According to a new market study by Future Market Insights (FMI), the global vein finder market is forecasted to witness healthy growth in terms of value between 2018 and 2028. Vein Finder Market to Grow at a Stellar CAGR of 10.7% Through 2028, Says Future Market Insights
The growth of the market is majorly attributed to advancements on the healthcare technology front that have facilitated innovation of novel medical devices. On this premise, introduction of advanced vein finders has mutually benefited market players and medical professions including physicians, nurses, and phlebotomists.
Growing trend of mobile health is also expected to bolster the adoption of vein finders across healthcare institutions. Backed by the penetration of smartphones, coupled with hardware and software advancements, mobile health trend is expected to drive the growth of vein finders. Statistics reveal that over 259,000 mobile health apps were accessible on app stores, registering over 3.2 billion downloads in 2017. This will continue to fuel the growth of the vein finder market.
“Manufacturers are emphasizing building a diverse product portfolio and are collaborating with domestic players to produce vein finder products at affordable prices to cater to a wider consumer base,” opines FMI analyst.
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Vein Finder Market – Key Takeaways
- The global vein finder market is forecasted to progress on a remunerative path through 2028, registering a CAGR of 10.7%.
- Adoption of vein finders is expected to witness a significant uptick in the cosmetics industry owing to growing applications in procedures such as facelift, facial & body contouring, eyelid lift, and brow lift, among others.
- By product type, portable vein finders will remain the most sought-out product among healthcare institutions owing to the convenience and ease of use they offer.
- Based on end-use, hospitals and clinics are expected to channel majority of market share through the forecast period owing to increased spending on improving infrastructure.
Vein Finder Market – Key Trends
- Introduction of slide style palm vein authentication technology by Fujitsu Laboratories Ltd. in 2017 and the subsequent adoption in devices are expected to bestow lucrative revenue opportunities as it increases the efficiency and accuracy of products.
- Advent of technologies that filter ultraviolet rays and enhance image display to ease the process for medical professions are anticipated to fuel the sales of products.
Vein Finder Market – Regional Landscape
- North America, which held over 37% of overall market value in 2017, will remain the leading regional market owing to the presence of strong healthcare and cosmetic sectors.
- Europe is projected to prevail as the second largest region, backed by surging adoption in hospitals and clinics for drawing blood samples, IV insertions, and other vascular procedures.
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Vein Finder Market – Competitive Landscape
Some of the major market players include 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, and Shenzhen Bestman Instruments Co., Ltd. The competitive landscape represents a highly consolidated structure with leading players accounting for 56% of market share. Among the players, new product development remains a common growth strategy to strengthen their foothold.
Vein Finder Market – Taxonomy
- Infrared rays
- Ambulatory surgical centers
- Diagnostic centers and path labs
- Veterinary clinics
- Home care settings
- Blood banks.
- North America
- Latin America
- Western Europe
- Eastern Europe
- Southeast Asia & Pacific
- Middle East & Africa