Vein Finders Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Vein Finders Market Size, Share & Trends Analysis Report By Product, By Technology, By Type, By Application, By End-user, By Region, And Segment Forecasts, 2024-2031

Vein Finders Market Size

The Global Vein Finders Market reached US$ 244.50 million in 2023 and is expected to reach US$ 346.6 million by 2031, growing at a CAGR of 4.5% during the forecast period 2024-2031.

The global vein finders are vascular access devices that delineate veins lying in the subcutaneous tissues to identify potential venipuncture sites. The various models of vein-finder devices include portable handheld and hand-free devices that can be used at the bedside in the hospital, as well as new versions of these devices with improved maneuvering and configuration options.

Subsequently, many vein finders came onto the market to help identify and cannulate a suitable vein. Furthermore, vein finders are relatively costly and may not be readily available in smaller hospitals and clinics. The utility of vein finder devices should be further established in different scenarios (e.g. emergency vs. elective), and by identifying appropriate patient subgroups.

 Many of these devices utilize near-infrared light that is presented on the skin surface. This light is absorbed in the blood vessels by hemoglobin, while in the remaining tissues, it is reflected. This system processes the returned images, adds color, and displays the image in real-time on the skin surface. It supports the visualization of the veins and identifies bifurcations to enhance access to the vein without the need for several punctures. It also allows visualization and refilling of veins, and the possibility of extravasation is thus minimized. Vein finder devices may help distinguish a healthy vein from a sclerotic one.

Market Scope

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Market Dynamics: Drivers

Technological Advancements in Healthcare

The demand for the vein finders market is driven by multiple factors. Recently, using the near-infrared region (NIR) of the electromagnetic spectrum became more popular in developing a low-cost but efficient type of vein finder. This primarily addresses the estimated cost of available commercial vein finders using NIR technology for about 4500 USD (portable) to 27,000 USD (non-portable). Moreover, the most significant reason is the challenges that the physician, nurse, emergency medical technician, and other medical practitioners encounter during venipuncture, intravenous (IV) drug delivery, and cannulation.

For instance, in February 2021, the Infusion Nurses Society's (INS) recently announced Infusion Therapy Standards of Practice, published by AccuVein Inc., proposing using NIR vein visualization technology during venipuncture procedures. Participants can be encouraged to determine and assess peripheral venous spots.

With these variations in the materials being utilized for the development of a vein finder, such as the types of cameras, sensors, and filters, it shows that still searching for the best components of a vein finder specifically useful for medical use. Currently, this technology is commercially available but very expensive. This technology improves the required specifications for the development of a low-cost effective vein finder.

Also, in September 2021, NextVein LLC unveiled a groundbreaking product that makes vein visualization affordable for every clinician. The NextVein system is designed from the ground up to be a simple-to-use, cost-effective solution for achieving successful venous access and vein avoidance.

Restraints

Factors such as the high cost of devices & treatment, lack of skilled professionals, the discrepancy in the result of vein finders equipment, limitations of vein finders in obese patients, lack of awareness and training regarding the benefits and usage of vein finders, inadequate insurance coverage, and reimbursement policies, are expected to hamper the market.

Market Segment Analysis

The vein finders market is segmented based on product, technology, type, application, end-user, and region.

The active vein finder segment accounted for approximately 49.1% of the vein finders market share

The active vein finder segment is expected to hold the largest market share over the forecast period. They are illuminator devices that use infrared light to quickly and easily highlight the patient’s veins. They became an effective tool healthcare practitioner rely on to perform laboratory testing for venipuncture procedures, so they are available in many options and models. They work at their best in darkened areas, so that the veins are easily visible with the help of infrared light.

Owing to the increasing adoption of active vein finders in hospitals and other clinics. Active vein finders require a power source to operate, it runs on electricity or is available in battery-operated.

Moreover, key players' recent development in the devices such as cost-effectiveness, safety, portability, and convenience helps to drive the market. For instance, in October 2022, active vein finder emerged as a cost-effective alternative among vein finder options, offering affordability compared to other devices. Notably portable and lightweight, 

Active vein finders became increasingly popular for their ease of transportation and maneuverability. Their versatility was enhanced by being available in various colors, catering to different skin tones, and ensuring optimal vein visualization across diverse patient demographics.

In addition, with their gentle nature and user-friendly design, active vein finders found primary application in pediatric settings, where their non-invasive and straightforward approach proved particularly suitable for young patients, facilitating smoother medical procedures.

Market Geographical Share

North America accounted for approximately 41.5% of the vein finders  market share 

North America region is expected to hold the largest market share over the forecast period. The development of the healthcare infrastructure and government initiatives are anticipated to have a favorable effect on the growth of the vein finders market in North America.

For instance, in December 2023, NextVein, a premier innovator in vein finder technology, extended its promotion, now with even greater savings. Healthcare professionals benefit from an additional savings of $749 when they purchase the already affordable NextVein vein finder.

In addition, major players' strategies such as partnerships and collaborations would drive the market. For instance, in October 2022, RWM Elevated Standard of Care in Partnership with NextVein. The hands-free vein visualization system includes three illumination settings, adjustable to clinicians’ preference. The projection is like a flashlight, eliminating the patient's fear of laser imaging.

COVID-19 Impact Analysis

The COVID-19 pandemic significantly impacted the vein finder’s market.  The use of an infrared vein finder for cannulation in patients with severe COVID-19 was effective in increasing the first attempt success rate, reducing total operating time, and improving patients’ satisfaction. This provides an important additional method to standard care to facilitate PIVC under COVID-19 isolation conditions.

Market Segmentation

By Product

• Tabletop Vein Finders
• Portable Vein finders

By Technology

•  Near Infrared (NIR)
•  Ultrasound
• Transillumination

By Type

• Active Vein Finders
• Passive Vein Finders

By Application

•  Blood Sample Collection
• Cannulation
• Others

By End-Users

• Hospitals and Clinics
•  Ambulatory Surgical Centers
• Blood Banks
• Specialized Clinics
• Others

By Region

• North America 
• U.S.
• Canada
• Mexico 
• Europe
• Germany
• U.K.
• France
• Spain
• Italy
• Rest of Europe 
• South America 
• Brazil
• Argentina
• Rest of South America 
• Asia-Pacific 
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific 
• Middle East and Africa

Market Competitive Landscape

The major global players in the market include B. Braun SE, AccuVein, Inc, TransLite LL, Christie Medical Holdings, Inc, SIFSOF LLC, Neotech Products, InfraEyes, AGAPPE, Shenzhen ENMIND Technology Co., Ltd, Venoscope among others.

Key Developments

• In 2023, Christie Medical Holdings, Inc. partnered with DO-PA A.S. for the Turkish distribution of Christie's U.S.-made VeinViewer Vision2 and VeinViewer Flex. DO-PA A.S. is one of the oldest medical distribution companies in Türkiye.
• In April 2022, ImmunoTek Bio Centers a biotechnology company launched veinviewer technology for Plasma Donations. It provided a better donor experience to the people.
• In January 2022, The European Medicines Agency (EMA) approved the Varithena system, a new minimally invasive treatment for varicose veins that uses radiofrequency energy to seal the affected veins.

Why Purchase the Report?

• To visualize the vein finder's market segmentation based on product, technology, type, application, end-user, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of vein finders’ market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The vein finders market report would provide approximately 78 tables, 72 figures, and 185 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies