Vein Finders Market: Precise Analysis On Business Overview, Product Scope And Ongoing Market Development 2027
Transparency Market Research (TMR) has published a new report titled ‘Vein Finders Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.’ According to the report, the global vein finders market was valued at US$ 150 Mn in 2018 and is projected to expand at a CAGR of 17.0% from 2019 to 2027. Rise in prevalence of obesity and rapid utilization of vein finders in hospitalized patients in developed regions are anticipated to drive the global vein finders market. The market in Asia Pacific is expected to expand at a high CAGR due to rise in geriatric patient pool with chronic disorders in developing countries and increase in cosmetic procedures in developed countries in the region.
Increase in Cosmetic Procedures Drives Market
Rise in aesthetic awareness among people is expected to increase the number of cosmetic procedures across the globe. Cosmetic procedures, such as facelift, facial & body contouring, dermal fillers, liposuction, skin tightening, and sclerotherapy, are gaining popularity among adults and elderly population in order to improve facial appearance and function. According to the International Society of Aesthetic Plastic Surgery (ISAPS), 10.8 million surgical cosmetic procedures were performed globally in 2017. Vein illumination or vein finder devices help to locate and avoid invisible veins during facial aesthetic procedures, thereby minimizing complications such as bruising and migration of fluids. This in turn results in higher patient satisfaction and increase in adoption of vein finder devices by plastic surgeons.
Active Vein Finders Segment Dominated the Market
In terms of type, the global vein finders market can be bifurcated into active vein finders and passive vein finders. The active vein finders segment is projected to account for leading share of the global market during the forecast period. Increase in demand for portable or handheld active vein finders with infrared technology that penetrate deep into the tissue and help health care providers to detect veins efficiently and ease the blood drawing procedure is anticipated to propel the segment in the near future. The passive vein finders segment is expected to expand at a high CAGR in the next few years, owing to rapid technological innovations for vein detection by industry players.
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IV Access to be Highly Lucrative Segment
Based on application, the global vein finders market has been categorized into blood draw/venipuncture, IV access, and others. The IV access segment is expected to expand at a high CAGR during the forecast period. Difficulty in venous access in elderly patients and children and increase in IV placements in hospitalized patients for the collection of blood and administration of medications are projected to drive demand for vein illumination devices that effectively locate and detect veins and ease the procedure.
Blood Donation Centers to Witness Strong Growth
In terms of end-user, the global vein finders market has been categorized into hospitals & ambulatory surgical centers, specialized clinics, blood donation centers, and others. The blood donation centers segment is projected to witness strong growth during the forecast period owing to increase in blood donation rate globally. According to the National Health Service (NHS), the number of new blood donors increased from 142,836 to 150,103 between 2016 and 2017 in the U.K. This is expected to propel the adoption of vein finders for effective vein location in donors, which, in turn, is likely to boost the segment in the near future.
Asia Pacific Offers High Incremental Opportunity
In terms of region, the global vein finders market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to account for leading share of the global market during the forecast period, owing to rise in venipuncture procedures in the U.S. Europe is expected to account for major share of the global market between 2019 and 2027, owing to increase in utilization of vein finders in hospitalized patients in the region. The market in Asia Pacific is likely to grow at a rapid pace in the next few years due to rise in prevalence of obesity in the region. China and India are projected to present lucrative opportunities in the market in the near future, owing to increase in focus of leading players to expand in these emerging countries in order to gain strong foothold in the market. For instance, TransLite LLC provides its Veinlite vein access device to health care facilities in emerging economies such as India, China, and Vietnam through its strong distribution network across the globe.
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Growth Strategies of Key Market Players
Key players profiled in this report include Christie Medical Holdings, Inc., TransLite, LLC, AccuVein, Inc., Teleflex Incorporated (VueTek Scientific, LLC), Near Infrared Imaging, Inc. Venoscope, Becton, Dickinson and Company, Koninklijke Philips N.V., B. Braun Melsungen AG, and VINO Optics. Companies operating in the global vein finders market focus on strategic acquisitions, collaborations, and partnerships to strengthen their positions in the market.
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