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Butterfly needles are thin, flexible needles used for blood draws, IV starts and specimen collections. They feature an integrated plastic “wing” on both sides of the needle hub that expands out, stabilizing the needle during venipuncture and reducing the chances of needle sticks and potential exposure injuries. Butterfly needles allow for quick, pain-free blood draws on infants, children, the elderly and patients with delicate or compromised veins.
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 major trends in the butterfly needles market is the growing prevalence of chronic diseases worldwide that requires regular collection of blood samples. According to the World Health Organization (WHO), chronic diseases are the leading cause of mortality in the world, responsible for approximately 60% of all deaths globally. These include cardiovascular diseases, cancer, diabetes, respiratory diseases and others. Regular monitoring of disease conditions through blood tests helps in better management of chronic diseases. This is increasing the demand for safe blood collection equipment like butterfly needles which can collect blood samples with minimal pain and risk of needle-stick injuries. Manufacturers are also focusing on developing innovative butterfly needle designs for difficult blood draws in elderly population and pediatric cases to further improve patient safety and experience during phlebotomy procedures.
Porter’s Analysis
Threat of new entrants: Low capital requirements in manufacturing butterfly needles limits threat of new entrants.
Bargaining power of buyers: Large healthcare organizations can negotiate lower prices using their bargaining power.
Bargaining power of suppliers: The butterfly needle manufacturing process relies on raw material suppliers who have some bargaining power.
Threat of new substitutes: Few substitute options exist for butterfly needles used to draw blood or deliver medications intravenously.
Competitive rivalry: Intense competition exists among existing butterfly needle manufacturers to gain market share.
Key Takeaways
The global butterfly needles market is expected to witness high growth. 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.
Regional analysis comprises Asia Pacific accounting for over 30% market share driven by large patient pool and improving access to healthcare in India and China. Europe holds second largest share on back of strong reimbursement policies. Countries like India and China are expected to be fastest growing markets. Europe holds second largest share on back of strong reimbursement policies and healthcare infrastructure. North America also captures significant share owing to frequent blood tests.
Key players operating in the butterfly needles market are Alshifa Medical Syringes, Asahi Kasei Medical, Cardinal Health, Medicina, Medtronic, Becton Dickinson, Narang Medical, Smiths Medical, and Advanced Medi-Inject. Alshifa Medical Syringes leads the India market while Becton Dickinson dominates North America region. Medicina has strong presence in Latin America.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
