The Vein Finder Industry is experiencing a remarkable surge as it continues to redefine the landscape of healthcare technology. In 2022, the global Vein Finder Market was valued at approximately US$ 46.7 million, and it is now set to soar to an estimated US$ 86.8 million by 2028, marking a substantial growth trajectory with a projected CAGR of 10.9% over the forecast period.
The remarkable growth in the Vein Finder Market is closely tied to the innovative technology that is driving this transformation. Advanced Vein Finders, built on cutting-edge technologies, are proving to be a game-changer for healthcare professionals, including physicians, nurses, and phlebotomists.
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“Innovations like these are expected to increase adoption of advanced Vein Finders in hospitals and healthcare establishments, leading to significant revenue growth of the global Vein Finder market. Our analysis of the performance of the Vein Finder market reveals an absolute $ opportunity of US$ 3.0 Million between 2018 and 2019 and the global market is estimated to register a stellar growth rate of 10.9% in the coming decade.” Practice Head – Healthcare & Medical Devices, Future Market Insights
Vein Finder Market Structure Overview: Regional Focus to Bolster Global Market Growth
An overview of the market structure of the global Vein Finder market reveals a strong regional presence of top market companies as well as local players. Leading companies operating in the global Vein Finder market are leveraging acquisitions as a primary strategy to facilitate regional market expansion. Future Market Insights analysis also observes a strong focus by Vein Finder companies on R&D for new product development and expansion of the 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 certain developing regions. Companies in the Vein Finder market with diversified product offerings are collaborating with local regional players to introduce low-cost Vein Finder products in order to cement their presence across top regional markets.”
In 2017, the leading three companies in the global Vein Finder market held a revenue share of about 56% while the remaining players contributed about 44% market share. New product development is a key strategy adopted by players in the global Vein Finder market to increase their brand value. Rising difficulties associated with peripheral venous access, venepuncture is one of the primary factors boosting growth of the Vein Finder market, and key players are capitalizing on the growth drivers to increase their market share.
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Future Market Insights predicts lucrative revenue growth in the various regional markets of Europe and Asia Pacific Excluding Japan. Europe will likely remain the top market for sales of Vein Finder devices owing to increasing adoption of Vein Finder across hospitals and clinics to locate veins for drawing blood samples, IV insertions, and other vascular procedures.
Portable Vein Finder to Garner Maximum End User Demand; Infrared Technology to Register Fastest Growth in Revenue
Portable Vein Finders are likely to be the most preferred product type in the global Vein Finder market, registering impressive demand as well as sales growth in the coming decade. The convenience and ease of use offered by portable Vein Finders is the primary factor boosting adoption across hospitals, clinics, and other healthcare institutions. The global Vein Finder market is fuelled by advanced technology with infrared technology being the most adopted in Vein Finders. Among the various end users of Vein Finders, hospitals are likely to exhibit the highest demand in the next 10 years, also contributing to maximum revenues in the global Vein Finder market.
Competitive Landscape
The market for Vein Finders is fragmented by nature, with only a few players present. These players are part of several strategic alliances. The product launch and acquisition speed up the manufacturer’s strategy to capitalise on market share and gain a sizable market share.
Furthermore, the corporations are focusing on the launch of new items to boost their product portfolio in the Asia Pacific area in order to expand their clientele and capture the largest market share in emerging economies.
Key Players
- AccuVein Inc.
- Christie Medical Holdings
- Koninklijke Philips N.V
- Osang Healthcare Co. Ltd
- Teleflex Inc. (Acq. VueTek Scientific, LLC.)
- TransLite, LLC
- ZD Medical
- Vivolight
- Venoscope LLC
- Shenzhen Bestman Instruments Co., Ltd
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Vein Finder Market by Category
By Product:
- Portable
- Benchtop
By Technology:
- Ultraviolet
- Infrared
- Ultrasound
By End User:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Diagnostic Centers and Path Labs
- Veterinary Clinics
- Home Care Settings
- Blood Banks
Author
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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