by The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Butterfly needles are used for blood sampling, intravenous access and delivery of fluids, medicines and other substances into the bloodstream. They are painless, easy-to-use intravenous insertion devices for adults and children. Butterfly needles help to reduce phlebotomy pain and risk of collapsing veins.
Market key trends:
One of the key trends in the butterfly needles market is rising preference for safety needles. Conventional needles pose risks of needle stick injuries during usage and disposal. Safety butterfly needles address this issue with integrated safety shield or retractable needle design. These needles automatically shield the sharp tip immediately after use to prevent accidental pricks. Growing awareness about needle stick injuries and safety standards is driving adoption of safety butterfly needles globally.
SWOT Analysis
Strength: Butterfly needles are easy to insert and less painful for patients compared to regular needles. They also help in taking blood samples easily from veins.
Weakness: Butterfly needles can sometimes be difficult to secure in place after insertion. They also require more specialized training for effective use.
Opportunity: Rising prevalence of chronic diseases and increasing number of blood tests procedures provide significant growth opportunities. Growing geriatric population suffering from health issues also boost the market.
Threats: Alternatives like retractable safety syringes can limit the growth. Stringent regulations associated with medical devices also poses a threat.
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 blood tests.
Regional analysis: North America dominates the global market due to rising healthcare spending and growing number of surgical procedures in the region. However, Asia Pacific is expected to witness fastest growth over the forecast period owing to continuously improving healthcare infrastructure and increasing medical tourism in the region.
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. Leading manufacturers are focusing on new product launches and expansion strategies to strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
