Global Vein Illuminator Market projected to grow at a CAGR of 31.5% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Vein Illuminator Market by Type (Near Infrared Technology, Ultrasound and Transillumination), Applications (Blood Draw, Intravenous Access, Sclerotherapy, Venipuncture Assistance and Others), End-Users, Region and Global Forecast 2020-2027
The global vein illuminator market is expected to grow from USD 93.56 million in 2019 to USD 1100.07 million by 2027, at a CAGR of 31.5% during the forecast period 2020-2027. North America is the dominant market in terms of market share. The growth of the region can be attributed to the increasing demand of technologically advance devices. Further, the presence of efficient market players has strengthened the supply side of the product. However, Asia-Pacific is expected to hold the largest market share in the forecasted years. The factors such as increase in healthcare expenditure and innovation of advance technologies are the primary reason for the market growth.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the vein illuminator market are Sharn Anesthesia, InfraRed Imaging Systems, Cambridge Medical, TransLite LLC, Venoscope LLC, VueTek Scientific, Christie Medical Holdings Inc, ZD Medical Inc., AccuVein Inc, Infrared Imaging Inc. and others. AccuVein Inc. was granted the permission to set up its subsidiary in Canada.
The type segment includes new infrared technology, ultrasound and transillumination. The new infrared technology constitutes the majority of the segment. The device can penetrate through the skin to locate the deeply present tissues. The radiation of the infrared is absorbed rapidly by the venous blood, and thus the image is accurately projected. It provides several advantages like cost-effectiveness and is also easy to use. The application segment includes blood draws, intravenous access, sclerotherapy, venipuncture assistance and others. The intravenous access holds major shares. The increased application of the IV segment has been a significant factor for the market growth. The increasing need for IV nutritional support, IV medical and fluid administration and dialysis are the factors responsible for increasing demand. Further, it has been used in a variety of purposes like parental nutrition, chemotherapy, collection of blood samples and administration of medicines. The end-user segment includes hospitals, blood donation camps, rehabilitation centres, academic institutions and others. Among these, hospitals are the dominant end-user. The demand for vein illuminator is high in the hospitals as the number of patients visiting for the treatment is greater as compared to other end-users. Further, hospitals are developing at a faster rate which is why the usage of these devices is also witnessing high growth.
Vein illuminator has helped the healthcare professionals. It is really beneficial for the elderly population, dark-skinned patients, agitated patients, etc. as their veins are not easily traced. This device helps to solve this issue as it works on visualizing technology which helps in tracing the veins accurately. It also increases the probability of successful treatment. The device is also used for determining of varicose veins and spider veins. The rising use of vein illuminator in the medical sector has been a significant factor for the market growth.
About the report:
The global vein illuminator market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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