We already have technology that does this. We have hand-held devices that shine near-infrared light through the skin and make the veins show up just fine.
They have significant problems, which this system shares. Most importantly, they show *all* veins, including all the ones which can't be cannulated because they are too small, too fragile, or too badly scarred. You have to palpate (feel) the vein to assess whether it's suitable, and if you can palpate it, you don't need to see it at all.
Also, they really only work at all on caucasian skin.
Further, this system is kind of ridiculously expensive. Even though the prices have dropped on commodity displays, microprocessors, 3G and wifi, and all those bells and whistles, it's still a complex piece of gear. We may as well pay for a bedside ultrasound which costs no more, is more precise, and is useful for a lot more than just IV starts.