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The butterfly needles market has been witnessing steady growth owing to the rising prevalence of chronic diseases such as diabetes, which contributes significantly to increasing demand for injections. Butterfly needles provide several advantages over conventional needles such as safety from needle stick injuries, reduced pain during injections, and lower gauges that reduce bleeding and bruising. They are commonly used for blood sample collection and administering intravenous medications, fluids, and nutrition supplements. The rising geriatric population prone to chronic ailments also increases the utilization of butterfly needles for regular medical checkups and treatments.
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 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.
The butterfly needles market provides growth opportunities through increasing healthcare expenditure to strengthen healthcare infrastructure across emerging economies. Advancements in biodegradable cannula and microneedle technology also open new avenues.
Safety needles that prevent needlestick injuries and reduce reuse of insulin syringes are key technological advancements spurring the butterfly needles market growth.
Market Drivers
The rising prevalence of diabetes as a lifestyle disease, growing healthcare spending, rapidly aging population prone to chronic diseases, increasing awareness about safety needles, and mandatory regulations for needlestick safety are some of the major factors driving the growth of the butterfly needles market. The demand is further augmented by the supportive reimbursement policies for treatment in certain countries. However, stringent regulatory approvals and availability of alternative delivery methods hinder the market growth.
Current Challenges in Butterfly Needles Market
The butterfly needles market is facing challenges related to complexity in designing butterfly needles and sterility issues. Designing butterfly needles require precise calibration of its wings and lumen to ensure smooth extraction of blood samples with minimal pain and discomfort for patients. Maintaining sterility during transportation and storage is also a key challenge given butterfly needles are inserted into veins. Regulatory approvals for new designs also tend to delay market entry for innovators.
SWOT Analysis
Strength: Precise design enables smooth blood draw with minimal pain and risk of collapsing veins. Wings provide better stability than normal hypodermic needles.
Weakness: Complex design increases manufacturing costs. Sterility maintenance during transportation is challenging.
Opportunity: Rising blood collection procedures create demand. Innovations in design can further reduce pain and improve ease of use.
Threats: Stiff competition from normal hypodermic needles. Regulatory delays in approval of new designs.
Geographical Regions
North America accounts for around 40% value share of the global butterfly needles market led by high blood collection rates in healthcare facilities. Rising incidence of chronic diseases has also increased blood tests in the region. Europe is second largest followed by Asia Pacific.
Fastest Growing Region
Asia Pacific excluding Japan is projected to be the fastest growing region during the forecast period of 2023-2030. This is attributed to increasing healthcare investments, expansion of healthcare infrastructure and rapidly growing geriatric population. Rising awareness about health checkups and prevalence of lifestyle diseases will further boost demand for blood collection procedures in the region.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
