The global market for vein illuminator is anticipated to exhibit remarkable growth, with projections indicating that it surpasses the value of USD 208.5 million by the year 2023.
The upward trajectory is expected to continue, as the market is forecasted to achieve a significant CAGR of 23.3% through the year 2033, ultimately reaching an estimated value of USD 1,700 million.
Vein illuminators, known for their portability and ability to minimize puncture time and pain, address the challenges of locating veins in pediatric, geriatric, and obese patients. These difficulties can result in improper intravenous drug access. As a result, the adoption of vein illuminators is projected to rapidly increase in small-sized hospitals, emergency departments, and ambulatory care centers, consequently driving the market growth.
| Data Points | Key Statistics |
|---|---|
| Vein Illuminator Market Value 2023 | USD 208.5 million |
| Vein Illuminator Market Projected Value (2033) | USD 1,700 million |
| Vein Illuminator Market CAGR (2023 to 2033) | 23.3% |
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The demand for vein illuminators witnessed a steady growth rate of 30.4% from 2018 to 2022, driven by the increasing recognition of their benefits in facilitating vein visualization and improving intravenous access, aiding the market size of USD 160 million in 2022.
Looking ahead to the market outlook from 2023 to 2033, the vein illuminator market is expected to experience significant expansion at a CAGR of 23.3%, touching USD 1,700 million by 2033.
Factors such as the rising prevalence of chronic diseases requiring frequent intravenous procedures, advancements in technology leading to more accurate and user-friendly vein illuminators, and the growing adoption of vein illuminators in diverse healthcare settings are poised to drive the market's growth.
The increasing focus on patient comfort, the reduction of medical errors, and the need for efficient venipuncture procedures are contributing to the escalating demand for vein illuminators.
With these factors at play, the market outlook for vein illuminators appears promising, presenting ample opportunities for industry players to capitalize on the expanding demand in the coming years.
According to FMI, the market for vein illuminator in the United States of America is likely to hold USD 542.3 million by 2033.
The United States of America is highly likely to hold a significant position in the vein illuminator market. With a robust healthcare system, advanced medical infrastructure, and a strong focus on technological innovations, the country provides a conducive environment for the adoption and advancement of vein illuminators.
The increasing prevalence of chronic diseases requiring intravenous procedures, along with the rising emphasis on patient comfort and safety, drives the demand for vein illuminators.
The presence of key market players, extensive research and development activities, and favorable reimbursement policies further contribute to the country's prominent position in the vein illuminator market.
China is poised to experience remarkable growth in the vein illuminator industry capturing a market share of USD 146.7 million by 2033, skyrocketing at 24.5% CAGR during the forecast period.
With a large population and an increasing focus on healthcare infrastructure development, China offers significant market potential.
The rising prevalence of chronic diseases and the need for improved intravenous access contribute to the growing demand for vein illuminators. Additionally, the adoption of advanced technologies, government initiatives to enhance healthcare access, and a flourishing medical device industry further boost the market's expansion in China.
The increasing investments in research and development, strategic collaborations, and expanding distribution networks are expected to drive the growth of the vein illuminator market in China, making it a key player in the global landscape.
The China Food and Drug Administration (CFDA) gave the AccuVein AV400 their seal of approval for sales in China. The region's total market is therefore anticipated to develop as a result of rising product approvals in the nation and rising adoption of numerous end-use sectors, including hospitals and blood drives.
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The segment utilizing infrared illumination technology is projected to exhibit a 23.2% growth rate throughout the forecast period. This can be attributed to its ability to effectively penetrate deep tissues, enabling visualization of deeply-seated blood vessels.
By absorbing infrared radiation, venous blood allows for accurate projection of the underlying veins. The utilization of near-infrared illumination is favored for its simplicity and cost-effectiveness, making it particularly advantageous in emergency scenarios.
Market players are actively engaged in the development of devices integrated with infrared illumination technology.
Notably, AccuVein vein finder employs this technology by incorporating two safe barcode-scanner class lasers, one visible red, and one invisible infrared.
These lasers operate in conjunction to minimize light reflection, creating a comprehensive vein map of subcutaneous vasculature up to a depth of 10 mm. This advanced vein mapping enables healthcare professionals to effectively locate and navigate veins during clinical procedures.
By end-use, the hospitals sub-segment is predicted to garner a major share with a projected growth rate of 23.1% from 2023 to 2033.
The significant market share of vein illuminators is primarily driven by their widespread utilization in hospitals for patient diagnosis and treatment.
Notably, in June 2012, Children's Mercy Hospital and Clinics implemented AccuVein AV 300 illuminators to enhance and streamline patient care. The increasing emphasis on providing advanced healthcare facilities to patients further fuels the demand for vein illumination devices.
The usage of vein illuminators in blood donation camps is on the rise, aiming to minimize discomfort resulting from multiple pricks. According to the World Health Organization (WHO), approximately 112.5 million blood donations were conducted globally by July 2016. Consequently, the growing number of blood donation camps is expected to contribute significantly to the market's growth.
Due to the considerable presence of numerous players, the market demonstrates a highly competitive landscape. Key companies are actively involved in product development initiatives, aiming to broaden their product offerings and establish a strong global presence.
Existing market players engage in strategic activities like product launches, distribution agreements, and participation in conferences to solidify their market position and expand their product portfolios.
Companies invest in research and development activities to introduce innovative features and technologies in vein illuminators. This focus on technological advancements helps companies stay ahead in the market by offering cutting-edge products with improved functionalities and enhanced user experience.
Recent Developments in the Market:
The market is valued at USD 208.5 million in 2023.
The market registered a CAGR of 30.4% from 2018 to 2022.
The market is estimated to be worth USD 1,700 million in 2033.
China is poised to witness significant growth in the industry with a market share of USD 146.7 million by 2033.
Infrared Imaging LLC, Veinlite, ZD Medical Inc. are the key market players.
| Estimated Size, 2024 | USD 28.7 billion |
|---|---|
| Projected Size, 2034 | USD 47.3 billion |
| Value-based CAGR (2024 to 2034) | 5.1% |
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Vein Illuminator Market
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