Growing aging and obese population is leading to increased health problems worldwide. People aged 65 and above receive the highest percentage of medications. Today, nearly 30% of the world’s population is obese. Disease incidences are also increasing in newborns and children due to lifestyle changes and hygiene issues. These increasing health problems create a large patient pool each year, especially in emerging countries.
According to WHO, around 421 Mn people get hospitalized every year. Hospitalized patients require IV insertion and need to give blood samples for testing. Geriatric, obese and pediatric populations experience pain during IV insertion and blood collection due to vein inaccessibility. Vein finders provide better vein visualization, thereby leading to no pain or discomfort during venepuncture and cannulation. This factor will boost the growth of the Vein Finder market during the forecast period. According to the latest report published by FMI, the global market is projected to account for over US$ 86.8 Mn, in terms of value, by 2028 end. The report further projects that the market will grow at an average CAGR of 10.7% through 2028.
Vein Finder Market: Dynamics
In hospitals, peripheral venous access is one of the common procedures performed. Most of the patients need peripheral cannula for IV therapy and it is estimated that more than 1 Bn venipuncture procedures are performed every year to obtain blood samples for testing. Pediatric patients have sensitive arteries and veins due to which IV insertion and obtaining blood sample becomes very difficult. Also, finding veins is difficult in obese and dark skin patients. Treatments may cause damage and alteration of subcutaneous fat and reduce the visualization of peripheral veins in these patients. The vein finders play a very important role as they help the physicians and nurses overcome the difficulties faced during venipuncture. This factor, in particular, is likely to play an instrumental role in driving the growth of the concerned market.
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A Vein finder is an innovative biomedical device that helps healthcare professionals find veins for intravenous insertion and blood withdrawal. These devices creates a real-time visual mapping of veins on the skin surface using near infrared rays. These devices are comfortable to use and can conveniently be used in hospitals or laboratories. Vein finders help healthcare professionals reduce the time taken for venepuncture and cannulation. Also, they reduce the pain and stress experienced patients during venepuncture and cannulation.
Vein finders use different technologies to locate the veins of a patients. Ultraviolet vein finders use the high powered red LED flashlight to locate veins under the skin. Infrared devices map the veins based on various wavelengths. These devices use the near-infrared light reflection to create a map of the veins. Ultrasound Vein finders scan a patient’s skin and displays the veins on a large screen. The infrared segment accounted for over 54.8% revenue share in the global market in 2017. Though the market is expected to show robust growth, a lack of trained healthcare professionals might limit the growth of the concerned market.
Vein Finder Market: Regional Insights
Stringent rules and regulations set by the U.S. Food and Drug Administration (FDA) and the European Commission regarding new product launches may hinder the growth of the Vein Finder market. Increasing government spending in North America is expected to boost the growth of the concerned market. Increasing geriatric population, active healthcare landscape and availability of low cost vein finder devices in the Asia Pacific region are anticipated to give a boost to the market in the region. Asia-Pacific ex. Japan is estimated to create incremental $ opportunity worth US$ 19.7 Mn between 2019 and 2028.
Vein Finder Market: Segmental Analysis
The global Vein Finder market has been segmented into portable vein finders and benchtop vein finders. In terms of revenue, the portable segment is expected to hold major share during the forecast period as these devices are portable and thus, user-friendly in nature. On the other hand, the benchtop segment is expected to show stagnant growth due to high cost. On the basis of technology, the market is segmented into ultraviolet, infrared and ultrasound. In terms of revenue, infrared segment is expected to show high growth over the forecast period. On the basis of end users, the market is segmented into hospitals, clinics, ambulatory surgical centers, diagnostic centers and path labs, veterinary clinics, home care settings and blood banks. The hospital segment is expected to show highest revenue growth as increasing number of people are getting hospitalized due to increasing health problems.
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Vein Finder Market: Companies
The report tracks some of the key companies operating in the Vein Finder market, such as AccuVein Inc., Christie Medical Holdings, Koninklijke Philips N.V, Osang Healthcare Co. Ltd, Teleflex Inc. (Acq. VueTek Scientific, LLC.), TransLite, LLC, ZD Medical, Vivolight, Venoscope LLC and Shenzhen Bestman Instruments Co., Ltd.