NEW YORK, April 5, 2016 /PRNewswire/ -- "Increasing first attempt success rate of pricking for IV access and blood draw applications"
The global vein illuminator market was valued at USD 32.2 million in 2015 and is expected to reach USD 227.2 million by 2022, at a CAGR of 32.41% between 2016 and 2022. The growth of the vein illuminator market would be driven by its increasing success in finding the appropriate vein to draw blood or for IV access in the first attempt. This facilitates the medical practitioner's task and also reduces the patient discomfort. Very often, the veins of elderly patients and children are hard to reach, which causes the procedure to be more painful. Dehydration, obesity, certain medications, and drug abuse can also lead to difficulty in accessing veins.
When using vein illuminator devices, the infrared light of the device is absorbed by the hemoglobin in the blood. When the device is held above the skin, veins appear noticeably different from the surrounding tissue and are, thus, highlighted. The vasculature shows up clearly on the skin's surface, aiding in vein location to collect a blood sample or administer IV medications
"Near infrared technology-based vein illuminator to hold largest market share"
The NIR technology-based vein illuminators are more accurate than transillumination-based devices and cost lower than ultrasound technology-based devices. Therefore, near infrared technology (NIR)-based vein illuminators are expected to hold the largest market share and grow at the highest rate during the forecast period.
"Market in North America to grow at the highest CAGR"
The market in North America is expected to grow at the highest CAGR because of the high demographic concentration and growing aging and pediatric population. North America is also expected to witness rapid growth due to the presence of major manufacturing companies for vein illuminator and the consumer acceptance of new technologies.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profile of primary participants is given below:
- By Company Type: Tier 1 – 30 %, Tier 2 – 50%, and Tier 3 – 20%
- By Designation: C level – 35%, Director level – 25%, Others – 40%
- By Region: North America – 39%, Europe – 31%, APAC – 17%, RoW – 13%
"Increasing biometric banking application to present lucrative opportunity for the growth of this market"
The drawbacks of conventional biometric applications such as dummy fingerprints are among the major reason for the development of alternate biometric solutions. After Apple (U.S.) came up with the 5S with a Touch ID fingerprint reading sensor and similar features were incorporated by Samsung Corp (South Korea) in the Galaxy S5 and S6, Barclays (U.K.) came up with alternative biometric solution for its customers, known as finger vein authentication. Thus, the increasing biometric banking applications are expected to contribute to the growth of the vein illuminator market.
Some of the key vein illuminator manufacturing companies profiled in the report are as follows:
- AccuVein Inc. (U.S.)
- Christie Medical Holdings, Inc. (U.S.)
- TransLite LLC. (U.S.)
- Venoscope LLC. (U.S.)
- Sharn Anesthesia (U.S.)
- Infrared Imaging Systems, Inc. (U.S.)
- Near Infrared Imaging Inc. (U.S.)
- Venoscope LLC (U.S.)
- VueTek Scientific LLC (U.S.)
- Zd Medical Inc. (China.)
- Cambridge Medical (Asia) Private Ltd. (Singapore.)
The report will help the leading players/new entrants in this market in the following ways:
- This report segments the vein illuminator market comprehensively and provides the closest estimation of the overall size of the market and its subsegments across different technologies, end-user industries, applications, and regions.
- The report would help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders better understand the competitors and gain more insights to improve their position in the business. The competitive landscape section includes competitors' ecosystem, new product developments, funding, and partnerships.
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