Vein Finder Market Valuation to Total US$ 52.4 Million by 2034, Spurred by Rising Demand for Improved Venepuncture Accuracy in Healthcare Settings | Future Market Insights Inc.
The vein finder industry is witnessing significant growth driven by rising demand for blood draws and intravenous therapy, increasing popularity of portable vein finders, and robust sales of advanced vein finder technologies.
NEWARK, Del, April 03, 2024 (GLOBE NEWSWIRE) — The global vein finder market is estimated to be valued at US$ 37.6 million in 2024. Global sales of vein finders will likely soar at 3.4% CAGR during the forecast period, taking the total market valuation to US$ 52.4 million by 2034.
Demand remains particularly high for portable vein finders owing to their portability, flexibility, cost-effectiveness, and other advantages. The target segment accounted for a revenue share of 91.6% in 2023 and is set to grow at 3.1% CAGR between 2024 and 2034.
Multiple factors are expected to drive demand for vein finders during the next decade. These include expanding healthcare infrastructure, a rising geriatric population, a growing prevalence of chronic diseases, and an increasing number of medical procedures like venipuncture.
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The growing geriatric population is a key driver for the vein finder market, emphasizing the need for advanced technologies that cater to the specific challenges posed by older patients. Similarly, increasing cases of chronic conditions such as diabetes and cancer in the older population will benefit the market.
According to the World Health Organization (WHO), more than 16.7% of people globally will be over 60 by 2030, and in 2050, this number is expected to reach 1.4 billion. This will likely fuel demand for vein finders during the assessment period.
Elderly individuals commonly experience physiological changes that make vein visualization more challenging. This, in turn, highlights the crucial role of vein finders in improving the success rates of medical interventions.
Venepuncture in geriatric, pediatric, dark-skinned, and obese individuals result in relatively high failure rates. Conventional techniques for vein visualization present limitations in terms of reliability or cost-effectiveness, thereby putting advanced vein finders into the limelight.
Vein finders, especially LED vein detection devices, address these challenges. They help medical professionals to visualize veins beneath the skin easily.
LED vein detection devices leverage the photocurrent generated by LEDs in reverse bias. This innovative approach utilizes two emitting LEDs and one detecting LED to identify vein locations through trans-illuminance and reflectance.
Advanced vein finders like LED vein detectors are making vein detection more accessible and potentially revolutionizing clinical practices, particularly in resource-constrained environments. As healthcare providers increasingly prioritize accessibility and affordability, the emergence of low-cost LED vein detection devices reflects a positive trajectory in the vein finder market.
Key Takeaways from the Vein Finder Market Study
- The global vein finder industry value is set to total US$ 52.4 million by 2034.
- Based on product type, the portable vein finder segment held a share value of 91.6% in 2023.
- By technology, the infrared segment accounted for a market share of 62.2% in 2023.
- By end user, the hospital segment is expected to record a CAGR of 2.4% through 2034.
- North America held 39.8% of the global vein finder industry in 2023.
- Sales of vein finders in China are projected to grow at 7.0% CAGR from 2024 to 2034.
- France is poised to exhibit a CAGR of 2.6% through 2034.
“Increasing geriatric population and rising prevalence of chronic diseases are expected to boost the growth of the vein finder market in the next decade,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Who is Winning?
AccuVein Inc., Christie Medical Holdings, Inc., Near Infrared Imaging LLC, Shenzhen Bestman Instrument Co., Ltd., Gentherm Inc., Sunny Medical Equipment Limited, Translite LLC / Veinlite, Venoscope LLC, ZD Medical, Infinium Medical, NextVein, International Biomedical, Shenzhen Vivolight Medical Device & Technology Co., Ltd., BLZ Technology Inc. and iiSM Inc. are leading vein finder manufacturers and suppliers listed in the report.
Key players are looking to develop advanced vein finders to meet evolving needs of healthcare professionals. They are also using strategies like partnerships, mergers, acquisitions, distribution agreements, and collaborations to enhance their market presence and gain a competitive edge over their competitors during the forecast period.
Recent Developments in the Vein Finder Market:
- In September 2021, NextVein LLC unveiled a groundbreaking product that makes vein visualization affordable for every clinician. The NextVein system is designed from the ground up to be a simple-to-use, cost-effective solution for achieving successful venous access and vein avoidance.
- In 2019, VeinSight-500 vein finder was launched by BLZ Technology Inc. across regions like North America, South America, Africa, Asia, Australia / Oceania, and Europe.
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Key Players in the Vein Finder Market
- AccuVein Inc.
- Christie Medical Holdings, Inc.
- Near Infrared Imaging LLC
- Shenzhen Bestman Instrument Co., Ltd.
- Gentherm Inc.
- Sunny Medical Equipment Limited
- Translite LLC / Veinlite
- Venoscope LLC
- ZD Medical
- Infinium Medical
- NextVein
- International Biomedical
- Shenzhen Vivolight Medical Device & Technology Co., Ltd.
- BLZ Technology Inc.
- iiSM Inc.
Global Vein Finder Market Segmentation
By Product Type:
- Portable
- Benchtop
By Technology:
- Infrared
- Ultrasound
- Transillumination
By End-user:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Diagnostic Centers and Path Labs
- Blood Banks
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
About Healthcare Division at Future Market Insights (FMI)
Future Market Insights (FMI) facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you to devise innovation-driven trajectories for your business
Author By
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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