July 24, 2024

Butterfly Needles Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2030

Market Overview:

Butterfly needles are hollow, soft, flexible winged cannulas used to draw blood or for intravenous access. These needles have thin flexible plastic wings on either side of the needle which allows for easy securement of the needle on the skin with tape or adhesive strip. The wings help to stabilize the needle preventing the needle from rolling or moving after insertion. Butterfly needles are particularly useful for pediatric populations, elderly patients or those with fragile veins. Their small gauge and flexible winged design minimizes discomfort during insertion and allows for better blood flow compared to standard venipuncture 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.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/butterfly-needles-market-6169

Market key trends:

Increasing prevalence of chronic diseases coupled with growing geriatric population globally is creating robust demand for routine blood tests and intravenous drug administration. This is a major factor fueling adoption of butterfly needles. Furthermore, rising awareness about health checkups and disease screening is bolstering market growth. Safety features of butterfly needles such as winged design preventing displacement and small gauge reducing pain and risk of collapsing veins makes them preferred device for blood draws in outpatient as well as home healthcare settings. Technological advancements focused on enhancing comfort, safety and ease of use of butterfly needles are also augmenting their uptake. However, stringent regulatory approval process for new product launches remains a key challenge for market players.

Porter’s Analysis

Threat of new entrants: The butterfly needles market has high barrier for new entrants due to requirement of huge initial investment and technical expertise in production. Product differentiation and brand loyalty is also high in this market.
Bargaining power of buyers: Bargaining power of buyers is moderate as butterfly needles products have generic nature. However, key market players have strong global distribution networks which give them an advantage.
Bargaining power of suppliers: Bargaining power of suppliers is low due to availability of numerous component suppliers globally. This reduces dependency on a single supplier.

Threat of new substitutes: Threat of new substitutes is low since butterfly needles are indispensable to collect blood samples and administration of intravenous medications. No novel technology has emerged that can replace butterfly needles.
Competitive rivalry: The butterfly needles market has presence of both global and regional players. There exists severe competition between established players to maintain market share through innovative product launches and expansion of geographical reach.

Key Takeaways

The global butterfly needles market size was valued at US$ 2.16 Bn in 2023 and is expected to reach CAGR of 8.7% over the forecast period to reach a market size of US$ 4.78 Bn by 2030. Major growth drivers are rising number of surgeries, increasing prevalence of chronic diseases like diabetes that require regular blood tests, and rapid development of healthcare infrastructure in emerging nations.

Regional analysis – North America dominated the market in 2023 with over 35% share owing to high healthcare spending and increasing use of innovative medical devices in the region. Asia Pacific is anticipated to be the fastest growing market at a CAGR of 9.2% during forecast period on back of rising medical tourism, growing per capita income, and expansion of private healthcare chains.

Key players – Key players operating in the butterfly needles 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:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it