Vein illuminator market comprises of the devices used for vein translucency during venipuncture procedure. The device is available as table top vein illuminators and hand held vein illuminator. These devices have high adoption rate in hospitals and clinics and it comes under infrared and ultrasound vein illuminator technology types.
Vein illuminator market revenue is growing with a significant rate, this is attributed to increasing usage of this device during majority of peripherally inserted central catheter (PICC) procedures in hospitals. In addition to this, the device has its usage in sclerotherapy i.e. for treating varicose veins and spider veins. Growing healthcare expenditure and increasing inclination of doctors and nurses to adopt technologically advanced devices in their practice aids in the revenue growth of vein illuminator market. Increasing number of new product launches also drives the market for vein illuminator devices. However higher pricing of these devices along with lower awareness of vein illumination technology is expected to hamper the growth of the vein illuminator market over the forecast period.
Vein illuminator market revenue is expected to grow at a good growth rate, over the forecast period. The market is anticipated to perform well in the near future due to increasing inclination of doctors and nurses to use the device during venipuncture. Also the market is anticipated to grow with a fastest CAGR over the forecast period, attributed to increasing usage of the device for the routine procedures of puncturing the vein in laboratories and blood donation centers. Increasing investment in R&D and increasing number of new product launches are the major factors estimated to drive the revenue growth of vein illuminator market.
Depending on geographic region, the vein illuminator market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific (APAC) and Middle East & Africa (MEA).
North America is occupying the largest regional market share in the global vein illuminator market owing to the presence of more number of market players, high awareness levels regarding the use of technologically advanced products for routine procedures such as collecting blood sample or inserting a PICC port. Healthcare expenditure and relatively larger number of R&D exercises pertaining to product manufacturing and marketing activities in the region. Also Europe is expected to perform well in the near future due to increasing usage of technologically advanced devices such as vein illuminator in pathology laboratories and blood donation centers
Asia Pacific is expected to grow at the fastest CAGR because of increase in the number of hospital admissions and growing geriatric population in the region, thus boosting the market growth of vein illuminator market throughout the forecast period.
Some players of vein illuminator market includes AccuVein Inc., Christie Medical Holdings, Inc., Venoscope Veinlite, Elixir medical Equipment LLC, Sharn Anesthesia etc. The companies in vein illuminator market are increasingly engaged in strategic partnerships.
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