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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

Vein finder is a device used for detecting vein in patients without causing any discomfort. The hemoglobin present in the blood absorbs the light rays emitted by the device and the vein appears visibly different than its surrounding tissues. Vein finder device help health professionals in drawing blood or in intra-venous therapy. The device can be helpful in cases where it is difficult to find veins such as elderly patients, obese, dark skinned, and burnt patients, and drug abusers.

Global Vein Finder Market Drivers

Key players in the market are focused on adapting strategies such as partnerships and collaborations to enhance their market share, which in turn is expected to boost the global vein finder market growth over the forecast period. For instance, in April 2017, Christie Medical Holdings Inc., a company focused on developing medical technology, collaborated with B. Braun Medical Inc., a manufacturer of medical products. Under the collaboration, both the companies are focused on combining their intravenous therapy related products - Introcan Safety IV catheter and STEADYCare extension set with Wedge catheter stabilizer (manufactured by B. Braun Medical Inc.) and the Vein Viewer (developed by Christie Medical Holdings, Inc.).

Furthermore, key players are actively focused on participating conferences, events, and exhibitions related to vein finder, which is expected to have a positive impact on the global vein finder market growth. For instance, in September 2018, AccuVein Inc. participated in annual scientific meeting of the Association of Vascular Access (AVA) held in Columbus, Ohio. The company exhibited its AV400, a vein viewing system. It is designed especially for children with special healthcare need and is light-weight and portable. It immediately maps the veins when held on the surface of the skin. Therefore, such events may broaden the exposure of emerging technology in vascular access, thereby driving the global vein finder market growth.

Advantages of vein finder over venipuncture (the conventional method of vascular access) is expected to accelerate the global vein finder market growth. Venipuncture attempts can fail leading to discomfort and pain in patients. It may also lead to bleeding complications such as hematoma (blood clotting under the skin), infections such as cellulitis can occur in tissues on the puncture site, and accidental pricking of a nerve may lead to injuries. It can operate even in dark environment and can help healthcare professionals to accurately find the right vein. Therefore, such benefits of vein finder over venipuncture are expected to boost the global vein finder market growth.

Global Vein Finder Market Regional Analysis

North America is expected to hold dominant position in the global vein finder market. Factors such as initiatives taken by governments and other organizations related to vein finder devices are expected to have positive influence on North America vein finder market growth. For instance, in September 2018, Charlotte Eleanor Englehart Hospital Foundation based in Ontario, Canada, started the ‘Smile Cookie Campaign’, a fund raising event. The raised fund was used for purchasing vein finders for Charlotte Eleanor Englehart Hospital. Similarly, in November 2018, NEO Kids Foundation based in Sudbury, Canada, organized a campaign to raise funds for vein viewer. This vein viewer was offered for the kids receiving treatments from the Health Sciences North hospital. Therefore, such initiatives are expected to fuel the global vein finder market growth.

Global Vein Finder Market Restraints

High prices of advanced devices may obstruct the global vein finder market growth. For instance, Veinlite LEDX, designed by TransLite LLC specifically for sclerotherapy and phlebectomy, costs around US$ 629. Therefore, high prices of vein finders may limit the global vein finder market growth in emerging regions such as Africa, Latin America, and Asia Pacific.

Global Vein Finder Market Key Players

Some of the major players operating in the global vein finder market include, AccuVein Inc., Christie Medical Holdings, Inc., VueTek Scientific, LLC, Shenzhen Bestman Instrument Co., Ltd., AIMVEIN LTD ., Koninklijke Philips N.V., Venoscope, BLZ Technology Inc., iiSM Inc., and R B Incorporation Healthcare LLC

Global Vein Finder Market Taxonomy

The global vein finder market is segmented on the basis of product type, technology, end user, and region. 

By Product Type

  • Portable
  • Bench-Top

By Technology

  • Near Infra-Red Light
  • Visible Light Trans-illuminator
  • Ultrasound
  • Others

By End User

  • Hospitals
  • Diagnostic Centers
  • Surgical Centers
  • Others

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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