Venipuncture Procedure Market Is Estimated to Reach Us$ 1.7 Bn

According to a report by Fact.MR, the global venipuncture procedure market was valued at US$ 1.7 billion in 2020 and is expected to reach US$ 2.7 billion by 2031, with a CAGR of 4.5% during the forecast period (2021-2031). The market growth can be attributed to the increasing incidence of chronic diseases and the growing demand for minimally invasive diagnostic procedures.

The report suggests that the blood collection segment dominated the market in 2020 and is expected to continue to hold a significant market share during the forecast period due to the high demand for blood tests for the diagnosis and management of various diseases. Regionally, North America is expected to hold the largest market share due to the increasing incidence of chronic diseases and the growing demand for minimally invasive diagnostic procedures.

The report also highlights some of the key players operating in the global venipuncture procedure market, including Becton, Dickinson and Company, NIPRO Medical Corporation, Medtronic plc, B. Braun Melsungen AG, Terumo Corporation, Greiner Holding AG, Smiths Medical, Sarstedt AG & Co. KG, F. Hoffmann-La Roche Ltd, and Quest Diagnostics Incorporated. These companies are focusing on product innovation, partnerships and collaborations, and mergers and acquisitions to expand their market presence and improve their product offerings.

Furthermore, the report suggests that the COVID-19 pandemic has had a mixed impact on the venipuncture procedure market. While the pandemic has led to a decline in the number of elective procedures, the increasing incidence of COVID-19 has led to an increase in the demand for diagnostic tests, including blood tests, driving the growth of the global venipuncture procedure market. This trend is expected to continue during the forecast period, driving the growth of the global venipuncture procedure market

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