Needless Blood Drawing System Market to Record an Exponential CAGR by 2026

The standard way of drawing blood by venipuncture has been replaced by a new device, needless blood drawing system, which is a pain-free alternative. The needless blood drawing system draws sufficient amount of blood for a wide range of tests, within the same time duration taken by a standard procedure. With this device, the risks of injuries in patients suffering from chronic diseases, who have to perform periodic blood tests, have been reduced. The standard way of drawing blood by venipuncture creates uneasiness to the patient. The needless blood drawing system collects the blood without any pain and is a user-friendly process, which has reduced the risk of infection.

Also, needless blood drawing systems have minimized the cost of labor. This device draws the blood from the patient through a small plastic tube that is placed through a patient's catheter, which is more comfortable than the metal needles. The process of drawing blood is an important and common practice in modern medicine, however, it can cause anxiety, pain, or develop an infection or needle stick injuries. According to the Velano Vascular hospital survey, inpatient blood draws occur nearly 500 million times a year in the U.S. Needless blood drawing systems are better alternatives for patients in whom conventional blood collection procedures are difficult to perform. For instance, 30% of the U.S. hospital patient population has venous access difficulties due to obesity, age, and other diseases, which is a major challenge to collect blood samples.

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Market Segmentation

By end users, the hospitals segment is expected to hold a high share in the global market for the needless blood drawing system market.

Factors Driving the Needless Blood Drawing System Market

The global market for needless blood drawing system is expected to be driven by the advancements in technology. Incidence of venous access difficulties due to obesity, age, and other diseases have increased the need of needless blood system. Blood tests are the basic tests a doctor asks for before diagnosing a particular disease. The virtually painless needless blood drawing systems are expected to replace over 400 Mn traditional blood drawing systems in the U.S. Ease of use and low risks of infections with painless procedure of blood drawing market system are responsible for growing penetration of these devices across all the end users. With the help of needless blood drawing system, it is easy to obtain non-hemolyzed, high-integrity blood samples. The standard blood drawing technique leads to reactions, pain and bruising, or nerve injuries. Due to these reasons, the hospitals around the world are shifting towards needless blood drawing devices to minimize the risk of needle stick injuries in repeated blood draws as well as the labor cost. Besides, end users and manufacturers of needless blood drawing systems are collaborating for better product development.

Regional Market Outlook

North America is expected to remain the dominant market in the global needless blood drawing system market due to increasing number of hospital admissions for chronic diseases. According to the Hospital of the University of Pennsylvania, almost every inpatient admitted in the hospital's care typically receives at least 1 daily blood collection, and 25% of hospital admissions receive 3 or more collections per day. Over the course of the admission, approximately 3% of patients receive more than 100 blood collections during their stay. Emerging markets such as the Asia Pacific and Latin America are expected to experience delayed growth due to the late introduction of these devices in the market.

Competition Outlook

The global market for needless blood drawing systems is highly consolidated. Examples of some of the key players identified in the global needless blood drawing system market are Velano Vascular, Tasso Inc., Seventh Sense Biosystems. Also, a lot of companies such as Siemens AG, Ionis Pharmaceuticals, Novartis International AG are investing in needless blood drawing systems. Moreover, non-profit organizations, such as Sutter Health has collaborated with Velano Vascular for the development of needless blood drawing system.

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Persistence Market Research Joined: March 1st, 2018