Venipuncture Procedure Analysis Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Venipuncture Procedure Analysis Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : July, 2020 | Medical Devices | PPT format

Report Digest


Global Venipuncture Procedure Analysis Market: Snapshot

The significant rise in the prevalent of chronic diseases across the world, including the increasing incidence of cardiovascular diseases, which need early detection, is influencing the global market for venipuncture procedure analysis significantly. The continual increase in the geriatric population is also boosting this market substantially across the world. With the technological advancement in devices utilized for collecting blood, especially vacuum venipuncture equipment, the accuracy of the result gained by the analysis of the sample is likely to add to the polarity of venipuncture procedure analysis solutions in the years to come, reflecting greatly to the global market. However, the dearth of essential skills among medical professionals for handling venipuncture procedure accurately may affect the growth of the market adversely over the next few years.

In a number of cases, when clinicians were proficient in this procedure, accuracy of the results have been compromised. However, the rising focus of healthcare providers over various pre-analytical activities, regarding the collection of blood samples and its handling, is likely to improve the efficacy of the process in the near future, leading to immense growth of this market. North America, thanks to the advent of the U.S. as the key domestic market for venipuncture procedure analysis, is likely to acquire the leading position among all the regional markets over the forthcoming years.

Global Venipuncture Procedure Analysis Market: Overview 

Venipuncture is the medical procedure of drawing blood from veins in humans and animals, mainly for diagnostic purposes such as blood sampling of the blood components. Venipuncture procedures are also used to administer intravenous therapies. The procedure is performed by various clinicians including medical practitioners, medical laboratory scientists, paramedics, dialysis technicians, phlebotomists, and nursing staff. Venipuncture procedures are majorly performed with the help of evacuated or vacuum tubes that mainly includes needles and syringes.

The venipuncture procedure has emerged as a vital tool in the hands of clinicians that help in the invasive diagnosis of various diseases. In the recent years, the procedure has gained popularity in the healthcare industry driven by several diagnostic purposes: monitoring levels of blood components, administering therapeutic treatments, chemotherapy, or nutrition; and removing some portion of blood to get rid of excess RBC. 

Global Venipuncture Procedure Analysis Market: Trends 

The global venipuncture procedure analysis market is majorly driven by increasing incidence of various chronic diseases, prevalence of cardiovascular diseases that require early diagnosis, and rising geriatric population. Technological advancement in the devices used for collecting blood, such as vacuum venipuncture equipment, has led to the accuracy of the sample analysis. However, lack of essential skills of medical professionals using the venipuncture process has largely affected the growth of the market. In many cases, the instances of the clinicians not being proficient in the process, has impeded the accuracy of the results. 

However, increasing focus of healthcare providers regarding various pre-analytical activities, pertaining to blood sample collection and its handling, has increased the efficacy of the process, boosting the uptake. 

Global Venipuncture Procedure Analysis Market: Market Potential 

Recently, CorVascular, a Minneapolis-based leading supplier of advanced peripheral vascular diagnostic solutions, recently announced that it has entered into an agreement with Novarix Inc., a medical device company that develops innovative solutions in Intravenous (IV) therapy. Under the terms of the distribution agreement, CorVascular, will be the exclusive marketer of IV-eye, which is developed and manufactured by the medical device company in the UK. The device is a near infrared (NIR) vein imaging device that will assist clinicians in finding effective peripheral veins for performing venipuncture. Under the agreement, CorVascular has the task of making the device available to all resellers present across various healthcare segments in the U.S. The agreement is significant as this will increase the access of cost-effective imaging device for identifying the correct veins for the process of cannulation and venipuncture. 

Repeated failed attempts by medical practitioners to gain IV access in a large number of patients has resulted in prolonging the treatment and even can lead to significant delay—to the tune of 16 to 30 minutes, estimates healthcare experts—in the administration of therapies, including medications. This has also contributed to poor patient experience with venipuncture, greatly impeding the uptake of the procedure.  Furthermore, technological advancements and the measures taken by doctors to increase the safety of the procedure is expected to expand the market potential.

Global Venipuncture Procedure Analysis Market: Regional Outlook 

Geographically, the U.S. is a prominent market for venipuncture procedures and is expected to register impressive growth along the forecast period. The growth in the regional market is attributed to constant technological advancements leading to innovative products. These solutions have significantly increased the safety and efficacy of the procedure.  In addition, the efforts taken by healthcare providers to train clinicians performing the procedure are expected to fuel the regional market in the coming years.

The U.K. is another market showcasing lucrative avenues for the manufacturers of venipuncture equipment. A substantial demand is expected to be stimulated by advancement in evacuated tube systems which are extensively used in the venipuncture procedure. The market has witnessed significant demand for venipuncture procedure analysis in Germany and several Nordic countries. 

Global Venipuncture Procedure Analysis Market: Competitive Analysis 

Leading players are making innovative product launches and consolidating their distribution networks to strengthen their market shares in various regions. Companies eyeing a sustained share in the venipuncture procedure analysis market include Translite LLC., Adam,Rouilly Limited, Kyoto Kagaku, Smiths Medical, and Sunphoria Co., Ltd, and CorVascular Diagnostics, LLC.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.