Market Overview:
Butterfly needles are short, flexible medical needles featuring an embedded, triple sample collection system or intravenous (IV) catheter. They are very useful for inserting intravenous (IV) catheters into veins or for drawing blood. These needles help in drawing blood from veins and give intravenous access for delivering medications.
The global 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.
Market key trends:
One of the key trends in the butterfly needles market is the growing preference for safety needles. Safety needles help in preventing needlestick injuries and infections among healthcare professionals. They offer protection features like retractable needle system, sliding sheath mechanism or other shielding technologies. Growing awareness about needlestick injuries and strict regulations mandating the use of safety needles are driving the demand. Another major trend is the introduction of ergonomically designed butterfly needles by market players. Ergonomic designs offer features like increased grip, reduced fatigue and better control over insertion and withdrawal. This improves efficiency and comfort for healthcare providers. Advancements in material science are allowing manufacturers to design stronger but flexible needles using plastics and alloys instead of conventional metals.
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SWOT Analysis
Strength: Butterfly needles have ergonomic design which makes venipuncture easier and less painful for patients. They are easy to use and require a shallow puncture angle.
Weakness: Butterfly needles require manual retraction of the needle into the catheter hub after venipuncture which increases the risk of accidental needlestick injuries. They also require more exact placement compared to straight IV catheters.
Opportunity: Growing prevalence of chronic diseases and rising healthcare expenditure is expected to drive the demand for various medical procedures requiring intravenous therapy. This will boost the butterfly needle market.
Threats: Availability of substitutes like straight IV catheters poses a threat to the butterfly needle market. Stringent regulations pertaining to safety of medical devices also act as a challenge.
Key Takeaways
The global butterfly needle market is expected to witness high growth, exhibiting a CAGR of 8.7% over the forecast period, due to increasing number of surgical procedures.
Regional analysis:
North America is expected to dominate the global butterfly needle market owing to high healthcare spending and increasing rate of surgical procedures in the US and Canada. Asia Pacific is anticipated to exhibit the fastest growth due to rising healthcare infrastructure, large patient pool and growing medical tourism in China, India and Southeast Asian countries.
Key players:
Key players operating in the butterfly needle market are 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
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it