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Vein Finder Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2024-2030
Vein Finder Market Overview
Vein Finder Market size was estimated at $837.2 million in 2030 and is projected to grow at a CAGR of 11.2% during the forecast period 2024-2030. Increase in innovations in healthcare sectors in terms of advanced and innovative tools has become major factor driving the Vein Finder market. Technological advancements in healthcare sector have made healthcare workers life much easier by innovative gadgets that offer superior healthcare services to the patients. Vein finder is one such tool used during venipuncture procedure in hospitals and various testing laboratories. Vein illuminator device is such tool that assists healthcare professionals in finding the best veins for blood draws and IV starts. They help in locating patient veins and avoids valves and bifurcations. Vein visualization or vein illumination is an innovative technology that helps the healthcare professionals to easily find the best veins. This is also called as vein mapping, this technology gives a real time visual map of the veins on surface of skin, thus it facilitates in detecting invisible veins without causing any pain to the patients. This device is also used in identifying veins beneath the skin and are used as standard care in hospitals. In this way they help healthcare practitioners in finding veins that are difficult to identify and assist them in venipuncture procedure and drawing blood IV access in various groups of patients including elder patients and obese individuals. They have wide range of applications of illuminator device in various hospitals, clinics, ambulatory surgical clinics, diagnostic laboratories and others.
Vein Finder Market Report Coverage
The report: “Vein Finder Market Forecast (2024-2030)”, by Industry ARC, covers an in-depth analysis of the following segments of the Vein Finder Market.
By Product Type: Active Vein Finders and Passive Vein Finders.
By Portability: Tabletop Vein Finders, Portable Vein finders.
By Application: Venipuncture Procedure/ Blood Draw and IV Access.
By End User: Hospitals & Clinics, Ambulatory Surgical Centres, Blood Donation Centres and Specialized Centres.
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina and Rest of South America), and Rest of the World (Middle East and Africa).
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Key Takeaways
• Geographically, North America Vein Finder Market held the largest revenue share of 36% in 2023 owing to the highest disposable income and growing geriatric population in this region.
• Increased demand for R&D made by the key players in different region of the world are driving the market. Increase in FDA approvals for innovative technologies are now rapidly delivering innovations in the Vein Finder Market.
• The development of portable and user-friendly vein finder devices, integrating innovative imaging technologies for improved vein visualization. Manufacturers are focusing on ergonomic designs and enhanced connectivity features to streamline workflow and facilitate seamless integration into existing healthcare systems.
Vein Finder Market Segment Analysis – By Product Type
Based on product type, vein finder market is segmented in to active vein finder and passive vein finder. They are differentiated based on their way of highlighting to veins with naked eye. Both the vein finders are effective in locating veins more easily. Active finder segment is accounted for the largest revenue market share in 2023 owing to increasing adoption of active vein finders in hospitals and other clinics. Active vein finders require power source to operate, it runs on electricity or is available in battery-operated. They are illuminator devices that uses infrared light to quickly and easily highlight the patient’s veins. They became an effective tool healthcare practitioner rely on to perform in laboratory testing to venipuncture procedure, so they are available in many options and models. They work at their best in darkened area, so that the veins are easily visible with the help of the infrared light. Passive vein finder segment is poised to grow with the fastest CAGR of 11.8% in the forecast period 2024-2030 owing to its benefits, as they are more like a glasses and healthcare professionals with color-blindness are benefited by these kinds of glasses. These glasses come with anti-fog, anti-scratch lenses and are much suitable for intravenous injections. Another type of vein finder is ultrasound vein finder. They are like a normal ultrasound that not only highlight the patient’s vein, but also reveal their tissues and organs as well. They are mostly used by surgeons and are more powerful and are not as portable as handheld vein finders.
Vein Finder Market Segment Analysis – By Application
Based on Application, vein finder market is segmented in to venipuncture procedure/blood draw, intravenous (IV) access. IV Access segment accounted for largest revenue market share in 2023 owing to the growing applications of vein illuminator device for IV fluid administration, IV nutritional support, IV chemotherapy administration in addition with technological advancements in IV cannulation. IV cannulation is a technique where cannula is placed inside a vein to provide venous access. IV access allows collection of blood sample, as well as, administration of medicines, fluids, chemotherapy, parenteral nutrition and blood products. Venipuncture procedure/Blood draw segment is anticipated to grow with the fastest CAGR of 11.6% in the forecast period 2024-2030 as it is the most basic form of collecting blood from a vein for various tests to perform. Veinpunture is commonly done for laboratory testing where blood is collected from a vein, it requires good skills to perform the procedure not just correctly but also painlessly.
