The Global Market accounted forUSD 101.1 Million in 2021.
is a device that is majorly used in a variety of techniques such as infrared light to identify subcutaneous veins. It uses optical physics’ principles such as absorption by tissues, refraction, and differential light reflection to develop a distinct image of the patient’s vein structure. It is also used to increase success rates of invasive treatments, including injections by providing a vivid vein map.
Factors such as rising healthcare expenditure and increasing numbers of the elderly & chronic sick population are propelling the growth of the market in upcoming years. In addition, the rising use of in healthcare settings is accounted to bolster the growth of the market in the years to come. Furthermore, various key players are engaged in strategic acquisitions, mergers & collaborations to maintain their position in the market, which in turn, fuels the growth of the market in the projected time period.
The COVID-19 outbreak has affected various industries worldwide. The market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the sand control solutions market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.
The rising inclination of doctors & nurses to adopt technologically advanced devices and increasing healthcare expenditure are some of the other factors that propelling the growth of the market in the coming years. In addition, an increasing number of product launches is augmenting the growth of the market over the projected period. However, less awareness about vein illumination technology and the high cost of these devices are considered to impede the growth of the market.
North America incorporated to have maximum growth of market during the forecast period. The availability of a large number of market players and high usage of technologically advanced products have accelerated the growth of the market in the region. In addition, the use of advanced procedures for routine work such as, inserting a PICC port or collecting a blood sample is helpful in driving the growth of market in this region. Furthermore, the availability of a large number of Research and Development (R&D) practices for manufacturing & marketing purposes is expected to provide various growth opportunities for the market in this region.
Some of the prominent players operating in the GlobalMarket are -AccuVein, Inc., Christie Medical Holdings, Inc., Vuetek Scientific, LLC, Near Infrared Imaging, Inc., Venoscope, LLC.