With the rising aging population globally, the demand for assistive medical devices for supporting independent living is increasing.

AI assisted medical devices integrate artificial intelligence capabilities to enhance clinical decision making and provide improved patient outcomes. For instance, AI enabled imaging devices assist radiologists in detecting anomalies accurately from medical scans. Furthermore, AI integrated wearable devices help monitor vital health parameters of patients and alert caregivers in case of emergencies. The growing need for reducing errors, improving efficiency and supporting caregivers is a key driver spurring the demand for AI assisted medical devices worldwide.

The Global Vein Illumination Devices Market Size is estimated to be valued at US$ 608.8 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the AI Assisted Medical Device market are AccuVein, Christie Medical Holdings, Sharn Anesthesia, Venoscope, ZD Medical, Vivolight, Venoscope, Cambridge Medical (Asia) Private, Evena Medical, Near Infrared Imaging, Veinlite, Sharn Anesthesia, and VINO Optics Inc. The rising geriatric population prone to various chronic diseases and the need for continual monitoring is a major factor boosting the demand for AI assisted medical devices. Technologies such as machine learning, deep learning and neural network are helping AI assisted medical devices provide highly accurate diagnostics and real-time health monitoring.

Market Trends

Increasing adoption of AI enabled remote monitoring devices is one of the key trends being witnessed in the AI assisted medical device market. AI integrated remote monitoring solutions allow continuous monitoring of patients even from distant locations, thereby improving access to quality healthcare. Growing investments by players in developing AI algorithms for handling large and complex unstructured medical data is another major trend expected to drive innovation in AI assisted medical devices.

Market Opportunities

Launch of AI powered personal health assistants and expansion in emerging markets present lucrative opportunities for players in the AI assisted medical device market. Integration of AI with wearable technologies and smartphones can further enhance functionality of personal health assistants. Additionally, increasing healthcare expenditure in developing nations such as India, China, Brazil, etc. offer opportunities for AI assisted medical device manufacturers to cater to the rising demand.

Impact Of Covid-19 On Global Vein Illumination Devices Market

The COVID-19 pandemic has significantly impacted the growth of the global vein illumination devices market. During the initial lockdown phase, all elective surgeries and non-essential medical procedures were either postponed or canceled to avoid unnecessary hospital visits and focus on critical COVID-19 cases. This led to a substantial decline in the demand and sales of vein illumination devices in 2020. However, as the restrictions are now being gradually lifted, the demand is expected to pick up again. Though supply chain disruptions still remain a challenge for device manufacturers, efforts are being made to stabilize production and fulfill backlogged orders.

The pandemic has reinforced the need for reducing complications and improving success rates of IV insertions. Vein illumination devices help healthcare workers easily locate veins, especially in children, elderly, and patients with difficult venous access. This prevents multiple needle sticks which can cause unnecessary pain and infection risk to patients. Post-COVID, hospitals and healthcare facilities are putting more focus on minimally invasive procedures and improving patient experience. Advancements in vein finder technology like new visualization modes and portability features are also supporting their increased adoption. While the short term impact was negative, COVID-19 has highlighted the clinical significance of vein finding devices in delivering safe and effective care. If manufacturers address the ongoing supply issues, the market is expected to regain momentum and surpass pre-pandemic levels in the long run.

In terms of geography, North America is currently the largest regional market for vein illumination devices globally in terms of value. This is attributed to factors such as the rising prevalence of chronic diseases requiring IV therapy, growing geriatric population susceptible to IV insertions, presence of major market players, and wide acceptance of advanced medical technologies. However, Asia Pacific is poised to be the fastest growing regional market during the forecast period. This growth momentum can be accredited to improving healthcare infrastructures, increasing medical tourism, rising discretionary incomes supporting better access to healthcare, and growing awareness about vein illumination technology in countries like China, India and Japan.

Europe currently captures the second largest share of the global market after North America. Major countries contributing to Europe's large market size include Germany, UK, France, Italy and Spain. On the other hand, Latin America and Middle East & Africa also represent high growth opportunities for market players, though their current market sizes are much smaller compared to developed regions. Overall, while North America dominates currently, Asia Pacific is expected to eclipse other regions interms of market value growth rates going forward.

What Are The Key Data Covered In This Global Vein Illumination Devices Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Global Vein Illumination Devices's growth between 2024 and 2031.

:- Accurate calculation of the size of the Global Vein Illumination Devices and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Global Vein Illumination Devices Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Global Vein Illumination Devices vendors

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