Vein Finder Market Segment Analysis – By Geography
Based on Geography, North America Vein Finder Market accounted for the 36% revenue share in 2023. This is majorly attributed to the increasing demand for innovative and technologically advanced medical devices, growing cosmetic surgeries and also with the presence of key market players. According to the American Society of Plastic Surgeons, the top five minimally invasive cosmetic procedures performed in 2022 out of almost 23.7 million procedures total were: Injectable neuromodulators (8,736,591 procedures, up 73% from 2019) Hyaluronic Acid Fillers: 4,883,419 procedures performed, a 70% increase from 2019 Skin Resurfacing (3,322,292 treatments). Asia-Pacific region is predicted to grow with the fastest CAGR in the forecast period 2024-2030 owing its increase in aging population along with growing frequency of blood tests, increasing health care expenditure coupled with adoption of advanced medical devices in this region. Moreover, increasing product approvals, and rising usage of these vein finders in various applications like venipuncture procedure, IV access in various end user like hospitals and clinics and blood camps are poised to boost the growth of vein finders in this region.
Vein Finder Market Drivers
Inclination Towards Non-Invasive Technology:
The vein finders are non-invasive medical devices that locates vein on the skin surface for safe venipuncture procedure or IV access procedures. The benefit of vein finder makes it easier to approve them and their approval rates are growing faster in various countries. Vein finder’s technological advancements in intravenous infusion, illuminator device and veinpunture procedures is set to enhance the industry growth. It allows nurses to get a closer look at patient’s veins and detect the most viable route for cannulation or injection. Most of the hospitals and clinics are spending thousands of dollars on these medical devices, while personal devices are available for a couple of dollars. Locating veins of geriatric and obese patients is often difficult that sometimes leads to an improper IV access of drugs. According to UNAIDS in 2022, there were about 39 million HIV-positive individuals in the world. Of them, 1.5 million were children under the age of 15, and 37.5 million were adults. Furthermore, 53% of the population was female, owing to unsafe injection, as using same syringe or wrongly used syringes leads to various infections. The usage of vein finder results in minimizing the infections thus reducing the infection rate of unsafe injection that aids to market growth. This innovation has the lessen the burden during venipuncture procedure at laboratory testing and on caretakers and self-infusers by offering various benefits to patients, including fewer sticks, lower risk of infection, decrease in pain and discomfort that are driving the market growth.
Vein Finder Market Challenges
High Cost of Devices:
Vein-illuminator device or a vein finder is expensive medical device, while some facilities are willing to bear that cost but not all. Most of the hospitals and personal clinics and diagnostic centers where venipuncture procedure is done don’t have enough budget to purchase the larger, more powerful machines. Moreover, though the hand-held devices come at affordable cost they sometimes challenge to operate for independent patients who self-infuse.
Vein Finder Market Segment Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Vein Finder Market. Vein Finder Market top 10 companies are AccuVein, Inc., Christie Medical Holdings, Inc., Infinium Medical, Inc., NextVein LLC, ZD Medical Inc., Ambulanc (Shenzhen) Tech. Co. Ltd., Promed Technology Co., Ltd., Majutech Inc., Neotech Products and InfraEyes.
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1. Vein Finder Market- Overview
1.1. Definitions and Scope
2. Vein Finder Market- Executive Summary
2.1. Key trends by Product Type
2.2. Key trends by Application
2.3. Key trends by End User
2.4. Key trends by Geography
3. Vein Finder Market- Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Vein Finder Market- Start-up Companies Scenario Premium
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Vein Finder Market– Market Entry Scenario Premium Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Vein Finder Market- Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Vein Finder Market– Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Vein Finder Market– by Product Type (Market Size – $Million/$Billion)
