. However, the total number of hospitals in these countries is
much lesser than that in the U.S. Therefore, the rate of adoption of
vein illuminators is expected to be lower than that in North America.
Among the applications for vein illuminator market, IV access is expected to hold the largest share of the market. North America is expected to hold the largest share of the IV access market because of the growing aging population and pediatric applications for IV access and blood draw. The blood draw application is expected to hold the second largest market for vein illuminator.
Among the technologies for vein illuminator market,
near infrared illumination (NIR) is expected to grow at the highest CAGR
between 2016 and 2022. The demand for NIR is attributed to its
capability of penetrating into the biological tissue up to 3mm deep. The
reduced hemoglobin in the venous blood absorbs more of this infrared
radiation than the surrounding tissue and projects the image of the
underlying vein pattern with greater accuracy than the other
technologies. Because of the accuracy of operation, ease of handling,
and cost effectiveness, NIR is expected to be preferred over
transillumination and other technologies, and is, therefore, expected to
hold the largest market share and grow at the highest CAGR.
AccuVein Inc. (U.S.) is one of the global leaders in
medical imaging solutions. The company’s vein viewing system is the
world’s first handheld, non-contact vein illumination solution. The
product is built on the company’s proprietary technology and the company
holds several patent portfolios for imaging and medical diagnostic
technologies. TransLite LLC (U.S.) is the other major company in the
vein illuminator market that indulges in design, manufacturing, and
sales of medical devices which help in reducing pain and trauma to
patients during venous access and treatment of varicose veins. Other
major players in the market include Sharn Anesthesia (U.S.) and Christie
Medical Holding Corp (U.S.).
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