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Venipuncture Procedure Market

Venipuncture Procedure Market Size , Forecast Analysis, By Vein Type (Median Cubital Vein, Cephalic Vein, Basilic Vein), By Success Rate (Total Venipuncture, Successful Venipuncture), By End User (Hospitals, Diagnostic Laboratories) & Region - Global Market Insights 2022 to 2032

Analysis of Venipuncture Procedure market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Venipuncture Procedure Market Outlook (2022-2032)

Expanding at a CAGR of 5.4%, the global venipuncture procedure market is slated to increase from a valuation of US$ 1 billion in 2022 to US$ 1.7 billion by 2032.

A vein is punctured during the venipuncture process to obtain a blood sample or deliver medication to the body. Intravenous cannulation is primarily used for this. Venipuncture is the removal of blood using a needle or a syringe. Due to their easier-to-pierce walls and thinner construction, veins are chosen over arteries.

The most popular location for venipuncture is the antecubital fossa, which is located in the fold of the anterior elbow. This area is traversed by the basilic, median cubital, and cephalic veins. The need for venipuncture needles is rising as more disorders, including leukemia, anemia, and others, are being diagnosed through diagnostic testing. The venipuncture procedure analysis market is also anticipated to develop over the coming years due to an increase in blood donation clinics across regions.

The prevalence of several acute diseases, including diabetes, cancer, and kidney disorders in the world, can be attributed to market expansion. The venipuncture process, one of the most widely used and fundamental medical procedures, enables a doctor to identify and examine any viruses or other disease-causing anomalies by analyzing a patient's blood.

The global market for venipuncture procedure analysis is being considerably impacted by the significant rise in the incidence of cardiovascular disorders, which necessitate early identification. This market is also expanding significantly worldwide because of the ageing population's continued growth.

Other factors influencing market revenue growth are efforts by government organizations related to technological advancements in testing and diagnosing instruments and the high frequency of several blood diseases.

A significant driver propelling market growth is the increase in accidents and trauma occurrences around the world. Products for blood collection are necessary for the treatment of patients with trauma or accident-related injuries.

The treatment is also used in practically every medical facility, from small clinics to large hospitals, which contributes to market expansion. Another factor influencing market value is the preference for this blood collection method over others due to the painless nature of the blood sample procedure.

Clinicians now use the venipuncture method as a crucial tool to aid in the invasive diagnosis of many disorders. The operation has grown in popularity in recent years in the medical field due to a variety of diagnostic uses, including monitoring blood component levels, giving treatments, chemotherapy, or nutrition, and eliminating some blood to get rid of extra RBC.

The accuracy of the results has been compromised in several situations where practitioners were skilled in this method. However, the high attention that healthcare providers are paying to various pre-analytical operations, including the collecting of blood samples and their management, is projected to increase the process' effectiveness and fuel tremendous market expansion. It is anticipated that a rise in the number of technologically innovative product approvals would fuel market expansion.

Report Attributes

Details

Venipuncture Procedure Market Size (2022)

US$ 1 Billion

Projected Market Value (2032)

US$ 1.7 Billion

Global Market Growth Rate (2022-2032)

5.4% CAGR

Market Share of Median Cubital Vein

50%

Key Companies Profiled

  • Smiths Medical
  • Sunphoria Co. Ltd.
  • Translite LLC.
  • AccuVein Inc.
  • B. Braun Melsungen AG
  • Adam, Rouilly Limited
  • CorVascular Diagnostics, LLC
  • Kyoto Kagaku Co., Ltd.
  • Christie Medical Holdings, Inc.

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What’s Guiding Venipuncture Procedure Market Development?

“Recent Advancements in Venipuncture Procedures”

The development of superior blood collection tools by medical device manufacturers is what is propelling market growth. Emphasis on reducing injuries and blood-borne infections encourages top market players to create new technology, ensuring painless and secure blood collection.

The venous blood collection method is becoming an ideal venipuncture approach as a consequence of R&D in the medical and pharmaceutical industry, which is anticipated to fuel market revenue.

Recent innovations in needle safety technology have considerably decreased the chances of needlestick injuries due to increased incidences of needle injuries caused by unprofessional personnel or for any other reason, which has stimulated market growth. A safety feature can also be passively activated by venous blood collecting technology as soon as the blood link is made. Therefore, these developments in venipuncture technique analysis are fueling industry expansion.

For safe venipuncture or IV access operations, vein finders are non-invasive medical devices that locate veins on the skin's surface. The advantage of vein finders make it simpler to approve them, and their approval rates are increasing more quickly globally. It enables nurses to observe patients' veins more closely and identify the most practical cannulation or injection route.

It can be challenging to find veins in elderly and obese people, which can occasionally result in incorrect IV drug access. Utilizing a vein finder reduces infections, which lowers the infection rate from risky injections and supports market expansion. By providing patients with a variety of benefits, such as fewer sticks, a lower risk of infection, and a reduction in pain and discomfort, this innovation has lessened the burden during venipuncture procedures at laboratory testing as well as on caregivers and self-infusers, which is driving the market growth.

Venipuncture Procedure Market

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How is Market Expansion Being Restrained to Some Extent?

“Lack of Qualified Professionals & High Equipment Maintenance Cost”

Market growth rate will be hampered by unfavorable reimbursement rules, a shortage of qualified medical personnel, lack of professional training, high maintenance costs, and the absence of procedures for medical staff to follow when using the device.

The global market growth is anticipated to be constrained by several important reasons, including the absence of adequate blood testing devices in developing countries and some product recalls of blood collection devices.

