by 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Butterfly needles are hollow needles with integrated plastic wings on both sides of the needle hub. These needles are used for venipuncture and blood sampling procedures. They are preferred over normal needles as they ensure proper placement of the needle in veins and prevent needle stick injuries. Common butterfly needle applications include blood donation, blood tests, IV insertion, and administration of medicines.
Market Dynamics:
Growing prevalence of chronic diseases is a major factor driving the growth of the butterfly needles market. As per the World Health Organization (WHO), chronic diseases accounted for over 70% of all deaths worldwide in 2021. Rising geriatric population is also fueling the demand for butterfly needles as elderly people are more prone to chronic conditions and need regular blood tests. Another major driver is increasing adoption of preventive healthcare. With growing awareness, people are opting for regular health checkups involving blood tests which is boosting the uptake of butterfly needles.
Segment Analysis
The butterfly needles market is dominated by the winged or vented segment as it allows for smooth insertion and prevents blood backflow. These needles come with an integrated plastic “wing” on both sides of the needle hub. This wing helps in stabilizing the needle during venipuncture andIV cannulation. The wings also help adhere the needle securely to the patient’s skin using adhesive dressings.
PEST Analysis
Political: Regulations regarding safety and efficacy of medical devices are becoming more stringent. Safety and quality approvals are necessary for marketing medical needles.
Economic: Emerging economies offer high growth potential for butterfly needles due to increasing healthcare expenditures and growing patient awareness. However, trade barriers affect supply chains.
Social: Rising incidence of chronic diseases increases demand for regular blood tests and IV therapies. However, needle-stick injuries remain an occupational hazard.
Technological: Advanced needle designs with ergonomic enhancements like ultra-thin walls and engineered tip configurations facilitate rapid venipuncture with minimal pain. Integrated safety mechanisms help prevent accidental needle-stick injuries.
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 tests and IV drug therapies.
The Asia Pacific region is expected to dominate the global butterfly needles market during the forecast period. Rising healthcare infrastructure, growing medical tourism industry and presence of leading manufactures in countries like China and India are contributing to the large share of Asia Pacific.
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. Becton, Dickinson and Company dominates the market with wide product portfolio and global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
