Advances in healthcare technology have fueled a series of innovations in medical devices, with the release of products of the highest caliber that offer improved functionality of the devices. The innovations in vein finder technology have created a storm in the medical device sector, where advanced vein finder devices supported by the latest technology are a boon to doctors, nurses and phlebotomy. The past two years have witnessed remarkable innovations in vein search technology, most notably:
- The world’s first slice-shaped palm vein authentication technology was introduced into the vein finder market by Fujitsu Laboratories Ltd. In 2017. This built-in technology is able to integrate into tablets and tabletop mobile devices.
- In 2018, Vino Optics launched the Oxy-Iso Paramedic Intravenous Glasses, a pair of sunglasses to help physicians and phlebotomists easily locate veins through image viewing enhanced by UV filtering. Presumably useful for healthcare professionals who suffer from color blindness, this technology helps doctors locate veins by enhancing their ability to display the color red and green.
2013-2021 Vein Finder Market Demand Market Outlook vs. 2022-2028 Outlook
Vein detector sales grew at a Compound annual growth rate of 9.0% Between 2013 and 2021.
The vein finder market is growing exponentially due to the increasing accuracy and reliability in locating veins which is one of the major factors driving the demand and growth of the vein finder market. The development of the market is mainly attributed to the technological advancements in healthcare technology that have helped in the innovation of new medical devices.
The growing trend of mobile health is likely to promote the adoption of vein detectors among healthcare organizations. More than 350,000 mHealth apps are expected to be available in app stores in 2020. Advanced mobile applications that use advanced software to scan patients’ skin have recently hit the market.
Moreover, in the past few years, the number of plastic surgeries among the elderly population has increased. Surgical procedures are very popular such as face-lift, skin-tightening, body and face sculpting, eyebrow lift, eyelid lift, etc. This increase in the number of surgeries increases the demand for vein finders.
Given this, FMI expects the global vein finder market to grow at a rate Compound annual growth rate of 10.9% Until 2028.
Vein Finder Market Structure Overview: Regional Focus To Promote Global Market Growth
An overview of the market structure of the global vein finder market reveals a strong regional presence of the major market players as well as local players. Leading companies operating in the global vein finder market are taking advantage of acquisitions as a primary strategy to facilitate expansion into the regional market. Future Market Insights analysis also notes a strong focus by vein research companies on research and development to develop new products and expand an existing product line in key regional growth markets.
“Implementation of inorganic growth strategies is seen as the way forward to penetrate key growth markets across specific developing regions. Companies in the vein finder market offering diversified product offerings are collaborating with local regional players to offer low cost vein detection products in order to strengthen their presence in the markets major regional.
In 2017, the three leading companies in the global vein search market accounted for approximately 56% revenue share while the remaining companies contributed approximately 44% of the market share. New product development is a key strategy adopted by the players in the global vein finder market to increase their brand value. Increasing difficulties associated with peripheral venous access and venipuncture is one of the key factors boosting the growth of the vein finder market and major players are taking advantage of growth drivers to increase their market share.
Future Market Insights expects profitable revenue growth in various regional markets in Europe and Asia Pacific excluding Japan. Europe is likely to remain the top market for sales of vein finders due to the increased adoption of the vein finder across hospitals and clinics for identifying veins for blood sampling, venipuncture and other vascular procedures.
Portable vein finder for Garner end user order; Infrared technology to record the fastest growth in revenue, and reveal future market insights
Portable vein finders are likely to be the most preferred product type in the global vein finder market, registering an impressive demand as well as sales growth in the next decade. The convenience and ease of use offered by portable vein finders is the primary factor driving adoption across hospitals, clinics, and other healthcare facilities. Global vein finder market is backed by advanced technology as infrared technology is the most adopted in vein finder devices. Among the different end users of vein finders, hospitals are likely to register the highest demand in the next 10 years, which also contributes to maximizing revenue in the global vein finder market.
By the end user:
- Mobile surgery centers
- Diagnostic centers and path laboratories
- veterinary clinics
- home care settings
- blood banks
- North America
- Latin america
- CIS and Russia
- Asia Pacific excluding Japan (APEJ)
- Middle East and Africa (MEA)