Leading Manufacturers Contribute 56% of the Revenue in the Vein Finder Market
The vein finder market is largely dominated by few major manufacturers who are competing on the basis of advancement and pricing in the vein finder market. The fragmented nature of the vein finder market decreases the profitability of the business.
However, the introduction of the novel device by manufacturers and the growing patient and healthcare professional satisfaction with the use of vein finder, are factors expected to boost the growth of the vein finder market. Companies such as Accuvein, Christie Medical Holdings, and OSANG Healthcare Co., Ltd. hold 56% of the revenue share in the global vein finder market.
Excellence in Customer Satisfaction and Increasing Adoption of Vein Finder
Hospitals have achieved higher customer satisfaction after using a vein finder in their facility for IV insertion and to draw blood. Vein finders help physicians and nurses to locate and access the vein easily and provide valuable information for the vascular access procedure. A vein finder increases the chances of drawing blood and inserting IV in the first attempt.
This has reduced the use of multiple needles to draw blood and subsequently the pain and discomfort caused during IV insertion and blood drawing. This has, in turn, helped hospitals gain customer satisfaction and acts as the driving factor for the growth of the vein finder market.
Expansion in End Users and Applications of Vein Finder
Vein finders are very useful in hospitals, ambulatory surgical centers, outpatient clinics, diagnostic labs, and home care settings. Additionally, a vein finder is also useful at veterinary clinics. The device is not only used for spotting veins in humans, but also in animals as well. A vein finder allows simple needle insertion in the veterinary setting, reducing the challenges faced during such operations and therefore allowing more comfort to the animal. Vein finders are easy to use and save valuable time for both nurses and patients. The end-user expansion is boosting the market growth of vein finders.
Emerging Field of Mobile Health and Technology in Nursing Education
In future, Mobile health (mHealth) has huge potential to restructure healthcare delivery. Technological advances in smartphone hardware and software have shown exponential growth in the market. Mobile health is expected to play an important role in patient self-care as smartphone ownership is rising globally. It is estimated that more than 259,000 mHealth apps were accessible on app stores and accounted for approximately 3.2 billion downloads in 2017.
Nowadays, innovative mobile apps that use sophisticated software to scan the skin of the patients have entered the market. User-friendly image platforms provide vein lining images to the physicians and nurses. These vein illumination mobile apps can be used by nursing practices and educational institutes.
Increased Opportunities in the Cosmetic Industry
Over the past years, the number of cosmetic surgeries among the aging population has increased. Procedures like tightening of the skin, facelift, facial & body contouring, eyelid lift, brow lift, etc. are very popular. Based on the data by the International Society of Aesthetic Plastic Surgery, cosmetic procedures and cosmetic surgery injectable increased by around 8% and 11%, respectively, in 2016. This rise in the no. of procedures increases the need for vein finder devices.
However, the venipuncture technique is fairly common for cosmetic surgeries. There is a need for vein finder devices to improve their efficiency and reduce the probability of error. Vein finders help to locate facial veins to avoid bruising while performing procedures such as facial injectable.
Competitive Landscape of the Global Vein Finder Market
The competition section of the vein finder market features the profiles of the key players competing in the vein finder market based on their differential market strategies, market shares, product offerings, marketing approach, and company dashboard. Some of the key players featured in this report 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 key manufacturers offer advanced vein finders. AV400 vein illuminator by AccuVein Inc. allows healthcare professionals to map veins on the patient’s skin by improving vascular access procedures such as IV insertion, blood drawing for testing and blood donation and avoiding veins for patients undergoing cosmetic injectable procedures.
Definition
Vein finder is a type of device used in the visualization of veins for venepuncture and cannulation. A vein finder is an innovative device that helps healthcare professionals find veins for intravenous insertion and blood draws. Vein finders create a real-time visual mapping of veins on the skin surface by using various technologies such as ultraviolet, infrared, and ultrasound.
About the Report
The company conducted a research study on the vein finder market for the forecast period 2018 to 2028. The report offers a comprehensive evaluation of the business opportunities prevailing in the vein finder market along with insights on the procedure performed, installation of device, disease incidences, and awareness level for vein finder and vein finder market competition. The report elaborates the macroeconomic factors influencing the dynamics of the vein finder market and its futuristic potential.
Additional Questions Answered
Some of the additional questions addressed in this report on the vein finder market-
- What is the revenue potential of the vein finder market across North America and Europe?
- Who are the key competitors and what are their portfolios in the vein finder market?
- What are the major challenges influencing the growth of the vein finder market?
- How intervention from key regulations is shaping the growth of the vein finder market?
Research Methodology
The vein finder market has been estimated based on a supply-demand approach. The vein finder market was first calculated based on vein finders used in hospitalized patients from different region/countries. The installed number of vein finders was estimated based on the average installation of vein finder per hospital in top the 20 countries globally. Other qualitative factors analyzed include awareness level of the device, life span, key regulations, average price of the system, and others.
This information is further validated with rigorous primary research (including interviews, surveys, in-person interactions, and viewpoints of seasoned analysts) and secondary research (including verified paid sources, authentic trade journals, and resourceful databases). The research study on vein finder market also includes top trends and macro as well as microeconomic factors shaping the vein finder market.
Segmentation
The report offers a comprehensive taxonomy of the vein finder market based on product type, technology, end-user and region. The products in the vein finder market are sold as portable and benchtop. The technologies in the vein finder market are ultraviolet, infrared rays, and ultrasound. The end-user segments in the vein finder market include hospitals, clinics, ambulatory surgical centers, diagnostic centers and path labs, veterinary clinics, home care settings, and blood banks.
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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