Vein Finder Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2024-2030

Vein Finders Market Overview

Vein Finders Market size was estimated at $837.2 million in 2030 and is projected to grow at a CAGR of 11.2% during the forecast period 2024-2030. Increase in innovations in healthcare sectors in terms of advanced and innovative tools has become major factor driving the Vein Finders market. Technological advancements in healthcare sector have made healthcare workers life much easier by innovative gadgets that offer superior healthcare services to the patients. Vein Finders is one such tool used during venipuncture procedure in hospitals and various testing laboratories. Vein illuminator device is such tool that assists healthcare professionals in finding the best veins for blood draws and IV starts. They help in locating patient veins and avoids valves and bifurcations. Vein visualization or vein illumination is an innovative technology that helps the healthcare professionals to easily find the best veins. This is also called as vein mapping, this technology gives a real time visual map of the veins on surface of skin, thus it facilitates in detecting invisible veins without causing any pain to the patients. This device is also used in identifying veins beneath the skin and are used as standard care in hospitals. In this way they help healthcare practitioners in finding veins that are difficult to identify and assist them in venipuncture procedure and drawing blood IV access in various groups of patients including elder patients and obese individuals. They have wide range of applications of illuminator device in various hospitals, clinics, ambulatory surgical clinics, diagnostic laboratories and others. 

Vein Finders Market Report Coverage

The report: “Vein Finders Market Forecast (2024-2030)”, by Industry ARC, covers an in-depth analysis of the following segments of the Vein Finders Market.

By Product Type: Active Vein Finders and Passive Vein Finders

.By Portability: Tabletop Vein Finders, Portable Vein Finders.

By Application: Venipuncture Procedure/ Blood Draw and IV Access.

By End User: Hospitals & Clinics, Ambulatory Surgical Centres, Blood Donation Centres and Specialized Centres.

By Geography: North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina and Rest of South America), and Rest of the World (Middle East and Africa).

Key Takeaways

•    Geographically, North America Vein Finders Market held the largest revenue share of 36% in 2023 owing to the highest disposable income and growing geriatric population in this region.
•     Increased demand for R&D made by the key players in different region of the world are driving the market. Increase in FDA approvals for innovative technologies are now rapidly delivering innovations in the Vein Finders Market.
•    The development of portable and user-friendly Vein Finders devices, integrating innovative imaging technologies for improved vein visualization. Manufacturers are focusing on ergonomic designs and enhanced connectivity features to streamline workflow and facilitate seamless integration into existing healthcare systems.

 Vein Finders Market Segment Analysis – By Product Type

Based on product type, Vein Finders market is segmented in to active Vein Finders and passive Vein Finders. They are differentiated based on their way of highlighting to veins with naked eye.  Both the Vein Finders are effective in locating veins more easily. Active finder segment is accounted for the largest revenue market share in 2023 owing to increasing adoption of active Vein Finders in hospitals and other clinics. Active Vein Finders require power source to operate, it runs on electricity or is available in battery-operated. They are illuminator devices that uses infrared light to quickly and easily highlight the patient’s veins. They became an effective tool healthcare practitioner rely on to perform in laboratory testing to venipuncture procedure, so they are available in many options and models. They work at their best in darkened area, so that the veins are easily visible with the help of the infrared light. Passive Vein Finders segment is poised to grow with the fastest CAGR of 11.8% in the forecast period 2024-2030 owing to its benefits, as they are more like a glasses and healthcare professionals with color-blindness are benefited by these kinds of glasses. These glasses come with anti-fog, anti-scratch lenses and are much suitable for intravenous injections. Another type of Vein Finders is ultrasound Vein Finders. They are like a normal ultrasound that not only highlight the patient’s vein, but also reveal their tissues and organs as well. They are mostly used by surgeons and are more powerful and are not as portable as handheld Vein Finders.

