Butterfly needles have become an integral part of many medical procedures, owing to their slender and soft design that reduces pain and discomfort during venipuncture. These needles, also known as winged infusion sets, are used for blood collection as well as administering intravenous medications, fluids and blood products. Their ergonomic shape and adjustable wings allow for secure and easy venipuncture, making them preferable over conventional steel needles.
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:
The increased popularity of minimally invasive surgeries has boosted the demand for butterfly needles over the past few years. These surgeries require shorter hospital stays and minimal incisions, resulting in less scarring and discomfort for patients. As butterfly needles enable quick and painless administration of fluids, drugs and blood samples through narrow bore catheters, they are extensively used during such surgeries. Their convenient design makes venipuncture a gentle process, even through delicate veins. With rising medical tourism and favorable government policies promoting minimal invasiveness, the global butterfly needles market is expected to showcase significant growth over the forecast period primarily driven by the increased preferences of such surgical techniques.
SWOT Analysis
Strengths: Butterfly needles are easy-to-use due to their ergonomic design which allows painless insertion and blood draws. They require less skill to administer compared to regular needles.
Weaknesses: There is a possibility of intravenous extravasation as the butterfly needles have very short and flexible tubing. They are also more expensive than regular needles.
Opportunities: Rising adoption of safety needles to prevent needlestick injuries acts as an opportunity. Growing prevalence of diseases like diabetes is another growth opportunity.
Threats: Stringent regulations associated with medical device industry and presence of alternative medical devices can threaten the market.
Key Takeaways
The global butterfly needles market is expected to witness high growth over the forecast period of 2023 to 2030. 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.
North America is currently the fastest growing as well as dominating regional market for butterfly needles. In North America, the United States accounts for the major share due to high prevalence of chronic diseases.
Key players operating in the butterfly needles market are Alshifa Medical Syringes, Asahi Kasei Medical, Becton Dickinson, Cardinal Health, HealthLine International, Jiangxi Sanxin Medtec, Medtronic, and Retractable Technologies. Alshifa Medical Syringes and Becton Dickinson are the leading players offering a wide range of butterfly needles. New product launches with enhanced features is a key strategy adopted by major players to gain competitive edge in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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