Butterfly Needles Market Is Estimated To Witness High Growth Owing To Increased Prevalence of Chronic Diseases and Growing Elderly Population

Purvaja Jadhao

posted on 10 months ago — updated on 2 seconds ago

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The Butterfly Needles Market is estimated to be valued at US$ 315.2 Million in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Butterfly Needles Market Is Estimated To Witness High Growth Owing To Increased Prevalence of Chronic Diseases and Growing Elderly Population

Market Overview:
The Butterfly Needles Market refers to the market for a medical device used for venipuncture, particularly for fragile veins and patients requiring frequent blood draws. These needles are designed with winged handles to provide stability and ease of use. Butterfly needles are commonly used in hospitals, clinics, and laboratories. The increasing prevalence of chronic diseases, such as diabetes and cardiovascular diseases, along with the growing elderly population, is expected to drive the demand for butterfly needles.

Market Dynamics:
The market dynamics of the butterfly needles market are driven by two key factors. Firstly, the increased prevalence of chronic diseases necessitates frequent blood draws for diagnostic purposes, which fuels the demand for butterfly needles. Secondly, the growing elderly population, who often have fragile veins, require the use of butterfly needles for safer venipuncture. Additionally, advancements in healthcare infrastructure and rising awareness among healthcare providers about the benefits of butterfly needles further contribute to the market growth. Overall, these factors are expected to propel the market for butterfly needles during the forecast period.

Segment Analysis:
The Butterfly Needles Market Size can be segmented based on product type, end-user, and region. In terms of product type, the dominating segment is the safety butterfly needles. Safety butterfly needles are preferred over conventional ones due to their added safety features, such as a protective shield that covers the needle after use, reducing the risk of needlestick injuries. Moreover, the growing focus on patient safety and the stringent regulations regarding healthcare worker safety are driving the demand for safety butterfly needles.

PEST Analysis:
Political: The political factors impacting the Butterfly Needles market include government regulations and policies related to the healthcare industry. For example, regulations regarding the disposal and handling of medical waste can affect the usage of butterfly needles.

Economic: The economic factors influencing the market include healthcare expenditure and reimbursement policies. The increasing healthcare expenditure and favorable reimbursement policies for medical procedures involving butterfly needles are contributing to market growth.

Social: The social factors affecting the market include the growing prevalence of chronic diseases and the aging population. The increasing incidence of chronic diseases, such as diabetes and cancer, necessitates frequent blood tests and medication administration, leading to a higher demand for butterfly needles.

Technological: Technological advancements in butterfly needles, such as the development of safety features and improved materials, are driving market growth. Additionally, the integration of digital technologies in healthcare settings is facilitating the efficient use and management of butterfly needles.

Key Takeaways:
The global Butterfly Needles market is expected to witness high growth, exhibiting a CAGR of 8.7% between 2023 and 2030, due to increasing healthcare expenditure and the growing prevalence of chronic diseases.

In terms of regional analysis, North America is the fastest-growing and dominating region in the Butterfly Needles market. The region's dominance can be attributed to the presence of well-established healthcare infrastructure, favorable reimbursement policies, and the adoption of advanced medical technologies.

Key players operating in the Butterfly Needles market include Becton, Dickinson and Company, Kawasumi Laboratories Inc., Vygon SA, Medline Industries Inc., ISOMed, Terumo Corporation, HTL Strefa, Cardinal Health, iLife Medical Devices Pvt. Ltd., and AdvaCare Pharma. These key players contribute significantly to market growth and innovation in butterfly needle technology.