The vein finders market is predicted to garner considerable traction during the forecast period of 2019-2027 with an alarming rise in obesity numbers and an increase in the geriatric population being the prime growth factors. The vein finders market is pinning hopes on the growing influence of vein finders in hospitals and clinics on a large scale. Vein finders help physicians and clinicians to locate a vein easily and assist in providing useful information for vascular access procedure. In addition, many people prefer to not go under the needle for vein detection. Therefore, the growing demand for needleless technology is proving to be a boon for the vein finders market.
A large chunk of the geriatric population suffers from various chronic diseases, thus leading to hospitalization. This leads to an increase in the use of vein finders. Hence, the rise in the hospitalization of the geriatric population is proving to be a good growth generator for the vein finders market.
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According to Transparency Market Research (TMR), the vein finders market expects to expand at a CAGR of 17 percent across the forecast period of 2019 to 2027. The global vein finders market was valued at 150.9mn in 2018.
Innovations to Boost Growth Prospects of Vein Finders Market
Technological innovations have become a frequent phenomenon in the vein finders market as numerous healthcare professionals depend on vein finders for efficient detection and treatment. The manufacturers in the vein finders market are coming up with novel technologies and innovations that accelerate the growth rate of the vein finders market to a great extent.
Technologies like vein visualization are emerging as star contributors for increasing the growth rate of the vein finders market. The AccuVein Vein Finder makes use of vein visualization technology. This device uses Near-infrared technology (NIR) imaging for vein detection, thus causing accurate visualization of veins under the skin. AccuVein makes use of two barcode-scanner class lasers that are safe for the skin. The two lasers work together to provide a real-time image of the subcutaneous vasculature. The red laser enables vein mapping possible.
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Another instance of cutting-edge technological innovation in the vein finders market is PEDI2, a device that is specifically designed to avoid children from the unnecessary suffering from needles and is the only device that delivers one-stick success. The vein finders lock in place during needle sticks and prevent vein rolling. It is also packed with other features like longer battery life, 29 percent larger opening for vein imaging as well as 3-way brightness control.
The rising threat of COVID-19 is bringing patient self-care to the center stage. Therefore, a blend of mHealth with vein finders may create a great growth opportunity for the vein finders market. Path-breaking mobile applications to scan the skin of the patients are steering the vein finders market toward growth.
Key players in the vein finders market include AccuVein Inc., Near Infrared Imaging Inc., B Braun Melsungen AG, Christie Medical Holding Inc., Venoscope, Koninklijke Philips N.V., and Teleflex Incorporated (VeuTek Scientific LLC).
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North America to Dominate Vein Finders Market
Geographically, the vein finders market is segmented into Latin America, Asia Pacific, the Middle East and Africa, Europe, and Asia Pacific. North America is predicted to record stellar growth across the forecast period due to factors like an increase in cosmetic surgeries and the prevalence of obesity among the general populace. Preference of people toward minimizing bruises through needleless technology is also finding its way through growth. Asia Pacific is also expecting steady growth during the forecast period due to frequent blood tests. Europe may also observe substantial growth due to rising obesity cases.
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