Global Vein Illumination Market - Segmented by Application (Venipuncture Assistance, IV Access, Sclerotherapy), End User (Hospital, Blood Camp, Rehabilitation, Academic Institution, Parademic Application), and Region - Growth, Trends, and Forecast (2018 - 2023)
The Global Vein Illumination Market was valued at USD 54.4 million in 2017 and is expected to reach a market value USD 216.01 million by 2023, registering a CAGR of 25.80% during the forecast period (2018 – 2023). The scope of the report is limited to venipuncture assistance, IV access, and sclerotherapy types of application. The report is also segmented by end user and region.
Vein illumination devices use infrared technology to reveal the structure of the vein. The market for vein illumination device has witnessed a strong growth owing to various advantages offered by the devices, such as increased work efficiency, decrease in the number of errors during the procedure, etc. It is estimated that about 2.7 million invasive medical procedures are being performed in the United States on a daily basis which involve venipuncture as one of the basic steps. Vein illumination devices are currently being majorly used for venipuncture-based procedures. According to a report by the National Health Service (NHS) of Scotland, 80% of the occupational needlestick injuries could have been avoided with the usage of a safety device
Higher Customer Satisfaction is Driving The Market
The use of vein illumination has helped hospitals to achieve a higher customer satisfaction rate. The use of vein illumination devices increases chances of blood draw at the first attempt, which helps in increasing the customer satisfaction as it avoids multiple attempts to use the needle to draw blood.
Hospitals Are Expected To Hold Major Market Share
Hospitals have been one of the prime beneficiaries of such product innovations owing to the ease in the blood draw activities and other surgical procedures being deployed in the hospitals. Venipuncture is one of the most common medical procedure that is being conducted every day in hospitals as part of many medical procedures. According to a study conducted in 2014, about one-third of the attempts during the procedure fail to locate veins. The introduction of vein illumination devices can increase the efficiency of operation. Companies, such as AccuVein, have been increasingly suggesting the need for such technologies. The use of technologies, like AccuVein, has increased the chance of a successful first-time stick by approximately 3.5 times the existing success rate.
Surgical and nonsurgical procedures have been on the rise, ACL surgeries among children have risen by about 148% over the past decade. According to the International Society of Aesthetic Plastic Surgery, the total number of cosmetic surgeries had increased by about 8% in 2016. The total number of injectable in cosmetic surgery had also increased by about 11% in 2016. This rise in the number of procedures emphasizes the need for vein illumination devices. As venipuncture procedure is fairly usual for surgeries, there is a need for vein illumination devices to improve the efficiency and reduce the possibility of error.
North America Expected to Have Significant Market Share
According to the Journal of the American Medical Association, more than 35% of the adult population in North America is obese, thus, increasing the likeliness to be living with a difficult venous access (DVA). These factors further emphasize the need for vein visualization techniques for accurate procedures. According to the International Society of Aesthetic Plastic Surgery, the number of cosmetic surgery procedures employed in the country is also the highest compared to other countries, owing to which the need for vein visualization technologies is necessary.
In the United States, according to the U.S. Dept. of Labor’s Occupational Directory, a total of 40% of phlebotomists work in hospitals, 26% work in medical and diagnostic laboratories, 9% work in physician offices, and 18% work in other ambulatory healthcare services. The use of vein illumination devices can lead to an increase in the efficiency of the workforce. About 20% of adults are expected to be affected by varicose veins at varied points of their life. More than 270,000 sclerotherapy procedures were done in the United States in 2017, which emphasizes the need for better vein visualization techniques.
Key Development in the Market
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