The Vein Finders Market size is forecast to reach $642.7 million by 2027 and is expected to grow at a CAGR of 12.4% during the forecast period 2022-2027. Vein finders are an essential device for healthcare professionals to use during venipuncture operations as they allow for the finding of unseen veins without causing pain to the patient. These are sophisticated devices that locate veins beneath the skin in order to collect blood and provide IV access in a variety of patient groups, including the elderly, obese, and persons of colour who have difficulty finding veins. Most of the devices work by using vein visualization technology which uses infrared light on the patients. The hemoglobin, which is the oxygen carrying protein inside the patient, absorbs the light and creates a pattern that reveals the blood vessels. This helps professionals understand the vein mapping of a patient and enables the discovery of veins that are difficult to identify. There has been a steep rise in the incidences of obesity as well as the geriatric population worldwide, which has further driven the market. Professionals use the vein finder to navigate through the layers of fat or even locate the varicose veins in elderly patients for the purposes of phlebotomy and cannulation.
Vein Finders Market Report Coverage
The report: “Vein Finders Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Vein Finders Market.
Key Takeaways
- Geographically, The North American Vein Finders market accounted for the highest revenue share in 2021. This is owing to the highly developed healthcare infrastructure in the region. In addition, the region has an ever-increasing population of geriatric patients which is expected to grow further by over 20% as per the U.S. Department of Health.
- There has been increased funding for new Vein finder technologies across several hospitals. Key players such as Accuvein have received funding for new product innovations in the field.
- Vein Finders Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Vein Finders Market report.
Vein Finders Market Share, By Region (%) in 2021
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Vein Finders Market Segment Analysis – By Type
The Vein Finders Market based on type can be segmented into Active vein finders and Passive vein finders. Both are equally effective in locating veins and they can be distinguished by how they act to highlight or disclose veins to the naked eye. Active Vein finders had the largest share in the Vein Finders Market, growing at a CAGR of 10.9% during the forecast period 2022-2027. This is owing to the increased adoption of Active Vein finders amongst healthcare professionals. Active finders are trusted more when it comes to Peripheral venous access procedures. However, Passive vein finder is estimated to be the fastest-growing segment and will witness the highest CAGR during the forecast period 2022-2027, owing to their ease of use. Passive vein finders are usually glasses that do not require the battery to operate. They are also small, lightweight, and easy to carry around. Demand for passive vein finder glasses is further driven due to their capabilities in emergency situations such as a facility-wide power outage, where they are used as emergency replacements for Active Vein Finders.
Vein Finders Market Segment Analysis – By Application
The Vein Finders Market based on Application can be segmented into Blood Sample Collection and Cannulation. Cannulation had the largest share in the Vein Finders Market growing at a CAGR of 11.5% during the forecast period 2022-2027. This is owing to the growing application of Vein Finders in the areas of V fluid administration and Peripheral intravenous catheterization (PIVC). A study by NIH shows that in recent times, around 90% of hospitalized patients require peripheral cannulation for intravenous treatment, thereby further driving the Segment. Moreover, Vein Finders have proven especially useful for Cannulation procedures amongst Infants and Elderly People as well as dark-skinned people. However, Blood Sample Collection is poised to be the fastest-growing segment during the forecast period 2022-2027. This is owing to its increased popularity in medical laboratory testing, which primarily uses venous blood as a sample. A study by NIH shows that the use of Vein Finders helps phlebotomists with the location of veins, thereby preventing error in the specimen collection as well as discomfort to the patient.
Vein Finders Market Segment Analysis – By Geography
The Global Demand for Vein Finders Market based on Geography can be segmented into North America, South America, Europe, Asia-Pacific, and Rest of the World. The North America region dominated the Vein Finders market share of 30% in 2021. This is owing to the extensive demand for innovative medical devices as well as the increased investment in the region for Medical and Health research. The Region also suffers from high obesity prevalence as a study by Harvard shows that more than 35% of adults are obese. The North America segment is further being driven by multiple Fundraisers for Vein Finders, organizations such as Sharon Perry & Associates, and Great Ormond Street Hospital.
