MOUNTAIN VIEW, CA--(Marketwire - March 02, 2011) - Based on its recent analysis of the vein illumination devices market, Frost & Sullivan recognizes AccuVein LLC with the 2011 North America Frost & Sullivan Award New Product Innovation for the AccuVein AV300. AccuVein’s innovative AV300 was developed to plug the gaps of the currently available products. Its convenient form factor, ease of use and price are a definite improvement over the previous products, which are cumbersome, expensive and time consuming to set up.
The AV300 is portable in the small hand-held configuration and runs on a rechargeable battery, which provides more than two hours of continuous use -- usually sufficient for as many as 360 IV insertions or blood draws. Without requiring an electrical outlet, it enables the user to move it from one limb to the other without hassle.
“The company conducted extensive human factor studies and maintained a constant focus on size, weight, visual appearance and user interface,” says Frost & Sullivan Industry Analyst Saju John Mathew. “Frost & Sullivan notes that the device reduces the number of attempts in gaining vascular access, resulting in improved patient satisfaction, as well as time and cost savings. As it has no contact with the skin, it decreases cross contamination.”
AccuVein’s unique implementation remains in focus over a range of distance through the use of laser-based projection. This ensures that the image displays clearly despite any hand jitter by the nurse or movement by the patient; as in the case of a neonate or when a patient is transported in an ambulance. The accompanying software is robust, with turn-on and visualization capability in less than two seconds, while existing devices in the market require a daily calibration of nearly five minutes to perform and at least one minute to boot.
The product supplements existing venipuncture techniques and its portability ensures that it can be used across a wide range of applications including ambulances, pediatric and remote medical care. The AV300 weighs only 10 oz, while the present platforms of devices weigh at least 50 lbs.
The AV300 vein viewing system can be used as a handheld device or in conjunction with several hands-free accessories, including a wheeled stand and a flexible arm with a clamp that can secure the device to a phlebotomy station. The company’s R&D team continues to explore other configurations such as head mounts and mounting on a tourniquet.
While other competitors charge nearly $20,000, the AV300 costs less than $5000. At this price, customers can often obtain a return on investment of only a few months.
“The remarkable price advantage brings it within easy reach for hospitals, physicians’ offices, the home healthcare market and emergency medical technicians,” notes Saju. “A recent survey conducted on 348 patients showed that participants were willing to travel 13 to 14 miles further to visit a healthcare center/hospital that uses the AccuVein AV300.”
The AV300 shows a definite presence in the world market and a significant stake in the $2 billion U.S. market. It is used in one out of every 12 hospitals/healthcare centers in the United States.
Each year, Frost & Sullivan presents this award to the company that has demonstrated innovation in developing a product. The recipient has leveraged leading edge technologies to offer value added features with an impressive ROI for customers. In turn, the innovation has enabled the company to acquire new customers and increase their market penetration.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research in order to identify best practices in the industry.
About AccuVein LLC
AccuVein LLC is a supplier of innovative, cutting-edge medical devices. The AV300 is a breakthrough product, allowing health care providers to see a map of the position of peripheral veins on the skin’s surface with the goal of helping to improve venipuncture procedures. Built using AccuVein’s expertise in medical device miniaturization and user-intuitive design, the AV300 is the world’s first portable, non-contact vein illumination solution. AccuVein has filed applications for more than a dozen patents on the AV300’s technology. It is in use at more than 500 U.S. hospitals and available for sale in over 50 countries. For more information please visit www.accuvein.com.
About Frost & Sullivan
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