SAN FRANCISCO, July 11, 2016 /PRNewswire/ -- The global vein illuminator market is expected to reach USD 358.5 million by 2024, according to a new report published by Grand View Research, Inc. The vein illuminator market is anticipated to witness a lucrative growth during the period 2016 to 2024. The factors contributing towards the growth of the market are the growing aging population and the efforts channelized towards improving patient satisfaction. Additionally, factors, such as the demand for technologically advanced medical equipment and the rising research and practical applications are expected to be opportunistic for the industry growth. However, the prevalence of traditional methods owing to the high costs of the vein illuminator devices is likely to hinder the growth of the market in the near future.
The vein illuminator market is segmented on the basis of technology, application, end-user, and region. Based on technology, the market is further categorized into transillumination, infrared technology, and ultrasound. The near-infrared illumination technology is estimated to be the largest shareholder due to its ability to penetrate deep into the tissue, which makes it possible to visualize the vessels clearly.
On the basis of application, the market is segmented into intravenous access and blood draw. The end-user segment comprises hospitals, rehabilitation facilities, blood donation camps, and academic institutions. The market for hospitals is expected to grow rapidly during the forecast period due to a surge in the demand for technologically advanced medical equipment.
Access full research report: http://www.grandviewresearch.com/industry-analysis/vein-illuminator-market
- In terms of market share, the North America vein illuminator market is expected to hold majority of the share in 2016. Factors resulting in the growth of this industry are the steady preference for highly-advanced medical devices by hospitals as well as the presence of several medical device manufacturing companies in the region.
- The infrared illumination technology is estimated to lead the industry due to its deep penetration capability into thick tissues to highlight the presence of vessels with increased clarity. Based on application, the segment for intravenous access is estimated to be the largest shareholder, followed by the blood draw segment.
- Technology Outlook (Revenue, USD Million, 2013 - 2024)
- Infrared technology
- Application Outlook (Revenue, USD Million, 2013 - 2024)
- Intravenous access
- Blood draw
- End-user Outlook (Revenue, USD Million, 2013 - 2024)
- Blood donation camps
- Academic institutions
- Regional Outlook (Revenue, USD Million, 2013 - 2024)
- North America
- Asia Pacific
- Latin America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
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SOURCE Grand View Research, Inc.