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Global Venipuncture Procedure Analysis Market to Grow at a CAGR of 5.66% During 2021-2026, Aided by the Development of New Venipuncture Procedure Technologies

According to a new report by EMR titled, ‘Global Venipuncture Procedure Analysis Market Report and Forecast 2021-2026’, the market attained a value of about USD 864.2 million in 2020. The market is further expected to grow at a CAGR of 5.66% during the forecast period of 2021-2026 to reach nearly USD 1,139.60 million by 2026.

The growth in the global market for venipuncture procedure analysis can be associated with the rising incidences of diseases like diabetes and cancer that are usually detected using a blood sample. In addition to this, seasonal viral such as dengue fever, malaria, and chikungunya are also detected by analysing blood samples obtained from the venipuncture procedure hence aiding the overall market growth. Furthermore, advances in venipuncture procedure for the development of techniques like venous blood sampling, which ensures a pain-free procedure and substantially reduces the risk of needlestick injuries, is increasingly being adopted in various medical centres, hence invigorating the market growth of venipuncture procedure analysis. Such advancements in technologies are a result of robust investments in the healthcare and pharmaceutical research and development (R&D) programmes. Moreover, owing to favourable government measures, the flourishing healthcare sector in major developed and developing countries is another factor contributing to the market growth of venipuncture procedure analysis.

The market growth is being increasingly augmented by the deployment of advanced venipuncture procedure equipment in hospitals like Fortis Healthcare Ltd. (NSE: FORTIS). AccuVein Inc., a global leader in the market for venipuncture procedure analysis, recently announced the release of near infrared (NIR) vascular visualization technology in February 2021. As per the Infusion Therapy Standards of Practice, the use of NIR vein visualisation technology in venipuncture procedure analysis aids in assessing peripheral venous sites and facilitates more informed decisions about vein selection. AccuVein’s vein visualisation technique has been shown to reduce patient pain and anxiety, improve the efficiency of venous blood collection procedures, decrease the risk of needle injuries, and is cost-effective. Hence, such innovations by leading market players are furthering the market growth of venipuncture procedure analysis.

Market Analysis by Success Rate, Vein Type, End User, and Region:

  • On the basis of success rate, the market can be divided into total venipuncture and successful venipuncture.
  • Based on vein type, the market can be segmented into medical cubital vein, cephalic vein, and basilic vein, among others.
  • The market, based on end user, can be categorised into hospital (public and private), diagnostic laboratories, and physician office/clinics, among others.
  • The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The market growth for venipuncture procedure analysis is being driven by the adoption of the procedure by various healthcare workers as a primary step for numerous medical procedures.
  • Venipuncture procedure analysis for testing and analysing the presence of viruses or other abnormalities present in the body by evaluating blood samples is augmenting the market growth.
  • Advancements in medical techniques to reduce the risk of needlestick infections is invigorating market growth of venipuncture procedure analysis.
  • Robust investments into research and development (R&D) for product development aided by favourable government measures is bolstering the market growth of venipuncture procedure analysis.

Key Offerings of the Report:

  • The EMR report gives an overview of the global venipuncture procedure analysis industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for success rates, vein types, end users, and regions of venipuncture procedure analysis.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global venipuncture procedure analysis market are AccuVein Inc., Smiths Medical, Inc., B. Braun Melsungen AG, Christie Medical Holdings, Inc, and TransLite LLC., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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