Medical Vein Illuminators Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Medical Vein Illuminators Market covers analysis By Product (Trans-illumination, Infrared Technology, Ultrasound); Application (Intravenous Access, Blood Draw, Others); End User (Hospitals and Clinics, Blood Donation Camps, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPRE00018955
  • Category : Medical Device
  • Status : Upcoming
  • No. of Pages : 150
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MARKET INTRODUCTION

A medical vein illuminator helpsfindintravenous access during paramedical procedures and, therefore, addresses accidental needle-stick injuries. Usually, finding the vein becomes challenging depending upon the objective difficulty that occurred due to the particular physical traits of the patient such as fatty tissue, skin color, age, and many more,resulting in creating a more painful experience for the patient. Thus, to relieve the patient from pain, medical vein illuminators have been invented to help paramedical personnel and nurses finding the veins in real-time and determine the best point of insertion of the needle. They create a digital image utilizing infrared detection and light projection technology and makes it possible to locate veins, valves, and deep bifurcations up to 15 mm, thereby decreasing pain and anxiety and offering a minimally invasive experience for the patient.

MARKET DYNAMICS

The medical vein illuminatorsmarket has shown a significant evolution over the forecast period.The rise of the medical vein illuminators market is driven by the increasingrate of the aging population, assisted living centers,blood donation camps,and others. The technological and product advances like developments achieved in optics, like excellent contrast and resolution, increasing coherence and miniaturization of devices, and the falling prices of these devices provide impetus to the market growth to an extent. Moreover, government initiatives and funding programs, widening rapidly, educate people about the advantages of these procedures and are availing funds for the treatments.However, the lack of funds for treatment coupled with the lack of knowledge about vein illuminator benefits inhibits the market growth.

MARKET SCOPE

The "Medical Vein IlluminatorsMarket Analysis to 2028" is a specialized and in-depth study of thehealthcare industry's medical device,focusing on the global market trend analysis. This report outlines the medical vein illuminatorsmarket with detailed market segmentation byproduct, application, and end-user. The medical vein illuminatorsmarket isestimated to witness a high rise during the forecast period. It focuses on the vital statistics on the leading players' market status in the medical vein illuminatorsmarket and provides key opportunities and trends in the market.

MARKET SEGMENTATION

The market is categorized based onthe product, application, and end user. Based on the product, the market is segmented as trans-illumination, infrared technology, and ultrasound. Based on the application,the segmentationof the market is into intravenous access, blood draw, and others. Basedon end user,the segmentation of the market is intohospitals andclinics, blood donation camps, and others.

REGIONAL FRAMEWORK

The report states a detailed outline of the industry, consisting of both quantitative and qualitative information. It offers a sketch and forecast of the medical vein illuminatorsmarket based onvarious segments.The report also consists ofmarket size and forecast estimates from the year 2020 to2028with respect to five main regions, namely; North America,Asia-Pacific (APAC), Europe,Middle East, and Africa (MEA), and South & Central America (SCAM). The medical vein illuminatorsmarket by each region is then sub-segmented into respective countries and segments. It comprises the analysis and forecast of 18 countriesglobally and the recent trend and opportunities prevailing in the region.

The report analyzes factors affecting the medical vein illuminatorsmarket from both the demand and supply sides. Furthermore, it evaluates market dynamics regarding the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. It also consists of precise PEST analysis for all five regions, namely, North America, Asia Pacific,Europe, Middle East, and Africa, and South & Central America, after assessing political, social, economic,and technological factors affecting the Medical vein illuminatorsmarket in these regions.

World Geography

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MARKET PLAYERS


The report contains critical developments in the medical vein illuminatorsmarket as inorganic and organic growth strategies. Several companies are pivoting on organic growth strategies like product launches, product approvals, and others, such aspatentsand events. Inorganic growth strategies observed were collaborations and acquisitions &partnerships. Various such activities have paved the path for elaboratingthe business and customer base of market players. The market players from the medical vein illuminatorsmarket are estimated to have profitable growth opportunities in the coming years with the higher demand for medical vein illuminatorsin the global market. Given below is the list of a few companies engaged in the medical vein illuminatorsmarket.

The report also offers key players' profiles in the medical vein illuminators market, along with their SWOT analysis and market strategies. Also, the report focuses on the key market players with information on company profiles, financial information of the last three years, components, and services provided,critical development in the past five years.

  •  Medcaptain Medical Technology Co., Ltd.
  •  SIFSOF.
  •  Shenzhen Bestman Instrument Co.,Ltd..
  •  AccuVein Inc.
  •  PT. Fyrom International
  •  VIVOLIGHT
  •  InfraEyes.
  •  OSANG Healthcare.
  •  Choyang Medical Industry Ltd.
  •  Koninklijke Philips N.V.

The Insight Partner's dedicated research and the analytical team comprises of experienced professionals with advanced statistical expertise and offersseveral customization options in the current report.
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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1. Medcaptain Medical Technology Co., Ltd.
2. SIFSOF.
3. Shenzhen Bestman Instrument Co.,Ltd.
4. AccuVein Inc.
5. PT. Fyrom International
6. VIVOLIGHT
7. InfraEyes.
8. OSANG Healthcare.
9. Choyang Medical Industry Ltd.
10. Koninklijke Philips N.V.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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