Vein Finders Market Segment Analysis – By Application

Based on Application, Vein Finders market is segmented in to venipuncture procedure/blood draw, intravenous (IV) access. IV Access segment accounted for largest revenue market share in 2023 owing to the growing applications of vein illuminator device for IV fluid administration, IV nutritional support, IV chemotherapy administration in addition with technological advancements in IV cannulation. IV cannulation is a technique where cannula is placed inside a vein to provide venous access. IV access allows collection of blood sample, as well as, administration of medicines, fluids, chemotherapy, parenteral nutrition and blood products. Venipuncture procedure/Blood draw segment is anticipated to grow with the fastest CAGR of 11.6% in the forecast period 2024-2030 as it is the most basic form of collecting blood from a vein for various tests to perform. Veinpunture is commonly done for laboratory testing where blood is collected from a vein, it requires good skills to perform the procedure not just correctly but also painlessly.

Vein Finders Market Segment Analysis – By Geography

Based on Geography, North America Vein Finders Market accounted for the 36% revenue share in 2023. This is majorly attributed to the increasing demand for innovative and technologically advanced medical devices, growing cosmetic surgeries and also with the presence of key market players. According to the American Society of Plastic Surgeons, the top five minimally invasive cosmetic procedures performed in 2022 out of almost 23.7 million procedures total were: Injectable neuromodulators (8,736,591 procedures, up 73% from 2019) Hyaluronic Acid Fillers: 4,883,419 procedures performed, a 70% increase from 2019 Skin Resurfacing (3,322,292 treatments). Asia-Pacific region is predicted to grow with the fastest CAGR in the forecast period 2024-2030 owing its increase in aging population along with growing frequency of blood tests, increasing health care expenditure coupled with adoption of advanced medical devices in this region. Moreover, increasing product approvals, and rising usage of these Vein Finders in various applications like venipuncture procedure, IV access in various end user like hospitals and clinics and blood camps are poised to boost the growth of Vein Finders in this region.

Vein Finders Market Drivers

Inclination Towards Non-Invasive Technology:

The Vein Finders are non-invasive medical devices that locates vein on the skin surface for safe venipuncture procedure or IV access procedures. The benefit of Vein Finders makes it easier to approve them and their approval rates are growing faster in various countries. Vein Finders’s technological advancements in intravenous infusion, illuminator device and veinpunture procedures is set to enhance the industry growth. It allows nurses to get a closer look at patient’s veins and detect the most viable route for cannulation or injection. Most of the hospitals and clinics are spending thousands of dollars on these medical devices, while personal devices are available for a couple of dollars. Locating veins of geriatric and obese patients is often difficult that sometimes leads to an improper IV access of drugs. According to UNAIDS in 2022, there were about 39 million HIV-positive individuals in the world. Of them, 1.5 million were children under the age of 15, and 37.5 million were adults. Furthermore, 53% of the population was female, owing to unsafe injection, as using same syringe or wrongly used syringes leads to various infections. The usage of Vein Finders results in minimizing the infections thus reducing the infection rate of unsafe injection that aids to market growth. This innovation has the lessen the burden during venipuncture procedure at laboratory testing and on caretakers and self-infusers by offering various benefits to patients, including fewer sticks, lower risk of infection, decrease in pain and discomfort that are driving the market growth.

Vein Finders Market Challenges

High Cost of Devices:

Vein-illuminator device or a Vein Finders is expensive medical device, while some facilities are willing to bear that cost but not all. Most of the hospitals and personal clinics and diagnostic centers where venipuncture procedure is done don’t have enough budget to purchase the larger, more powerful machines. Moreover, though the hand-held devices come at affordable cost they sometimes challenge to operate for independent patients who self-infuse.

Vein Finders Market Segment Landscape:

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Vein Finders Market. Vein Finders Market top 10 companies are AccuVein, Inc., Christie Medical Holdings, Inc., Infinium Medical, Inc., NextVein LLC, ZD Medical Inc., Ambulanc (Shenzhen) Tech. Co. Ltd., Promed Technology Co., Ltd., Majutech Inc., Neotech Products and InfraEyes.