According to analysts at Zion Market Research, in 2019, the valuation of the global vein finders market was at around US$ 175.20 million and is expected to grow at a CAGR of about 16.9% during the forecast period of 2020 to 2026. The prominent players robustly participating in the global vein finders market consist of AccuVein, Inc., Koninklijke Philips N.V., Christie Medical Holdings, Inc., Near Infrared Imaging, Inc., TransLite, LLC, Venoscope, Teleflex Incorporated, B. Braun Melsungen AG, Becton, Dickinson & Company, and VINO Optics, among others.
In the healthcare sector, the demand for vein finders is increasing considerably owing to their rising reliability and accuracy in locating veins. Further, these are best during emergency procedures while treating accident victims during which huge blood flow can hold up the needed blood infusion. In addition, in the future, chances of compulsory usage of vein finders are high to treat the rising obese and diabetic urban population across the world. The increasing demand for accurate and safe medical practices, the inexpensive dependable alternatives accessible in the market, and the expansion of supporting infrastructure such as Cloud & Big Data are likely to boost the growth of the vein finders market. To cite, in January 2006, a team of researchers from the Georgia Institute of Technology had developed a low-priced, handheld device to locate veins swiftly and used Doppler ultrasound technology for it.
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Active Vein Finders Segment Likely To Witness Spur During The Forecast Period
The global vein finders market is categorized on the basis of end-user, application, type, and region. The global market, based on end-user, is divided into blood donation centers, specialized clinics, hospitals & ambulatory surgical centers, and others. On the basis of application, the market is bifurcated into blood IV access, draw/venipuncture, and others. The global market, on the basis of type, is classified into passive vein finders and active vein finders. In 2018, the maximum market share was captured by the active vein finders segment. The segment is anticipated to grow at a considerable CAGR in the coming years on account of the rising acceptance of active vein finders in nursing homes and hospitals for IV access and venipuncture procedures.
North America Expected To Dominate The Global Market With Rising Number Of Plastic Surgeries
In 2018, the majority of the share in the global vein finder market was held by North America. The key factor spurring the market growth in this region is the increase in cosmetic surgeries carried out in the US, resulting in amplified demand for the vein finders. Further, the European market is also projected to grow at a high CAGR as a result of an increase in obesity prevalence that makes detection of the vein hard. Also, the market within Asia Pacific is expected to grow at a substantial CAGR on account of the huge elderly patient pool and often conducted blood tests in diagnostic labs & hospitals.
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The global vein finders market is segmented as follows:
- Active Vein Finders
- Passive Vein Finders
- Blood Draw/Venipuncture
- IV Access
Hospitals & Ambulatory Surgical Centers
- Specialized Clinics
- Blood Donation Centers
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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