Needle-Free Blood Drawing Devices Market Overall Study Report 2021-2028 | VertMarkets, Inc., Gizmag Pty Ltd, Romsons

Needle-Free Blood Drawing Devices Market

Venepuncture or venepuncture refers to a process of acquiring blood by obtaining intravenous access.

SEATTLE, WASHINGTON, UNITED STATES, December 13, 2021 /EINPresswire.com / -- Market Overview

Venepuncture or venepuncture refers to a process of acquiring blood by obtaining intravenous access. This process is typically used for blood sampling and for removing excess blood in the treatment of polycythemia Vera, which is an ailment that leads to increased blood volume. In healthcare, this process is performed by physicians, laboratory scientists, or phlebotomists. There are mainly two types of venipuncture, namely those conducted with needle and syringe and those with vacuum tubes. Both these techniques have their own disadvantages, with the patient suffering from excruciating pain in both scenarios.

Needle-free blood drawing devices were first developed as a relatively pain-free alternative to conventional devices. These devices operate by providing micro-particle with momentum that pierces the adjacent dermal tissue. An attached negative pressure barrel then draws blood from the site. A healthcare professional places the device, similar to the size of a golf ball, on the patient's upper arm, subsequently pushing a button. This push activates a number of thin needles that penetrate the topmost layers of the skin. This novel technology is expected to gain significant growth traction in the near future.

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According to Agency for Healthcare Research & Quality, in the U.S., around 800 blood draws are performed every minute. As imperative as their use be, blood draws are cumbersome and strenuous for patients and clinicians alike. According to Velano Vascular, around 28% of adult venipunctures and a staggering 44% of pediatric venipunctures need additional sticks to draw blood productively. According to American Journal of Infection Control, medical practitioners in the U.S. sustain from an average of 200 needle-related injuries per day. Besides the considerable physical as well as emotional toll of these injuries, unintentional needle stick injuries result into an additional cost of about US$ 50 million per year.

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:

Hospitals

Diagnostic Centers

Personal Clinics

Others

Market Drivers

Growing cases of fatalities that can be avoided by early detection and treatment, typically in emerging economies are expected to drive growth of the global needle-free blood drawing devices market during the forecast period. Furthermore, low cost and reduced risk of these devices are expected to hamper the global needle-free blood drawing devices market growth over the forecast period.

Approval from the U.S. Food and Drug Administration (FDA) is mandatory for promotion and use of needle-free blood drawing devices. Companies such as Velano Vascular have obtained the same and offer needle-free blood drawing devices to hospitals and other application sectors. Increase in health awareness among consumers has resulted increasing number of preventive and periodic health checkup, including blood tests. This creates a highly conducive environment for growth of the needle free blood drawing devices market.

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Furthermore, these devices are convenient to use as compared to conventional devices and more conducive for home use. Most of the time, these devices are used in hospitals and diagnostic centers. Traditional needle based blood draw technique might lead into vasovagal reactions, pain and bruising, and/or nerve injuries. For these reasons, hospitals around the world are likely to opt for needle-free blood drawing devices to minimize risk, labor cost as well as material cost. Companies operating in the market in the current scenario are competing on price, and they are focusing on getting the U.S. Food and Drug Administration (FDA) approval for their products. 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.

Competitive Section

Major companies operating in the global needle-free blood drawing devices market are Velano Vascular, VertMarkets, Inc., Gizmag Pty Ltd, Romsons, Alpha Bio Labs, and Poly Medicure Ltd.

Key Takeaways

Major companies in the market are involved in different business strategies such as gaining product approval from regulatory authorities, in order to expand their product portfolio. For instance, 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 companies in the market are involved in different business strategies such as participating in capital venture activities, in order to gain competitive edge in the market. 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.

Major companies in the market are involved in different business strategies such as participating in capital venture activities, in order to gain competitive edge in the market. For instance, in May 2019, Velano Vascular, a U.S.-based company received US$ 10 million funding its strategic investor Intermountain Healthcare for its FDA cleared needle-free blood drawing device PIVO.

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