Venipuncture procedure market forecast by Fact.MR

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

How Can Start-ups Carve a Space for Themselves in This Industry?

“Emerging Market Players Concentrating on Introduction of Unique Products & Solutions”

As the demand for routine blood tests increases, new entrants are embracing advanced technology to introduce unique products and solutions.

  • The automated blood drawing instrument was unveiled by Vitestro, a Dutch start-up that combines robotics, ultrasound scans, and artificial intelligence. The handling of the blood sample is standardized during blood collection thanks to proprietary laboratory automation technologies. The tool enables the pre-analytical stage to be automated almost entirely. This may lower high blood test mistake rates, which are primarily caused by manual variability. With Vitestro's device, blood collection is accurate and secure thanks to robotic needle insertion and AI-based, ultrasound-guided 3D reconstruction. The venipuncture technology can accommodate individuals 16 years of age and older, with comorbidities, and difficult punctures.

Which Region Spearheads Venipuncture Procedure Demand?

“Constant Innovations in Blood Sampling Procedures in North America”

North America leads the venipuncture procedure market due to the rising research and development expenditures, ongoing technological advancements in blood sampling procedures, and rapid adoption of blood testing devices.

Market growth is primarily attributable to the presence of leading companies, enhanced medical facilities, strong awareness of chronic diseases, an increase in R&D activities, and advanced healthcare infrastructure.

Market expansion is ascribed to the innovative products produced as a result of ongoing innovations. The safety and effectiveness of the procedure have substantially improved thanks to these solutions. It is anticipated that the market would be stimulated by efforts made by healthcare providers to train professionals executing the process over the forecast period.

Country-wise Insights

Why is the U.S. Venipuncture Procedure Market Highly Lucrative?

“Strong Emphasis on Clinical Research in the Country

Increased incidence of non-communicable diseases and injuries, numerous government measures to lower their incidence rates, a rise in blood donation activities, and a strong emphasis on clinical research are all predicted to fuel market growth in the U.S.

The market is expected to develop as a result of several reasons, including huge health insurance penetration, NGOs' initiatives, and growing public awareness of healthcare.

Why is China Seeing High Demand for Venipuncture Procedures?

“Increasing Blood Donation Initiatives across China”

The venipuncture procedure market in China is expected to progress at a CAGR of 5% over the forecast period. Venipuncture device manufacturers have attractive opportunities in the market. Advances in evacuated tube systems, which are widely employed in the venipuncture procedure, are anticipated to fuel demand significantly.

The ageing population, rise in the number of product approvals and launches, the huge demand for quick diagnostic methods, and the high prevalence of bloodstream infections are boosting market growth in China.

Rising personal disposable income, blood donation initiatives, and increased expenditure to encourage medical tourism are the factors supporting market expansion.

Category-wise Insights

Which Segment Accounts for Substantial Market Revenue?

“Median Cubital Vein Preferred Due to Its Size and Easy Accessibility

Based on vein type, the venipuncture procedure market is divided into cephalic vein, basilic vein, median cubital vein, and others.

Median cubital vein accounts for 50% share of the global market. Due to its size and accessibility, the antecubital fossa's median cubital vein is the most frequently used area. Veins on the dorsal surface of the hand and wrist, the radial portion of the wrist, and then the dorsal and lateral portions of the ankle are employed, but they must be able to show good circulation to be used.

Which End User Accounts for High Revenue Generation?

“Hospitals Most Preferred Due to Accessibility of High-end Solutions

The venipuncture procedure market is classified into diagnostic laboratories, hospitals, physician offices/clinics, and others based on the end user.

Hospitals dominate the global market since they are the main locations for disease treatment and diagnosis. The demand for hospitals is being driven by the rise in chronic diseases on a global scale and the accessibility of high-end solutions that allows for fast outcomes.

The demand for blood transfusion diagnostics in hospitals has greatly increased due to growing surgical operations. Hospitals serve as primary care facilities for disease diagnosis and treatment, and most screening and diagnostic procedures are performed by internal departments or outside clinics.

Competitive Landscape

Leading companies are introducing cutting-edge products and streamlining their distribution networks to boost their market shares across different regions. Major market players are concentrating on several business tactics, such as acquiring product approval from regulatory bodies to diversify their product offerings and achieve a competitive edge in the industry.

For instance,

The prefilled syringe for subcutaneous and intravenous usage, Heparin Sodium Incretion, was introduced by the German pharmaceutical company B. Braun.

Segments of Venipuncture Procedure Industry Research

  • By Vein Type:

    • Median Cubital Vein
    • Cephalic Vein
    • Basilic Vein
    • Others
  • By Success Rate:

    • Total Venipuncture
    • Successful Venipuncture
  • By End User:

    • Hospitals
    • Diagnostic Laboratories
    • Physician Offices/Clinics
    • Others
  • By Region:

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

- Premium Report Details -

Venipuncture Procedure Market
  • FACT7797MR
  • Oct-2022
  • Healthcare
  • 170 Pages
  • 84 Tables
  • 112 Figures

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Currently, North America accounts for the highest share of the global venipuncture procedure market.

The global venipuncture procedure market is estimated to reach US$ 1.7 billion by 2032.

The market for venipuncture procedures is predicted to develop at a CAGR of 5.4% from 2022 to 2032.

Rising prevalence of acute & chronic diseases and increase in blood donation clinics are boosting market growth.

Smiths Medical, Sunphoria Co. Ltd., and Translite LLC. are key participants in the venipuncture procedure market.

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