SEATTLE, April 07, 2021, (MEDGADGET) — Needle-free Blood Drawing Devices Market – Insights
Venipuncture, also known as venipuncture, is a process of obtaining blood through intravenous access in processes such as blood sampling and removal of excess blood for the treatment of diseases such as polycythemia Vera. Venipuncture is performed via two approaches: with needle and syringe and with vacuum tubes. In both the approaches a patient may suffer from excruciating pain. This in turn led to development of needle-free blood drawing devices. These devices use micro-particles that penetrate the adjacent dermal tissue. The blood from the site is later drawn using negative pressure barrel. The device is placed on the patient’s upper arm. When turned on, a number of thin needles penetrate the topmost layers of the skin.
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Needle-free Blood Drawing Devices Market: Drivers
Increasing number of blood drawing procedures is expected to boost growth of the global needle-free blood drawing devices market. For instance, according to Agency for Healthcare Research & Quality, in the U.S., around 800 blood draws are performed every minute. Moreover, according to Velano Vascular, around 28% of adult venipunctures and a staggering 44% of pediatric venipunctures need additional sticks to draw blood productively.
Increasing prevalence of needle-related injuries is also expected to people growth of the market. For instance, according to American Journal of Infection Control, medical practitioners in the U.S. sustain from an average of 200 needle-related injuries per day. Moreover, unintentional needle stick injuries result into an additional cost of around US$ 50 million, annually.
Increasing demand for early diagnosis and treatment of severe diseases in emerging economies is a major factor boosting growth of needle-free blood draw devices market. Increasing health awareness among consumers has led to high number of preventive and periodic health checkup, which in turn supports growth of the market. Moreover, needle-free blood drawing devices are easy to use in both commercial and home healthcare settings. The risk of infection is lower compared to conventional blood drawing devices that may lead to vasovagal reactions, pain and bruising, and/or nerve injuries. Use of needle-free blood drawing devices also minimizes labor cost and material cost. These advantages are expected to boost demand for needle-free blood drawing devices from hospitals and diagnostic centers.
Major governments worldwide are focused on regulating the use of needle-free blood drawing devices. In the U.S., the U.S. Food and Drug Administration (FDA) approval is mandatory for promotion and use of needle-free blood drawing devices. Major players such as Velano Vascular have obtained the U.S. FDA approval for their needle-free blood drawing devices.
Needle-free Blood Drawing Devices Market: Key Players
Major players in the global needle-free blood drawing devices market are focused on product approval and launch in order to expand their product portfolio. For instance, in December 2015, Google Inc. applied for a patent for its variant of a wearable smart glucometer with needle-free blood drawing feature. In February 2017, Velano Vascular, a San Francisco-based company, received the U.S. Food and Drug Administration (FDA) 510(k) clearance for its Pivo needle-free blood draw device. It is a single used, disposable device, designed to take blood samples from IVF catheters.
Major market players are also focused on raising funds to enhance their market share. For instance, in March 2017, Velano Vascular, a U.S.-based startup, raised US$ 17 million (investors’ names undisclosed) for a needle-free blood draw device. The device developed by Velano Vascular is called PIVO, which is a needle-free device and can be inserted through existing IVD catheter. Moreover, in May 2019, the company received US$ 10 million funding from its strategic investor Intermountain Healthcare for its U.S. FDA cleared needle-free blood drawing device PIVO.
Key players operating in the global needle-free blood drawing devices market include Romsons, Alpha Bio Labs, Poly Medicure Ltd., Velano Vascular, VertMarkets, Inc., and Gizmag Pty Ltd.
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Needle-Free Blood Drawing Devices Market Taxonomy
On the basis of product type, the global needle-free blood drawing devices market is classified into:
- Hand held devices
- Wearable devices
On the basis of end user, the global needle-free blood drawing devices market is classified into:
- Diagnostic Centers
- Personal Clinics
On the basis of region, the global needle-free blood drawing devices market is classified into:
- North America
- Latin America
- Asia Pacific
- Middle East
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