Vein Illuminator Device Market Trends

Growth Drivers

• Rising Prevalence of Blood Borne Diseases

Anemia, which is a major global health concern, is known to primarily affect children and pregnant women. A staggering 42% of children less than 5 years old and 40% of pregnant women are stated to be living with anemia across the globe. 

The rising cases of blood diseases such as anemia, leukocytosis, and hemophilia requires lengthy blood treatment regimens which is expected to fuel the demand for vein illuminator devices over the forecast period.

• Infections Caused by Wrong Use of Syringes for Blood Collection
• World Health Organization (WHO) reported that 290 000 deaths were caused by hepatitis C in 2019 while 1.67 million new cases of hepatitis B are caused annually by unsafe injection practices.
•  Global Expansion of Hospitals and Blood Donation Camps 

Between 2008 to 2018, voluntary unpaid blood donations increased by 10.7 million. Worldwide, 118.5 million blood donations are collected. The majority of these are collected in high-income countries. Over 13,300 blood donation centers in 169 countries report collecting 106 million donations in total.

• Increasing Expenditure on Healthcare

According to Centers for Medicare & Medicaid Services, the federal government financed the largest share of total health spending (36.3 %), followed by households (26.1 %).   State and local governments accounted for 14.3 percent of total health care spending, while private businesses accounted for 6.5 percent.

• Overweight and Obesity Among Adults

According to Centers for Disease Control and Prevention the prevalence of obesity in the US increased from 30.5% in 1999-2000 to 41.9% in 2017-2020. A similar increase of 4.7% in the prevalence of severe obesity occurred during the same period.

Challenges

• Higher Price Associated with Vein Illuminator Devices
• Lack of Awareness about the Product
• Availability of Non-Branded and Cheap Products in Market

The market is segmented by technology into transillumination, near-infrared, and ultrasound. Out of these, the transillumination segment is anticipated to capture the largest market size in the global vein illuminator device market on account of extensive usage of the transillumination vein locators for peripheral venous line procedures. It is observed, that the success rate of cannulation was significantly higher in the US group (~80%) than in the Veinlite group (~55%), about 90% of the US group and around 80% of the Veinlite group achieved good overall success rates. Moreover, the adoption of this technology is rapidly increasing owing to its benefits, including less pain, precise vein identification, and reduced risk of bruising and bleeding. Therefore, these technological benefits are expected to contribute to segment growth over the forecast period.