The market for venipuncture procedures is expected to grow from a US$ 1 billion valuation in 2022 to a US$ 1.7 billion valuation by 2032, with a CAGR of 5.4%. The venipuncture procedure market refers to the market for devices and tools used for the collection of blood samples from veins. Venipuncture is a common medical procedure that involves puncturing a vein, usually in the arm, with a needle and collecting a blood sample for laboratory testing.
The market for venipuncture procedures includes a wide range of products, such as needles, lancets, blood collection tubes, blood collection sets, and other related devices. The market is driven by the growing demand for blood tests and diagnostic procedures, especially in the fields of healthcare, clinical research, and pathology
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Some of the key factors driving the growth of the venipuncture procedure market include the increasing prevalence of chronic diseases, the rise in the number of surgical procedures, and the growing demand for blood transfusions. The market is also being driven by the increasing use of advanced technologies, such as automation and robotics, in the blood collection process.
Key Takeaways from Market Study
- From 2022 to 2032, the demand for venipuncture procedures is anticipated to increase at a CAGR of 5.4%.
- Market growth in Japan is anticipated to occur at a CAGR of 4.8% during the anticipated time frame. (2022-2032).
- In 2022, the market for venipuncture procedures will be worth $1 billion USD.
- Through 2032, the German market is anticipated to grow at a CAGR of 5.1%.
What’s Driving the Market Development for Venipuncture Procedures?
The venipuncture procedure market is driven by several factors, including the increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases, which require regular blood tests for monitoring and diagnosis. Additionally, the growing geriatric population and the rise in the number of surgical procedures and blood donations are contributing to the market growth. Technological advancements in venipuncture devices, such as the development of safety devices to prevent needlestick injuries and the use of ultrasonic guidance for difficult venous access, are also propelling the market development. Moreover, the increasing demand for home healthcare services and the growing adoption of point-of-care testing are further fueling the market growth. Overall, the venipuncture procedure market is expected to continue to grow as healthcare providers strive to improve patient care and outcomes by enhancing the accuracy and efficiency of blood collection and testing procedures.
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.
- To make blood collection simple and more widely accepted, Velano Vascular developed Pivo, a needle-free blood collection device.
- A new push-button blood collection device called the TAP has just been unveiled by The Seventh Sense Company.
- Velano Vascular, Inc. was bought by Beckton, Dickinson and Company in 2021, and the company promised to transform the patient experience with its “One-Stick Hospital Stay” vision. Innovative no-needle blood draw technology was added with this acquisition, lessening the pain and discomfort brought on by numerous needlesticks.
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.
