Rockville, March 08, 2023 (GLOBE NEWSWIRE) -- The global venipuncture procedure market is expected progress at 5.4% CAGR and reach US$ 1.7 billion by 2032, as per data released by Fact.MR, a market research and competitive intelligence provider.
The practice of venipuncture is also used to eliminate the body's surplus red blood cell count. The popularity of venipuncture procedure analysis solutions is predicted to accelerate because of recent advancements in vacuum venipuncture technology. A vein is punctured during venipuncture to get access to the bloodstream to take a blood sample or inject medication intravenously. Therefore, during a venipuncture process, a needle is used to draw blood from a vein, which is then submitted to a lab for analysis.
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Key Takeaways from Market Study
- Demand for venipuncture procedures is projected to rise at a CAGR of 5.4% from 2022 to 2032
- Market in Japan is forecasted to progress at a CAGR of 4.8% over the forecast period (2022-2032).
- The global venipuncture procedure market is valued at US$ 1 billion in 2022.
- Market in Germany is estimated to evolve at a CAGR of 5.1% through 2032.
“Growing awareness about regular health check-ups, high emphasis on clinical research, and rise in initiatives by government organizations for advancements in venipuncture techniques are factors driving market expansion,” says a Fact.MR analyst
Market Titans
- 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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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.
Winning Strategy
Key companies are expanding their research and development efforts to develop novel venipuncture methods that can be used in urgent care clinics and skilled nursing facilities. Top market participants are always attempting to introduce novel products that first detect veins and take blood samples.
- Pivo, a needle-free blood collection device, was created by Velano Vascular to make blood collection simple and more widely accepted.
- The Seventh Sense Company just unveiled the TAP, an improved push-button blood collection device.
- In 2021, Velano Vascular, Inc. was acquired by Beckton, Dickinson and Company, who declared that it will change the patient experience with the vision of a "One-Stick Hospital Stay." With this acquisition, cutting-edge no-needle blood draw technology was incorporated, easing the agony and discomfort associated with several needlesticks.
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
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global venipuncture procedure market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of vein type (median cubital vein, cephalic vein, basilic vein, others), success rate (total venipuncture, successful venipuncture), and end user (hospitals, diagnostic laboratories, physician offices/clinics, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the Venipuncture Procedure Market Report
- What is the projected value of the Venipuncture Procedure Market in 2023?
- At what rate will the global Venipuncture Procedure Market grow until 2033?
- Which are the factors hampering the growth in the Venipuncture Procedure Market?
- Which region is expected to lead in the global Venipuncture Procedure Market during 2023 to 2033?
- Which are the factors driving the Venipuncture Procedure Market during the forecast period?
- What is the expected market value of the Venipuncture Procedure Market during the forecast period?
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