The Global Vein Finder Industry has been on an impressive trajectory, reaching a value of approximately $46.7 million in 2022, and is now poised for even greater heights, with an estimated valuation of $86.8 million by 2028. This exceptional growth is underpinned by a robust compound annual growth rate (CAGR) of 10.9% projected over the forecast period.
The driving force behind this remarkable ascent is the innovative Vein Finder technology, which is reshaping the medical device industry. These cutting-edge Vein Finders, leveraging state-of-the-art technologies, are providing substantial benefits to healthcare professionals, including physicians, nurses, and phlebotomists.
“Innovations like these are expected to boost the adoption of advanced Vein Finders in hospitals and healthcare facilities, resulting in significant revenue growth for the global Vein Finder market. Our in-depth analysis reveals a substantial $3.0 million opportunity between 2018 and 2019, and the global market is set to maintain a stellar growth rate of 10.9% over the next decade,” states the Practice Head of Healthcare and medical Devices at Future Market Insights.
The future of healthcare is being reshaped by Vein Finder technology, delivering improved patient care and enhanced healthcare practices. This remarkable growth story underscores the transformative potential of innovative medical devices.
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Vein Finder Industry Structure Overview: Regional Focus to Bolster Global Market Growth
An overview of the market structure of the global Vein Finder industry 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 industry 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 industry 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.
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.
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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 industry, 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 industry.
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.
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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
Vein Finder Industry 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
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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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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