Butterfly Needles Market is expected to reach US$ 309,647 thousand by 2028

Publisher: The Insight Partners

The butterfly needles market is projected to reach US$ 309,647 thousand by 2028; registering at a CAGR of 8.3% from 2022 to 2028, according to a new research study conducted by The Insight Partners

Blood Collection Segment by Application to Account for Largest Share in Butterfly Needles Market During 2022–2028

The report highlights the key factors driving the butterfly needles market growth and prominent players with their developments in the market.   

Based on application, the butterfly needles market is segmented into blood collection, IV rehydration, delivery of medications, venipuncture, and blood transfusion. In 2021, the blood collection segment held the largest market share. However, the IV rehydration segment is anticipated to register the highest CAGR during the forecast period. Based on end user, the market is segmented into hospitals, clinics, blood banks, and others. In 2021, the hospitals segment accounted for the largest market share. The same segment is expected to register the highest CAGR from 2022 to 2028.

A butterfly needle, also called a winged infusion set or a scalp vein set, is used to access a vein to draw blood or give medications. The advantage of a butterfly needle over a straight needle is that it allows for more precise placement, particularly in hard-to-access veins. Additionally, butterfly needles are widely preferred to straight needles as they are highly flexible during angled insertion, less painful, and highly accurate. Also, the phlebotomist may have a close grip on the needle and precision while placing it in the vein due to their bilateral wings and a short length. Butterfly needles can be efficiently used on people with small or rolling veins and are also effective for the tiny veins of body parts such as the hand, foot, scalp, or heel. The growth of the global butterfly needles market is majorly driven by the rise in the prevalence of chronic diseases and the advantages of butterfly needles over straight needles. However, the risk associated with butterfly needlestick injuries is hampering the butterfly needles market growth.

According to a report in November 2020 by the Organization for Economic Co-operation and Development (OECD), prevention and treatment services for cardiovascular diseases, cancer, and diabetes have been severely disrupted since the pandemic began. Thus, there has been a negative impact on the butterfly needles market during the first quarter of the COVID-19 pandemic due to the lockdown and limited access to healthcare-related settings. However, post-COVID, there has been a high demand for butterfly needles owing to the rising demand for the treatment of cardiovascular diseases, cancer, and diabetes, which is contributing to the butterfly needles market's future growth.

B. Braun SE, Becton Dickinson and Co, Nipro Corp, Cardinal Health Inc, Medline Industries Inc, Terumo Corp, SB-Kawasumi Laboratories Inc, ICU Medical Inc, ISO-MED Inc, and Vogt Medical Vertrieb GmbH are among the leading companies operating in the global butterfly needles market. 

Butterfly Needles Market, by Region, 2021 (%)

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Various organic and inorganic strategies are adopted by companies operating in the butterfly needles market. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios. A few of the significant developments by key butterfly needles market players are listed below.

• In January 2022, ICU Medical Inc. acquired Smiths Medical from Smiths Group plc. The Smiths Medical business includes syringes, ambulatory infusion devices, vascular access, and vital care products.
• In October 2020, Nipro’s consolidated subsidiary Nipro Medical Europe N.V. established the local subsidiary Nipro Medical Morocco in the Kingdom of Morocco, located in the northwestern part of North Africa, to engage in sales of Nipro medical devices. The new sales subsidiary started operations on October 1, 2020.
• In June 2020, Becton Dickinson Benelux N.V. launched BD Vacutainer UltraTouch Push Button Blood Collection Set with Pre-Attached Holder. A pre-attached holder prevents accidental needlestick injury due to the nonpatient (tube-side) needle and helps ensure compliance with OSHA's single-use holder requirement.

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