LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global vein illumination device market to grow to USD 303.34 million by 2021, at a CAGR of close to 26% over the forecast period, according to their latest report.
The research study by Technavio on the global vein illumination device market for 2017-2021 provides detailed industry analysis based on end-user (hospitals, blood donation camps, and research and educational centers) and geography (the Americas, EMEA, and APAC).
|A vein illumination device is a vein finder that uses a light source to illuminate the surface of the skin to find veins just beneath the surface. Hospitals are the major end-users of the vein illumination devices, generating over 45% of the total market revenue. The push to increase the success of venipunctures is driving the growth of the market segment.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global vein illumination device market:
- Increase in healthcare spending
- Rise in adoption of technologies in hospitals
- High growth in potential in emerging markets
Increase in healthcare spending
“Governments are increasing their healthcare spending budgets to pave the way for the incorporation of advanced technological features of medical devices to improve the quality of the healthcare sector,” says Navin Rajendra, a lead analyst at Technavio for lighting research.
The rise in healthcare spending is driven by the need to provide quality healthcare to the constantly rising number of people. This leads to the reformation of public hospitals and healthcare facilities, which increases the demand for improved medical devices such as vein illumination devices.
Rise in adoption of technologies in hospitals
The use of advanced medical technologies and devices such as MRI machines, artificial organs, and robotic prosthetic limbs is leading to better diagnosis, surgical procedures, and improved patient care. The digitalization of the medical sector is also progressing rapidly, with more healthcare centers adopting mobile technologies such as smartphones and tablets, and telehealth services. Also, the rising competition among healthcare organizations is pushing for the adoption of advanced technologies to ensure the highest possible quality of care provided. Such factors are directly impacting the growing adoption of vein illumination devices.
High growth in potential in emerging markets
“Emerging markets possess a huge potential to the vendors in the healthcare sector. Multinational companies such as GE Medical and Medtronic are swiftly moving in these markets to satisfy the unmet medical needs in these countries,” says Navin.
Emerging economies such as APAC, the Middle East, and Sub-Saharan Africa are increasing their shares in the global healthcare consumption, which includes medical devices and related systems. The increasing healthcare consumption combined with the rise in health care spending by governments will greatly influence the adoption of healthcare infrastructure including vein illumination devices.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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