8.1. Active Vein Finders
8.2. Passive Vein Finders
9. Vein Finder Market– by Portability (Market Size – $Million/$Billion)
9.1. Tabletop Vein Finders
9.2. Portable Vein finders
10. Vein Finder Market– by Application (Market Size – $Million/$Billion)
10.1. Venipuncture/ Blood Draw
10.2. IV Access
11. Vein Finder Market– by End User (Market Size – $Million/$Billion)
11.1. Hospitals & Clinics
11.2. Ambulatory Surgical Centers
11.3. Blood Donation Centers
11.4. Specialized Centers
12. Vein Finder Market – by Geography (Market Size – $Million/$Billion)
12.1. North America
12.1.1. U.S
12.1.2. Canada
12.1.3. Mexico
12.2. Europe
12.2.1. Germany
12.2.2. France
12.2.3. UK
12.2.4. Italy
12.2.5. Spain
12.2.6. Belgium
12.2.7. Netherlands
12.2.8. Rest of Europe
12.3. Asia-Pacific
12.3.1. China
12.3.2. Japan
12.3.3. South Korea
12.3.4. India
12.3.5. Australia & New Zealand
12.3.6. Indonesia
12.3.7. Malaysia
12.3.8. Taiwan
12.3.9. Rest of Asia-Pacific
12.4. South America
12.4.1. Brazil
12.4.2. Argentina
12.4.3. Chile
12.4.4. Colombia
12.4.5. Rest of South America
12.5. Rest of The World
12.5.1. Middle East
12.5.2. Africa
13. Vein Finder Market– Entropy
13.1 New product launches
13.2 M&A’s, collaborations, JVs and partnerships
13.2 M&A’s, collaborations, JVs and partnerships
14. Vein Finder Market– Industry/Segment Competition Landscape Premium
14.1. Market Share Analysis
14.1.1. Market Share by Product Type – Key Companies
14.1.2. Market Share by Region – Key Companies
14.1.3. Market Share by Country – Key Companies
14.2. Competition Matrix
14.3. Best Practices for Companies
15. Vein Finder Market– Key Company List by Country Premium Premium
16. Vein Finder Market- Company Analysis
16.1. Analog Devices Inc.
16.2. Data Device Corporation
16.3. Infineon Technologies Inc.
16.4. Maxwell Technologies Inc
16.5. Microchip Technology Inc.
16.6. Micropac Industries Inc
16.7. Renesas Electronics Corporation.
16.8. pSemi Corporation
16.9. STMicroelectronics N.V
16.10. Solid State Devices Inc.
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LIST OF TABLES
1.Global Competitive Assessment Market 2023-2030 ($M)1.1 Vein Finder Market Competition-a Dashboard View Market 2023-2030 ($M) - Global Industry Research
1.2 Strategic Matrix Market 2023-2030 ($M) - Global Industry Research
2.Global Competitive Assessment Market 2023-2030 (Volume/Units)
2.1 Vein Finder Market Competition-a Dashboard View Market 2023-2030 (Volume/Units) - Global Industry Research
2.2 Strategic Matrix Market 2023-2030 (Volume/Units) - Global Industry Research
3.North America Competitive Assessment Market 2023-2030 ($M)
3.1 Vein Finder Market Competition-a Dashboard View Market 2023-2030 ($M) - Regional Industry Research
3.2 Strategic Matrix Market 2023-2030 ($M) - Regional Industry Research
4.South America Competitive Assessment Market 2023-2030 ($M)
4.1 Vein Finder Market Competition-a Dashboard View Market 2023-2030 ($M) - Regional Industry Research
4.2 Strategic Matrix Market 2023-2030 ($M) - Regional Industry Research
5.Europe Competitive Assessment Market 2023-2030 ($M)
5.1 Vein Finder Market Competition-a Dashboard View Market 2023-2030 ($M) - Regional Industry Research
5.2 Strategic Matrix Market 2023-2030 ($M) - Regional Industry Research
6.APAC Competitive Assessment Market 2023-2030 ($M)
6.1 Vein Finder Market Competition-a Dashboard View Market 2023-2030 ($M) - Regional Industry Research
6.2 Strategic Matrix Market 2023-2030 ($M) - Regional Industry Research
7.MENA Competitive Assessment Market 2023-2030 ($M)
7.1 Vein Finder Market Competition-a Dashboard View Market 2023-2030 ($M) - Regional Industry Research
7.2 Strategic Matrix Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)2.Canada Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
3.Mexico Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
4.Brazil Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
5.Argentina Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
6.Peru Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
7.Colombia Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
8.Chile Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
9.Rest of South America Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
10.UK Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
11.Germany Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
12.France Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
13.Italy Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
14.Spain Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
15.Rest of Europe Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
16.China Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
17.India Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
18.Japan Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
19.South Korea Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
20.South Africa Vein Finder Sales Report 2019 Market Revenue, 2023-2030 ($M)
21.North America Vein Finder Sales Report 2019 By Application
22.South America Vein Finder Sales Report 2019 By Application
23.Europe Vein Finder Sales Report 2019 By Application
24.APAC Vein Finder Sales Report 2019 By Application
25.MENA Vein Finder Sales Report 2019 By Application
26.AccuVein Inc., Sales /Revenue, 2015-2023 ($Mn/$Bn)
27.Novarix Ltd, Sales /Revenue, 2015-2023 ($Mn/$Bn)
28.TransLite, LLC, Sales /Revenue, 2015-2023 ($Mn/$Bn)
29.ZD Medical, Sales /Revenue, 2015-2023 ($Mn/$Bn)
30.Vivolight, Sales /Revenue, 2015-2023 ($Mn/$Bn)
31.Abacus, Sales /Revenue, 2015-2023 ($Mn/$Bn)
32.EvenaMed, Sales /Revenue, 2015-2023 ($Mn/$Bn)
33.Veinlite, Sales /Revenue, 2015-2023 ($Mn/$Bn)
34.Venoscope LLC, Sales /Revenue, 2015-2023 ($Mn/$Bn)