Vein Finders Market Size And Forecast
Vein Finders Market size was valued at USD 175.58 Million in 2020 and is projected to reach USD 656.26 Million by 2028, growing at a CAGR of 18.00% from 2021 to 2028.
The surge in the aging populace affected by chronic ailments and resulting in rising in the cases of hospitalizations will prompt the expansion of the vein finders industry over the estimated timespan. Additionally, the flourishing fashion sector and emerging personal care & cosmetic industries will steer the growth of the Vein Finders Market over the projected timeframe. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Vein Finders Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.
Global Vein Finders Market Definition
Vein finders are the major tools that are utilized by medical service providers at the time of performing venipuncture and hence facilitate the detecting of invisible veins without causing any discomfort to the patients. Furthermore, this equipment is used for identifying veins that are beneath the skin. Hence these devices help in finding veins that are difficult to recognize, thereby offering assistance for drawing blood IV access in many of the groups of patients that include obese individuals & the aging population. Apparently, these products find a spectrum of applications in outpatient clinics, ambulatory surgical units, home care settings, and diagnostic laboratories. The main motive of using these tools is to offer superior healthcare services to patients.
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Vein finders are one of such helpful tools gaining traction in the industry due to several advantages they offer. These are easy-to-operate tools that are widely utilized for the process of venipuncture. Mainly, there are two products available in the Vein Finders Market, namely, active vein finders and passive vein finders. These products hold the ability to detect prominent veins under the skin and help in drawing the blood without causing any discomfort to the patient. Apart from drawing blood, vein finders are also used to gain IV access in numerous patient groups such as obese, geriatric, pediatric, and people of color when finding a vein is difficult. Vein finders create a real-time visual mapping of veins on the skin surface by using various technologies such as ultraviolet, infrared, and ultrasound.
Global Vein Finders Market Overview
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
The surge in the aging populace affected by chronic ailments and resulting in rising in the cases of hospitalizations will prompt the expansion of the vein finders industry over the estimated timespan. Additionally, the flourishing fashion sector and emerging personal care & cosmetic industries will steer the growth of the Vein Finders Market over the projected timeframe. Nonetheless, the vein finders are user-friendly and help in saving the time of physicians, patients, and medical or hospital staff. Furthermore, high consumer satisfaction achieved by hospitals and clinics using the products will boost market trends.
In addition to this, the growing product penetration in the medical, as well as healthcare sector across the globe, can be attributed to the use of vein finders by doctors in locating veins. Moreover, the product provides comprehensive information pertaining to vascular access methods and this will embellish the market expansion over the forecast timeline. Apparently, this has minimized the needle used for drawing blood from the patient and thus helps in alleviating the discomfort & pain caused to the patient as a result of needle insertion. This will further boost the growth of the Vein Finders Market over the estimated timeline.
Moreover, vein finders are very useful in hospitals, ambulatory surgical centers, outpatient clinics, diagnostic labs, and home care settings. Additionally, a vein finder is also useful at veterinary clinics. The device is not only used for spotting veins in humans but also in animals as well. A vein finder allows simple needle insertion in the veterinary setting, reducing the challenges faced during such operations and therefore allowing more comfort to the animal. Vein finders are easy to use and save valuable time for both nurses and patients. The end-user expansion is boosting the market growth of vein finders. However, the dearth of skilled professionals has the potential to hinder the growth of the Vein Finders Market. In addition, the growing popularity of these products among healthcare professionals is likely to generate stupendous demand opportunities for vendors operating in the global Vein Finders Market in the years ahead.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interest the client. The “Global Vein Finders Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
Global Vein Finders Market Segmentation Analysis
The Global Vein Finders Market is segmented based on Type, Application, End-User, and Geography.
Vein Finders Market, By Type
- Active Vein Finders
- Passive Vein Finders
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Based on Type, the market is bifurcated into Active vein finders and Passive vein finders. The active vein finders segment held the major share of the market in 2018. The segment is expected to expand at a high CAGR during the forecast period, owing to the increase in the adoption of active vein finders in hospitals and nursing homes for venipuncture procedures and IV access.
Vein Finders Market, By Application
- Blood Draw/Venipuncture
- IV Access
Based on Application, the market is bifurcated into Blood draw/Venipuncture, and IV Access. The IV Access segment accounted for a significant share of the global market. The Increasing applications of vein illuminators for IV nutritional support, IV fluid administration, IV medication administration, and IV chemotherapy administration coupled with technological advancements in IV cannulation are some of the major factors accounting for its larger share. IV cannulation technique is used by healthcare professionals for IV access, which involves the insertion of a cannula inside the patient’s vein. IV access is used for various purposes, including the administration of medications, parenteral nutrition, chemotherapy, and blood products. IV access allows the collection of blood samples as well as the administration of fluids and IV medications.
Vein Finders Market, By End-User
- Hospitals
- Ambulatory Surgical Centers
- Specialized Clinics
- Blood Donation Centers
Based on End-User, the market is bifurcated into Hospitals, Ambulatory surgical centers, Specialized clinics, and Blood donation centers. The hospital segment is estimated to dominate the overall market in terms of revenue as well as growth rate during the projected period. The high usage rate of vein illuminator in hospitals for diagnosis and treatment of patients is a major factor contributing to the large segment share. In June 2012, Children’s Mercy Hospital and Clinics used illuminators by AccuVein AV 300 for improving and streamlining patient care. Increasing focus on the delivery of advanced healthcare facilities to a patient is expected to further propel the demand for vein illumination devices.
Vein Finders Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of The World
On the basis of Regional Analysis, the Global Vein Finders Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America held the largest revenue share in the Vein Finders Market largely due to the growing demand for technologically advanced medical devices in hospitals and ambulatory care centers. Moreover, the presence of major market players such as Accuvein, Inc. TransLite LLC, Christie Medical Holdings, Inc., and Venoscope LLC is also expected to contribute toward product availability in the region.
Key Players
The “Global Vein Finders Market ” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Christie Medical Holdings, Inc., AccuVein, Inc., TransLite, LLC, Near Infrared Imaging, Inc., Teleflex Incorporated (VueTek Scientific, LLC), Venoscope, Koninklijke Philips N.V., B. Braun Melsungen AG, VINO Optics, and Becton, Dickinson, and Company.
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