The butterfly needles market is estimated to be valued at US$ 315.2 Mn 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.
Market Overview:
Butterfly needles are specialized intravascular needle devices used for blood sampling and intravenous access. These needles feature an integrated plastic "wings" at the base of the needle hub which allows for easier insertion into veins. The wings prevent needle stick injuries during fluid administration and venipuncture. The key applications of butterfly needles include blood testing, blood donation, drug administration, fluid therapy, and dialysis.
Market Dynamics:
Growing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases has increased the demand for routine health checkups which involve frequent blood sampling. According to the World Health Organization (WHO), cardiovascular diseases accounted for over 17 million deaths globally in 2015. Rising disease burden has augmented the number of laboratory tests and clinical visits, thereby driving the adoption of butterfly needles in hospitals and diagnostic centers. Additionally, growing preference of butterfly needles over straight cannula needles during phlebotomy procedures due to their safe design is also fueling the market growth. The ergonomic design and plastic wings of butterfly needles allow secure placement in veins and minimize pressure on insertion site, reducing discomfort to patients.
SWOT Analysis
Strength:
- Butterfly needles have a wider bore and are less painful than standard needles. This makes them ideal for drawing blood from infants, children, and elderly or fragile patients.
- Their ergonomic design allows for easy insertion at fragile vein sites with less risk of damage.
- Becton, Dickinson and Company and other leading manufacturers offer a wide range of butterfly needle sizes and specifications to suit different healthcare needs.
Weakness:
- Butterfly needles have a relatively short usable life once inserted as blood tends to leak back around the needle hub.
- Their wider gauge also means a slightly higher risk of infection if not used properly.
Opportunity:
- Rising instances of chronic diseases globally have increased demand for regular blood sampling procedures. This drives the need for less painful needle alternatives like butterfly needles.
- An aging population prone to fragile veins also creates opportunities for wider butterfly needle adoption.
Threats:
- Strict regulations surrounding needlestick safety can increase butterfly needle production costs.
- Patent expiries of popular butterfly needle brands may lead to higher competition and pricing pressures.
Key Takeaways
The Global Butterfly Needles Market Size is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing prevalence of chronic diseases requiring regular blood monitoring.
Regional analysis: North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to advanced healthcare infrastructure and rising healthcare expenditure in the region. Asia Pacific is anticipated to exhibit the fastest growth owing to growing medical tourism, bulk production of butterfly needles by regional manufacturers and increasing disease burden.
Key players: Key players operating in the butterfly needles market are 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.
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https://www.rapidwebwire.com/butterfly-needles-market-size-share-growth-outlook-2023/
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