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 short, flexible and soft plastic catheters that are used for intravenous access during surgeries, blood sample collections and medication administration. They have wings on both sides which hold the needle safely in place and prevent posterior wall punctures. These needles provide easy insertion with less pain to patients especially pediatrics and geriatrics. Their short length and flexible design also reduces the chances of needle sticks.
Market key trends:
One of the key trends in the butterfly needles market is increasing preference for safety needles. Conventional needles pose risk of needle stick injuries to healthcare workers. Butterfly needles with safety mechanism help to avoid such risks. Growing awareness about prevention of diseases transmission like HIV/AIDS and Hepatitis has boosted demand for safety-engineered butterfly needles. Rising number of medical tourism in countries like India, Thailand and Malaysia is also driving growth of butterfly needles market. International patients opt for cost-effective healthcare services in these countries supporting market expansion.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established distribution channels pose a low threat of new entrants in the butterfly needles market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternate products and brand loyalty of customers.
Bargaining power of suppliers: A few major players dominate the supply side, giving them moderate bargaining power over buyers.
Threat of new substitutes: Substitutes like conventional needles pose a medium threat as butterfly needles offer convenience.
Competitive rivalry: The butterfly needles market experiences high competitive rivalry due to the presence of established players.
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.
Regional analysis
North America dominates the global butterfly needles market owing to rising healthcare expenditure and advanced healthcare infrastructure in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period due to increasing disposable income, growing medical tourism, and rising incidence of diabetes.
Key players
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 are some of the key players operating in the butterfly needles market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
