Vein Illuminator Global Market Report 2024

The vein illuminator market size has grown exponentially in recent years. It will grow from $24.07 billion in 2023 to $29.51 billion in 2024 at a compound annual growth rate (CAGR) of 22.6%. The observed growth in the historical period can be attributed to several key factors. These include advancements in medical imaging technologies, an increasing number of medical procedures requiring vein access, specific challenges in accessing veins in pediatric and geriatric patients, a heightened focus on ensuring patient comfort and safety during medical interventions, the prominence of vein access in emergency and critical care settings, and a rise in activities related to blood donation, all contributing to the increased demand for vein illumination technologies.

The vein illuminator market size is expected to see exponential growth in the next few years. It will grow to $68.34 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. Anticipated growth in the forecast period is expected to be driven by several factors. These include the integration of vein illumination devices with telemedicine practices, a growing emphasis on minimally invasive medical procedures where vein visualization plays a crucial role, heightened preparedness for global health crises prompting the adoption of advanced healthcare technologies, sustained growth in home healthcare services utilizing vein illumination devices, and the integration of vein visualization technology with electronic health records for comprehensive patient care management. Major trends projected for the forecast period encompass continuous technological advancements in vein illumination devices, further integration with mobile technology to enhance accessibility and functionality, the development of enhanced visualization techniques improving vein detection accuracy, increased awareness and training programs to ensure proficient usage of these devices, and ongoing technological innovations in the broader healthcare industry influencing the evolution of vein visualization technology.

The growth of the vein illuminator market is anticipated to be driven by the increasing incidence of vein diseases. Vein diseases, a common vascular disorder leading to conditions such as varicose veins, often result in elevated vein pressure. Factors such as blood vessel injury from trauma, intravenous catheters, chemotherapeutic agents, infectious organisms, pregnancy, and varicose veins contribute to a higher risk of superficial thrombophlebitis and vein diseases. Healthcare providers require vein illuminators to enhance diagnostic capabilities for identifying and treating these conditions. Notably, the National Library of Medicine reported in August 2022 that approximately $500 million is spent annually on the care of 150,000 patients with chronic venous insufficiency. Moreover, 1% to 2.7% of patients with chronic venous insufficiency are expected to develop venous stasis ulcers, with over 20,000 new cases identified each year.

The growth trajectory of the vein illuminator market is expected to be fueled by the increasing prevalence of chronic diseases. Chronic diseases, characterized by lasting three months or more, often necessitate frequent blood tests and intravenous therapies, posing challenges in locating suitable veins for medical procedures. Vein illuminators play a crucial role in addressing these challenges by improving vein visibility, reducing patient discomfort, and enhancing the overall patient experience. According to the National Center for Biotechnology Information (NCBI), as of January 2023, the global prevalence of chronic diseases is projected to increase to 142.66 million individuals by 2050, compared to 71.522 million in 2020. This rise underscores the significant market demand for vein illuminators.

Technological advancement stands out as a prominent trend gaining traction in the vein illuminator market. Leading companies in the market are directing their focus towards intensive research and development initiatives to drive product innovations, providing enhanced benefits for customers. This commitment to innovation allows companies to secure a competitive edge in the market. An illustrative example is the April 2022 launch by ImmunoTek Bio Centers, a US-based biotech company, introducing VeinViewer technology across its divisions - ImmunoTek Plasma and Freedom Plasma. This technology offers a transparent view of a donor's veins before the needle insertion, facilitating precise blood withdrawal during processes such as plasmapheresis.

Major players in the vein illuminator market are actively developing new vein illuminators based on infrared light technology. Near-infrared light, situated just beyond the visible light spectrum, is characterized by wavelengths slightly longer than those of visible red light. A case in point is the September 2023 launch by PharmEasy, an India-based e-pharmacy company, unveiling the Vein Finder. This innovative device, designed to improve the precision of blood sample collection and enhance patient comfort, utilizes near-infrared light to visualize veins beneath the skin's surface. The handheld Vein Finder addresses the challenge of locating veins, especially in individuals with difficult-to-puncture veins, infants, and the elderly. It significantly improves the success rate of venipuncture, ensuring accurate and swift procedures, thus elevating the overall patient experience. The technology is applicable to patients of all age groups.

In December 2021, the Netherlands-based multinational conglomerate corporation, Philips, completed the acquisition of Vesper Medical Inc., a US-based company renowned for manufacturing vein illuminators. The strategic acquisition, executed for an undisclosed amount, aligns with Philips' objective of enhancing its image-guided therapy devices portfolio, reinforcing the company's commitment to advancing medical technologies.

Major companies operating in the vein illuminator market report are AccuVein Inc, CAREstream Group Inc, Sharn Anesthesia Inc, Infrared Imaging LLC, Near Infrared Imaging Inc, Translite LLC, Venoscope LLC, VueTek Scientific LLC, ZD Medical Inc, Cambridge Medical (Asia) Private Limited, Aimvein Ltd, BK Medical ApS, Shenzhen Bestman Instrument Co, BLZ Medical SAS, RB Healthcare LLC, Vivolight LLC, Christie Medical Holdings Inc, Clear Guide Medical LLC, DRE Medical Inc, Evena Medical Inc, InfraRed Imaging Systems Inc, Luminous Medical Inc, Medline Industries Inc, Medtronic plc, Novarix Inc, Optics Medical LLC, RB Healthcare LLC, Soma Technology Inc, Spectral Medical Inc, Techno Medica Co.

North America was the largest region in the vein illuminator market in 2023. The regions covered in the vein illuminator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the vein illuminator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key technologies in vein illumination include near-infrared illumination, transillumination, and ultrasound technologies. Near-infrared (NIR) belongs to a segment of the electromagnetic spectrum with wavelengths between 0.7 and 1.4 microns. These technologies find applications in procedures such as intravenous access, blood draws, and other medical interventions. Target end-users encompass hospitals, rehabilitation centers, blood donation camps, and academic institutions.

The vein illuminator market research report is one of a series of new reports that provides vein illuminator market statistics, including vein illuminator industry global market size, regional shares, competitors with a vein illuminator market share, detailed vein illuminator market segments, market trends and opportunities, and any further data you may need to thrive in the vein illuminator industry. This vein illuminator market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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