Venipuncture Procedure Analysis Market Growth is Majorly Driven by Increasing Incidence of Various Chronic Diseases
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.
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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.
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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.
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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.
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