Market Trends of Vein Illuminator Industry
This section covers the major market trends shaping the Vein Illuminator Market according to our research experts:
Growing Healthcare Spending and Equipment Market Expected to Drive the Market
- Based on Centers for Medicare & Medical Services data the US government's national healthcare spending is projected to grow at an average rate of 5.5% per year from 2018-27 and reach nearly USD 6 trillion by 2027. This is expected to drive the market.
- The Indian healthcare industry is experiencing rapid changes and growth and has become the country's one of the largest sectors. According to the International Trade Association, India's USD 150 billion healthcare market in 2018 is expected to reach USD 280 billion. Healthcare in India consists of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment.
- The rise of medical procedures is expected to drive the market demand positively. According to the American Society of Plastic Surgeons, almost 18 million people underwent surgical and minimally invasive cosmetic procedures in the US during 2018.
- Companies, such as AccuVein, have been increasingly suggesting the need for such technologies. The use of AccuVein technologies has increased the chance of a successful first-time stick by about 3.5 times the existing success rate.
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North America Holds A Significant Share of the Market
- According to the CDC report, the prevalence of obesity among adults aged 20 and over in the US during fiscal 2018 stood at 31.7%. These factors further emphasize the need for vein visualization techniques for accurate procedures.
- The US is currently a prominent market for medical equipment for both imports and exports. According to MFDS, Korea exported USD 618.69 million worth of medical equipment to the US during fiscal 2018.
- Canada is one of the significant markets for the healthcare industry, during fiscal 2018 the number of procedures submitted to CJRR stood at 94,439. The growth in the number of procedures done is expected to drive the market for vein illuminators.
- Canada has a prominent medical device market; according to EMERGO Canada's medical device market is expected to reach USD 8.6 billion by 2020 and device imports account for 80% of the medical device market.
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