Vein Finder Market is expected to reach US$ 86.8 Million by the end of 2028 with sales revenue expected to register CAGR of 10.9%
The global Vein Finder Market size was valued at US$ 42.1 Million in 2021 and is expected to reach US$ 86.8 Million by 2028. The market is further expected to grow at a CAGR of 10.9% during the forecast period.
Innovations in vein finder technology are taking the medical devices sector by storm, with advanced vein finders backed by latest technologies acting as a boon for physicians, nurses, and phlebotomists. The last two years have witnessed notable innovations in vein finder technology, the prominent ones being:
- The world’s first slide style palm vein authentication technology was introduced in the vein finder market by Fujitsu Laboratories Ltd. in 2017. This compact technology is capable of being integrated into tablets and benchtop mobile devices.
- In 2018, Vino Optics launched the Oxy-Iso Paramedic vein glasses, a pair of sunglasses to help physicians and phlebotomists easily locate veins through enhanced image display by filtering ultraviolet rays.
- This technology is supposedly beneficial for healthcare professionals suffering from colour blindness, as these vein finders help physicians locate veins by enhancing their ability to view reds and greens.
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“Innovations like these are expected to increase adoption of advanced vein finders in hospitals and healthcare establishments, leading to significant revenue growth of the global vein finder market. Our analysis of the performance of the vein finder market reveals an absolute $ opportunity of US$ 3.0 Million between 2018 and 2019 and the global market is estimated to register a stellar growth rate of 10.9% in the coming decade.” Practice Head – Healthcare & Medical Devices, Future Market Insights
Vein Finder Market Structure Overview: Regional Focus to Bolster Global Market Growth
An overview of the market structure of the global vein finder market reveals a strong regional presence of top market companies as well as local players. Leading companies operating in the global vein finder market are leveraging acquisitions as a primary strategy to facilitate regional market expansion. Future Market Insights analysis also observes a strong focus by vein finder companies on R&D for new product development and expansion of the existing product line in key regional growth markets.
“Implementation of inorganic growth strategies is seen as the way forward to penetrate key growth markets across certain developing regions. Companies in the vein finder market with diversified product offerings are collaborating with local regional players to introduce low-cost vein finder products in order to cement their presence across top regional markets.”
In 2017, the leading three companies in the global vein finder market held a revenue share of about 56% while the remaining players contributed about 44% market share. New product development is a key strategy adopted by players in the global vein finder market to increase their brand value. Rising difficulties associated with peripheral venous access and venepuncture is one of the primary factors boosting growth of the vein finder market and key players are capitalizing on the growth drivers to increase their market share.
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Future Market Insights predicts lucrative revenue growth in the various regional markets of Europe and Asia Pacific Excluding Japan. Europe will likely remain the top market for sales of vein finder devices owing to increasing adoption of vein finder across hospitals and clinics to locate veins for drawing blood samples, IV insertions, and other vascular procedures.
Portable Vein Finder to Garner Maximum End User Demand; Infrared Technology to Register Fastest Growth in Revenue
Portable vein finders are likely to be the most preferred product type in the global vein finder market, registering impressive demand as well as sales growth in the coming decade. The convenience and ease of use offered by portable vein finders is the primary factor boosting adoption across hospitals, clinics, and other healthcare institutions. The global vein finder market is fuelled by advanced technology with infrared technology being the most adopted in vein finders. Among the various end users of vein finders, hospitals are likely to exhibit the highest demand in the next 10 years, also contributing to maximum revenues in the global vein finder market.
The market for vein finders is fragmented by nature, with only a few players present. These players are part of several strategic alliances. The product launch and acquisition speed up the manufacturer’s strategy to capitalise on market share and gain a sizable market share.
Furthermore, the corporations are focusing on the launch of new items to boost their product portfolio in the Asia Pacific area in order to expand their clientele and capture the largest market share in emerging economies.
- AccuVein Inc.
- Christie Medical Holdings
- Koninklijke Philips N.V
- Osang Healthcare Co. Ltd
- Teleflex Inc. (Acq. VueTek Scientific, LLC.)
- TransLite, LLC
- ZD Medical
- Venoscope LLC
- Shenzhen Bestman Instruments Co., Ltd
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Vein Finder Market by Category
By End User:
- Ambulatory Surgical Centers
- Diagnostic Centers and Path Labs
- Veterinary Clinics
- Home Care Settings
- Blood Banks
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