Prevalence of chronic diseases drives growth of Global Vein Illumination Devices Market
The Global Vein Illumination Devices Market consists of medical devices that use specific wavelengths of light to illuminate veins. Vein illumination devices project two different wavelengths of light, typically red and infrared, onto the skin in order to highlight subsurface veins. This makes veins more visible, which is especially useful for healthcare professionals performing procedures like venipuncture that require precise insertion of needles or catheters into veins. The growing prevalence of diseases like diabetes and cardiovascular disorders requiring frequent blood draws or IV insertions has increased the demand for vein illumination devices globally.
Global vein illumination devices market size is estimated to be valued at US$ 608.8 Mn in 2023 and is projected to reach US$ 1,232.5 Mn by 2030, exhibiting a compound annual growth rate (CAGR) of 10.6% from 2023 to 2030.
Key Takeaways
Key players: Key players operating in the Global Vein Illumination Devices Market are AccuVein, Inc., Christie Medical Holdings, Inc., InfraRed Imaging Systems, Sharn Anesthesia, TransLite LLC, Venoscope, LLC.
Growing demand: The increasing volume of surgeries, prevalence of chronic diseases, and growing focus on minimally invasive procedures are fueling the demand for Global Vein Illumination Devices Market across healthcare settings.
Technological advancements: Manufacturers are focusing on integrating new technologies like artificial intelligence and augmented reality in vein illumination devices to improve targeting of veins and procedural outcomes.
Market Trends
Increased adoption in ambulatory care centers: The rising popularity of outpatient surgeries and day care procedures is driving the uptake of affordable and portable vein illumination devices in ambulatory care settings.
Integration with other medical technologies: Major players are developing integrated solutions combining vein finders with imaging technologies like ultrasound to provide multi-spectral vein mapping capabilities.
Market Opportunities
Emerging markets: Growing healthcare expenditures and increasing accessibility in developing nations offer significant opportunities for players in Asia Pacific and Latin American markets.
Add-on applications: Companies are exploring applications of vein illumination beyond venipuncture like peripheral cannulation, pediatric procedures, and anesthesia site targeting.
Impact of COVID-19 on Global Vein Illumination Devices Market
The COVID-19 pandemic has adversely impacted the global vein illumination devices market growth. During the initial phases of the pandemic, manufacturing and supply chain operations were halted due to nationwide lockdowns imposed by various governments across the globe. This led to reduced production volumes of vein illumination devices. On the demand side, major hospitals and healthcare facilities shifted their focus and resources towards handling rising COVID-19 cases. As a result, non-urgent surgical procedures utilizing vein illumination devices were postponed. This further lowered the demand for vein illumination devices in 2020.
However, with mass vaccination drives now in place in 2021, the number of COVID-19 cases have declined substantially. Healthcare systems are gradually returning to normalcy. Both elective as well as non-emergency surgeries are being conducted at a faster pace now. This is positively impacting the demand for vein illumination devices from 2022 onwards. Despite initial hurdles posed by the pandemic, the long-term prospects of this market are expected to remain optimistic owing to rising number of surgeries and growing applications of these devices in intravenous therapy.
North America accounts for the largest share of the global vein illumination devices market in terms of value. This is attributed to factors such as high prevalence of chronic diseases, rapidly aging population undergoing various surgeries, strong healthcare infrastructure and greater medical reimbursement facilities in the region. Within the region, the U.S. contributes significantly to market value owing to these favorable factors and presence of major players. Asia Pacific region is anticipated to be the fastest growing market for vein illumination devices during the forecast period. This growth can be accredited to rising healthcare expenditure, growing medical tourism industry and increasing focus of international players to tap into opportunities in emerging countries in Asia Pacific.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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