A butterfly needle is a device used to draw blood from an access vein or deliver intravenous (IV) therapy through a vein. It comprises of front to rear to a hypodermic needle with two bilateral flexible wings for flexible small-bore transparent tubing and lastly a connector. These needles are much easier to use and are much less painful for patients. Thus, it reaches more body surface and tolerates more patient movement of the patients. Further, phlebotomists regularly use butterfly needles to obtain blood samples for complete blood counts (CBC), cholesterol tests, diabetes monitoring, STD screens, and other blood-based tests. These needles are also commonly used at blood banks for people wanting to donate blood. As these needles are much easier to use and are much less painful for patients. Thus, it reaches more body surface and tolerates more patient movement of the patients.
List of Key Players
The key product manufacturing companies profiled in this report include B. Braun Melsungen AG, Becton, Dickinson and Company, Nipro Corporation, Cardinal Health, Inc., Medline Industries, Inc, Terumo Corporation, Kawasumi Laboratories, Inc., ISOMed, and BioMatrix S.r.l.
List of key players excluding (not included in this report) includes Greiner Group AG, Medtronic Plc, Sarstedt AG & Co. KG, and RAYS SPA.
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Rise in prevalence of chronic diseases globally such as cancer, intravenous therapy, cardiovascular diseases, and bleeding disorders boost the butterfly needle sets market growth. For instance, in 2018, according to the World Federation of Haemophilia, there were around 210,454 people diagnosed with haemophilia and 78,500 diagnosed with von Willebrand disorder globally. In addition, more precise and easier use of butterfly needles for dialysis and need for managing long term medication and drug infusion with butterfly needles are some of the other factors that boost the growth of the market. Furthermore, according to a research in 2013, by Academic Emergency Medicine, the use of butterfly needles to draw blood has marked reduction in haemolysis compared to intravenous catheter. Therefore, these aforementioned factors ease in the use of butterfly needles and thus, boost the market growth. However, lack of product innovations and regulatory standards on butterfly needle usage and phlebotomists blood collection hamper the market growth. Moreover, advantages such as of safety and convenience in treatment associated with butterfly needles are anticipated to offer opportunities for the market growth during the forecast period.
By application, the blood transfusion accounted for the largest share in 2019 and is anticipated to continue the growth during the forecast period. This is attributed to increase in anemia and bleeding disorders such as hemophilia and cancer. In addition, rise in chemotherapy and geriatric patients whose veins are fragile and difficult to access leads to the blood transfusion market growth.
On the basis of end user, the blood donation segment dominated the butterfly needles set market in 2019, and is expected to continue its growth during the forecast period. Owing to increase in use of butterfly needles in blood donation banks & camps, and rise in population who are interested in blood donation.
Asia-Pacific is expected to remain the highest revenue-generating region with a CAGR of 9.1%, owing to widespread adoption of butterfly needles and large pool of patients suffering from cancer and cardiovascular diseases, demand for blood transfusion and increase in the number of blood donors each year in this region. Further, North America was the second highest revenue-generating with a value $49.98 million in 2019 for butterfly needle sets market. Owing to as in 2018, around 17,757 people were diagnosed with hemophilia. In addition, Growth in healthcare awareness and well-established healthcare infrastructure and major key players for butterfly needles are expected to boost the growth of the market in North America for this market.
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Key Findings Of The Study
- The blood transfusion segment is projected to grow at a significant CAGR of 8.60% during the forecast period.
- The butterfly needles set market in North America is projected to reach $92.17 million by 2027, registering a CAGR of 7.70% from 2020 to 2027.
- The Asia-Pacific region is the fastest growing region during the forecast period with the CAGR of 8.80% during the forecast period.
- Hospital segment accounted for the largest share in the market, accounting for market share of $96.79 million in 2019.
- Blood bank is the highest growing segment with a CAGR of 9.1% during the forecast period.
𝐀𝐛𝐨𝐮𝐭 𝐀𝐥𝐥𝐢𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:
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