June 25, 2024

Butterfly Needles are Expected to be Flourished by the Rising Demand in Blood Collection Procedures

Butterfly needles are medical devices consisting of a body with two wings at one end and a secured needle at the other end. They are commonly used for blood collection procedures like venipuncture. With their ergonomic design and fixation wings, butterfly needles provide stability during blood draws and minimize needle stick injuries. They are ideal for collecting blood from infants and adults with small, fragile, or heavily vasculated veins. The devices help collect samples efficiently while reducing unnecessary pain to patients. The growing awareness regarding infectious disease transmission has increased demand for safety-engineered blood collection products. Additionally, the rising prevalence of chronic diseases necessitating regular blood monitoring is propelling the global butterfly needles market.

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 Dynamics
The rising demand for blood collection procedures and safety-engineered medical devices, as highlighted in the heading, is a key driver of the butterfly needles market. Butterfly needles minimize pain and reduce the chances of needle-stick injuries during blood draws compared to regular hypodermic needles. Their ergonomic design provides greater stability and control during venipuncture. Additionally, governments across countries are implementing regulations regarding the use of safety-engineered medical equipment to curb the risk of disease transmission among healthcare workers. This is fueling the demand for protective products like butterfly needles.

Another driver for the market expansion is the growing prevalence of chronic and infectious diseases necessitating regular blood monitoring. Diseases like HIV/AIDS, hepatitis, diabetes, and cardiovascular conditions require repeated blood draws for diagnostic testing and monitoring treatment efficacy. This is propelling the demand for optimal blood collection equipment like butterfly needles across healthcare facilities.

Segment Analysis
The butterfly needles market is dominated by 23G sub segment. 23G butterfly needles hold around 45% market share as they are used commonly in non-emergency situations for venipuncture and blood collection procedures. 25G sub segment is the fastest growing segment and is expected to witness growth of 9.2% CAGR during forecast period. This is because 25G needles are preferred for pediatric patients and geriatric patients due to their small size and reduced pain during injection or blood draws.

PEST Analysis
Political: Growth of healthcare industry and rising government focus on increasing access to healthcare services especially in developing nations will drive market growth.

Economic: Increasing per capita healthcare expenditure and favorable reimbursement policies are promoting higher adoption of butterfly needles for diagnostic tests and treatments.

Social: Rising prevalence of chronic diseases and ageing population undergoing regular health checkups is fueling the demand for blood collection procedures using butterfly needles.

Technological: Advancements in needle design aimed at reducing pain and introduction of safety butterfly needles with needlestick prevention features are augmenting their use in hospitals and diagnostic labs.

Key Takeaways
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 shows that North America dominates currently due to robust healthcare infrastructure and large patient population undergoing regular health checkups. The region is expected to retain its leading position attributed to growing trend of self-monitoring of health indicators.

Key players operating in the butterfly needles market are Alshifa Medical Syringes, Asahi Kasei Medical Co. Ltd, Becton Dickinson and Company, Cardinal Health Inc., B. Braun Medical Inc., Terumo Corporation, and Nipro Medical Corporation.

Key players such as Alshifa Medical Syringes and Asahi Kasei Medical collectively account for around 30% market share due to their diverse product portfolios and strong distribution networks across major markets. These companies are focusing on new product launches with added safety features to strengthen their positions.

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  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it