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Butterfly needles are medical devices used for blood sampling, intravenous line insertions, and deliveries of small volumes of substances like intravenous drugs or fluid. They have ergonomic wings at one end which help secure the needle at the insertion point. This prevents dislodgement and displacement during sampling or delivery procedures. The wings also help reduce needle phobia as they obscure direct visualization of the needle during insertion.
The global butterfly needle market is driven by the increasing requirement for blood sampling procedures across hospitals, diagnostic centers, and ambulatory surgical centers. Butterfly needles offer a virtually painless venous access due to their design and help collect blood samples with minimal trauma to patients. They are ideally suited for blood tests in pediatric and geriatric populations, who have fragile veins. The market is further boosted by the growing prevalence of chronic diseases like cancer, diabetes, and cardiovascular disorders that require regular monitoring through blood investigations.
The Global Butterfly Needles Market is estimated to be valued at US$ 2.16 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.
Key Takeaways
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.
The increasing demand for blood sampling procedures across hospitals and diagnostic centers is a major factor driving the butterfly needles market. Globally, over 500 million blood samples are collected annually which supports the demand for butterfly needles.
Geographically, North America dominates the butterfly needles market owing to rising healthcare expenditure and advanced healthcare infrastructure. However, Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to increasing healthcare awareness and improving access to healthcare in developing countries.
Market Key Trends
One of the key trends in the butterfly needles market is the introduction of safety butterfly needles. Conventional butterfly needles pose risk of needlestick injuries to healthcare workers during or after use. To address this, market players are focusing on developing advanced safety butterfly needles with integrated needlestick prevention mechanisms like needle retractable mechanisms and safety wings. For instance, BD offers UltraSafe Plus Passive Needle Guard IV Catheters that incorporate a push-button protection mechanism to cover the needle after use. Such innovations aim to enhance workplace safety in healthcare settings.
The demand for prefilled butterfly needles is also growing. Prefilled butterfly needles remove the extra step of drawing medicines or fluids prior to intravenous delivery into patients. This makes administration more convenient and time-efficient for nurses. Companies are developing prefilled variants with popular medications, anesthesia, and nutrition solutions. Increased availability of such user-friendly products supports the overall adoption of butterfly needles.
Porter’s Analysis
Threat of new entrants: The butterfly needles market has moderate threat of new entrants due to well established brands dominating the market. However, new players can enter the market by introducing innovative products.
Bargaining power of buyers: The bargaining power of buyers is high in this market as butterfly needles are essential medical products. Buyers can negotiate on price and demand high quality products.
Bargaining power of suppliers: A few major companies supply butterfly needles globally. Therefore, the bargaining power of suppliers is moderate.
Threat of new substitutes: There are limited substitutes for butterfly needles currently. Other venous access devices like intravenous catheters pose minimal threat.
Competitive rivalry: The butterfly needles market has high competitive rivalry due to presence of numerous international and local players. Companies compete on factors like product quality, pricing and innovation.
Geographical Regions
North America holds the largest share of the butterfly needles market currently, accounting for over 30% of the global market value. This is attributed to high healthcare spending and growing prevalence of chronic diseases in the region. Asia Pacific is expected to be the fastest growing region during the forecast period from 2023 to 2030, estimated to expanding at a CAGR of around 10%. Rising medical tourism and improving access to healthcare in countries like China and India are driving higher adoption of venous access devices like butterfly needles.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