However, Asia Pacific is estimated to be the fastest-growing segment during the forecast period of 2022-2027 owing to the rising investments in innovative healthcare solutions in the region. Several countries in the region such as China and Japan have spent almost $300 billion on medical innovations as well as R&D, and have imposed regulatory reforms to implement them with ease. Furthermore, the rising instances of new cancer and diabetic patients in the region are further driving the Asia Pacific segment.
Vein Finders Market Drivers
The rising percentage of the aging population is driving the Vein Finders Market
As per the World Health Organization (WHO), the number of people aged 60 years and older will outnumber children younger than 5 years within 2020. Additionally, the proportion of the world's population aged 60 and up will nearly double from around 10% to over 20% between 2015 and 2050. Such an increase in the geriatric population is going to lead to increasing pathological testing and hospitalization. It is relatively difficult to locate the veins of elderly people and can lead to painful and inaccurate administration of drugs. Vein Finders enable easier detection of the patient’s veins and minimize the risk of infection. This will subsequently drive the Vein Finders Market.
The capability of Vein Finders to provide Intravenous access to diabetic patients will drive the Market
Several Physicians have revealed that patient characteristics such as hypertension and diabetes make Intravenous access considerably difficult. Diabetes leads to constriction of veins and leads to the visibility of superficial peripheral veins. To aid in difficult cannulation procedures amongst diabetic patients, several practitioners have enlisted the use of Vein Finder devices. A survey by the British Journal of Anesthesia reveals that using Vein Finder improved vein visibility by 4% amongst morbidly obese patients and also increased the visibility of additional veins by over 95%. A study by WHO also shows that diabetes cases have crossed the 500 million mark and there has been an increase in premature mortality rates from the disease. The study also reveals the increasing prevalence among low- and middle-income countries. Therefore, the rising instances of diabetic patients along with the benefit of Vein Finder in its treatment will drive the Vein Finders Market.
Vein Finders Market Challenges
High cost of Vein Finders equipment is hampering the market growth
A vein finder is an expensive medical device and only limited facilities can afford and not all. Vein finders from key players can cost anywhere between $5,000 to $7,000 per unit. Additionally, hospitals, private clinics, and diagnostic institutes that perform venipuncture procedures lack the financial resources to purchase larger, more powerful devices. Furthermore, even though hand-held vein finders are relatively inexpensive, they might be difficult to operate on self-infusing patients, thereby hampering the demand for Vein Finders.
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Global Vein Finders Industry Outlook
Product Launch and Acquisitions were the key strategies adopted by players in the Vein Finders Market. In 2022, the Vein Finders Market share is consolidated by the top ten players present in the market. Global Vein Finders top 10 companies include: -
- AccuVein Inc.
- B. Braun Medical Inc.
- TransLite LLC.
- Christie Medical Holdings
- SIFSOF LLC
- Stihler Electronic GmbH
- Neotech Products.
- InfraEyes Private Limited
- Agappe Diagnostics Ltd.
- Shenzhen ENMIND Technology Co., Ltd.
Recent Developments
- In February 2021, AccuVein Inc released the Infusion Nurses Society’s (INS) newly released 2021 Infusion Therapy Standards of Practice recommend the use of NIR vein visualization technology in venipuncture procedures. It will help users assess peripheral venous sites and locate them.
- In April 2020, TransLite LLC announced the launch of the PEDI2 vein finder solution which caters to pediatric patients. It has been designed to prevent children from suffering multiple sticks during venipuncture procedures.
- In June 2019, CAREstream group announced its acquisition of Christie Medical Holdings, Inc., Chirstie Medical Holdings is a leader in vein visualization that operates in 50 countries worldwide.
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