Needle Free Blood Drawing Devices Market Analysis:
Needle-Free Blood Drawing Devices Market – Global Industry Outlook, Insights, Trends, and Opportunity Analysis, 2022–2028
Venipuncture, also known as venipuncture, is a method of extracting blood through intravenous access, and it serves various purposes such as blood sampling and eliminating excess blood for the treatment of polycythemia Vera, a condition that causes an increase in blood volume or hematocrit. Healthcare professionals like laboratory scientists, physicians, and phlebotomists carry out this procedure. Venipuncture can be performed using either a syringe or vacuum tubes, and needle, each with its own drawbacks and resulting in immense pain for the patient.
The invention of needle-free blood drawing devices offers a less painful alternative to traditional devices. These devices work by using micro-particles to penetrate the skin, followed by a negative pressure mechanism to collect the blood. To use the device, a healthcare provider places the small device, which is about the golf ball’s size, on the patient’s upper arm and presses a button to activate a series of thin needles that penetrate the top layers of skin. This innovative technology is predicted to see substantial growth in the coming years. The Agency for Healthcare Research & Quality reports that approximately 800 draws of blood are conducted every minute in the United States. Although they are crucial, draws of blood are a taxing and laborious procedure for both clinicians and patients. Velano Vascular reveals that a shocking 44% of pediatric venipunctures and 28% of adult venipunctures require additional attempts to effectively draw blood. As per the American Journal of Infection Control, healthcare professionals in the United States experience an average of 200 needle-relevant injuries daily. Apart from the significant physical and emotional impact of such injuries, accidental needle sticks result in an extra expense of around US$ 50 Mn annually.
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Needle-Free Blood Drawing Devices Market Taxonomy:
The global needle free blood drawing devices market is categorized by product type into two groups:
- Wearable devices
- Hand-held devices
By end user, the global market for needle free blood drawing devices is segmented into:
- Diagnostic Centers
- Personal Clinics
A significant factor driving the demand for efficient blood sampling and testing is the growing occurrence of preventable fatalities that can be identified and treated with early detection, particularly in developing nations. The demand for blood sampling may vary by region, based on disease prevalence. Nevertheless, this increase in need for blood sampling is anticipated to propel the requirement for blood drawing, leading to an expansion in the needle-free blood draw devices market.
Needle-Free Blood Drawing Devices Market Perspective – The increased adoption of needle-free blood drawing devices over traditional blood-drawing techniques is primarily driven by their reduced risk factors and lower costs.
The global needle-free blood drawing devices market is subject to regulatory standards and safety policies. Approval from the US Food and Drug Administration (FDA) is a requirement for the marketing and utilization of these devices. Velano Vascular is among the companies that have acquired FDA approval, and they provide needle-free blood drawing devices to hospitals and other areas of application. The growing awareness of health among individuals has led to a rise in the occurrence of preventive and routine health screenings, including blood tests. This has created a favorable environment for the expansion of the needle-free blood drawing devices market. Additionally, these devices are more convenient for home use and provide greater ease of use compared to traditional needle-based blood drawing devices. As an example, the management of diabetes will be greatly simplified, as patients with diabetes mellitus require frequent testing of their blood sugar levels. The use of a needle-free blood drawing device will make the process more convenient and less painful. Although the product is still in the development stage, it is anticipated that a commercial version will be introduced soon. A significant benefit of using this device is its low risk of infection, unlike traditional blood-drawing devices. Blood draws are commonly performed in diagnostic centers and hospitals, and the conventional needle-based technique can result in adverse reactions such as pain, bruising, nerve injuries, and vasovagal reactions. Consequently, hospitals worldwide are likely to adopt needle free blood drawing devices to reduce the risk of complications, material costs, and labor. Currently, companies in the market are vying for price competitiveness and prioritizing obtaining FDA approval for their products. In December 2015, Google Inc. filed a patent application for their unique wearable smart glucometer that utilizes needle-free blood drawing technology. Key players in the market include VertMarkets Inc., Alpha Bio Labs, Velano Vascular, Gizmag Pty Ltd., Poly Medicure Ltd., and Romsons.
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- Various business strategies are being implemented by prominent market players, including acquiring regulatory approval for their products to broaden their range of offerings. Velano Vascular, located in San Francisco, is a prime example of this, as they were granted US Food and Drug Administration (FDA) 510(k) clearance for their Pivo device, which is a one-time-use, disposable product that enables blood sampling from IVF catheters, in February 2017.
- To gain a competitive advantage, the key market players employ diverse business tactics, such as engaging in capital ventures. An example of this occurred in March 2017, when Velano Vascular, a startup in the United States, secured US$ 17 Mn in funding (investors’ names undisclosed) for their innovative PIVO device. PIVO is a needle-free blood draw device that can be used with an existing IVD catheter.
- Different business strategies are being utilized by major market players to acquire a competitive advantage. For instance, Velano Vascular, which is located in the United States and received US$ 10 Mn investment from its strategic investor Intermountain Healthcare in May 2019 for its needle-free blood drawing device PIVO, which has been approved by the FDA.
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Needle-Free Blood Drawing Devices Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Needle-Free Blood Drawing Devices Industry Impact
Chapter 2 Global Needle-Free Blood Drawing Devices Competition by Types, Applications, and Top Regions and Countries
2.1 Global Needle-Free Blood Drawing Devices (Volume and Value) by Type
2.3 Global Needle-Free Blood Drawing Devices (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Needle-Free Blood Drawing Devices Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Needle-Free Blood Drawing Devices Market Analysis
Chapter 6 East Asia Needle-Free Blood Drawing Devices Market Analysis
Chapter 7 Europe Needle-Free Blood Drawing Devices Market Analysis
Chapter 8 South Asia Needle-Free Blood Drawing Devices Market Analysis
Chapter 9 Southeast Asia Needle-Free Blood Drawing Devices Market Analysis
Chapter 10 Middle East Needle-Free Blood Drawing Devices Market Analysis
Chapter 11 Africa Needle-Free Blood Drawing Devices Market Analysis
Chapter 12 Oceania Needle-Free Blood Drawing Devices Market Analysis
Chapter 13 South America Needle-Free Blood Drawing Devices Market Analysis
Chapter 14 Company Profiles and Key Figures in Needle-Free Blood Drawing Devices Business
Chapter 15 Global Needle-Free Blood Drawing Devices Market Forecast (2023-2030)
Chapter 16 Conclusions
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