Americas held the largest market share in the Vein Illustration Devices Market
The Americas region holds the largest market share in the Vein Illustration Devices Market and is anticipated to reach $643.8 million by 2023 at a CAGR of 12.2%. The rise in aging population and strong reimbursement scenario is propelling the growth in this region. The key end-users including Healthcare Centers/Hospitals/Clinics, Nursing Homes, Blood Donation Camps, Academic Institutions, Rehabilitation Centers, Infusion Centers, Surgery Centers, and Emergency Care among others.
Selected Opportunities and Impact Analysis done in the full report:
The growth of vein biometrics presents an opportunity for vein illuminator devices market. Multi factor identification is becoming increasingly common in manufacturing, construction and banking industries. This has led to the increased use of vein identification technology. For instance, Barclays Bank introduced personal biometric scanners with Hitachi's Finger Vein Authentication Technology (VeinID), which reads the sub-dermal patterns of the client's finger vasculature in order to combat identity fraud.
As the world population over the age of 65 years grows rapidly, there will be an increased burden on governments to spend on healthcare and pensions. World’s aging population will account to one billion, which is 13% of total population by 2030. The elderly population, which is currently 7.9% of the total world population, is expected to show a steep growth of 12% by 2030, as majority will cross the age of 65 years. The rapidly aging population will be a major factor in adoption of vein illumination devices, as more and more elderly people will be in need of emergency care, medical diagnosis and nursing facilities.
The growing obesity rates in the U.S and European regions have raised the health consciousness level. This has led to an increased number of medical testing and diagnosis. Vein illumination devices are particularly required for obese people as it is difficult to find the veins.
Growing investment into healthcare in the APAC and Middle Eastern regions due to the growing healthcare tourism industry, has led to the increased spending and adoption of high priced vein illumination devices. With lowered prices, the adoption in emerging economies will rise in the future
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Excerpts on Market Growth Factors:
The demand for Vein Illumination Devices is going to witness substantial growth with the increase in venipuncture. Vein Illumination is of high importance while treating the geriatric population.
The introduction of Affordable Healthcare Act has provided a boost to the industry. The reimbursement for hospitals and clinics will depend upon the patient safety and level of satisfaction.
The biggest end user segment for the vein illumination devices market will be homecare/long-term care as the patient pool gradually switches to affordable home care.
In terms of technology, infrared technology is going to be at the heart of things as it is able to provide clear and accurate representation. It’s essential for conducting safe medical treatment.
Portable type held the largest share for Vein Illumination Devices Market by type.
With price being a major factor, transillumination is slowly becoming the preferred alternative compared to infrared in the U.S. and European Markets.
Companies have focused on improving spectral filtering capabilities of this technology in order to enhance the spectral resolution. This improved spectral resolution will drive the application in vein illumination.
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Key players of Vein Illumination Devices Market:
AccuVein is the key player in Vein Illumination Devices market, followed by Christie Medical Holdings Inc; AccuVein has a strong product line of vein illumination devices, with its presence across 130 nations in North America.
Other key players include Bard Access Systems Inc. and Veinlite LLC, etc.
Companies like Sony Corp, Kyocera Corp were granted patents for Vein Illumination Devices. The two companies obtained 15 patents during the period.
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