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Market Overview:
Butterfly needles, also known as winged infusion or intravenous needle is a medical device used for intravenous access for venipuncture and infusion of IV fluids. It consists of a plastic cannula and rear tubing attached to “wings” or “arm” which protects the veins from collapsing and helps stabilize the needle when in place. The wings allow easy, controlled insertion and retention in blood vessels, while minimizing discomfort to patients. They are commonly used to draw blood, deliver medications or fluids, or to establish peripheral intravenous access.
The Butterfly Needles Market is estimated to be valued at US$ 2.16 Bn 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.
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Market Dynamics:
Increasing prevalence of chronic diseases have resulted in growing hospitalization rates globally which is driving the demand for butterfly needles, as it reduces risks, pain and discomfort associated with frequent injections or IV therapies for long-term medical conditions. According to data by Centers for Disease Control and Prevention (CDC), 6 in 10 Americans suffer from chronic disease such as cancer, heart disease and diabetes. In addition, rising geriatric population also augment the market growth as aged individuals are more prone to various illnesses. As per United Nations estimation, people aged 60 or above will outnumber children under 10 years by 2050. Furthermore, growing awareness about therapeutic applications and rising investments by key players for advanced product development are some of the key factors anticipated to propel the butterfly needles market during the forecast period.
Segment Analysis
The butterfly needles market can be segmented into intravenous and venipuncture. The venipuncture segment currently dominates the market due to high preference of butterfly needles by phlebotomist and nurses for blood collection. Butterfly needles aide with stabilized access and better control during venipuncture procedures compared to straight needles.
PEST Analysis
Political: Regulations regarding product specifications, safety, and efficacy set by medical device regulatory bodies influences the butterfly needles market.
Economic: Rising healthcare expenditure drives the market growth. However, economic downturns can affect the overall hospital, diagnostic, and pharma industries which are key end-users, impacting the butterfly needles market.
Social: Increasing incidence of chronic diseases and the need for blood collection tests, support the market growth. also, changing lifestyles leading to obesity and related co-morbidities fuel the demand.
Technological: Continued R&D in needle engineering for enhanced patient comfort and safety during procedures supports the market. Technologies enabling hollow-bore butterfly needles aid in blood collection.
Key Takeaways
The global butterfly needles market size was valued at US$ 2.16 Bn in 2023 and is expected to reach US$ 3.62 Bn by 2030, expanding at a CAGR of 8.7% during the forecast period. Increasing prevalence of chronic diseases coupled with rising number of blood collection procedures being performed drives the market.
Regionally, North America currently dominates the butterfly needles market and is expected to continue its dominance over the forecast period. This can be attributed to well-developed healthcare infrastructure, rising incidences of chronic diseases, and technologically advanced products available in the region.
Key players operating in the butterfly needles market include Alshifa Medical Syringes, Asahi Kasei Medical, Beijing PuYi Medical Technology Co, Bionic Medizintechnik, Biosigma SPA, Changzhou Zener Medtec, Demophorius Healthcare, Dialife SA, Epimed, F.B. Medical, Farmasol, HeBei ChaoRan Medical Instruments, HWTAi, Jiangsu Eyoung Medical Devices, Kawasumi, KB Medical Group, Lepu Medical Technology, Micsafe Medical, Nanchang Kindly Meditech, Nemoto, Nipro, NxStage Medical, Oscar Boscarol, PakuMed Medical Products, and Sunrise Medical Technology. These players are involved in new product launches and strategic collaborations to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
