PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1391963
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1391963
The global butterfly needles market size is expected to reach US$ 3.87 Bn by 2030, from US$ 2.16 Bn in 2023, exhibiting a compounded annual growth rate (CAGR) of 8.7% during the forecast period.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 2.16 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 8.70% | 2030 Value Projection: | US$ 3.87 Bn |
The global market for butterfly needles is experiencing significant growth due to the increasing prevalence of chronic diseases and the rising demand for minimally invasive procedures. Butterfly needles which are also known as winged infusion sets, are medical devices used for venipuncture and intravenous (IV) therapy. They are designed with a small, flexible butterfly-shaped wing attached to a hollow needle, thus allowing for easy insertion and secure placement in the patient's vein.
The market is driven by several factors, including the growing geriatric population, which is more prone to chronic diseases thus requiring regular blood tests and IV therapy. The rising number of surgical procedures and the increasing demand for home healthcare services are contributing to the market growth of the butterfly needles market. Butterfly needles offer advantages such as reduced pain, improved patient comfort, and ease of use, thus making them a preferred choice for healthcare professionals.
The butterfly needles market is expected to witness significant growth during the forecast period. The market is driven by factors such as the increasing prevalence of chronic diseases, the rising demand for minimally invasive procedures, and the growing geriatric population. The market is driven by the rising number of surgical procedures and the increasing demand for home healthcare services.
Market players are indulged in expansion of their manufacturing facility in order to increase production of vascular products and this is expected to increase the growth of the global butterfly needles market, over the forecast period. For instance, in 2021, Nipro Medical Corporation, a renal, medical, surgical, and interventional radiology products manufacturer, announced the expansion of its vascular division in the U.S. The division includes several cutting-edge technologies, innovative vascular and cardiovascular products to provide clinicians with procedural and imaging solutions for the enhancement of patient care.However, there are certain factors that may restrain market growth of the butterfly needle market. These include the high cost of butterfly needles, the risk of needlestick injuries, and the availability of alternative devices such as safety needles and catheters. Furthermore, the market faces challenges in terms of stringent regulatory requirements and the lack of awareness about butterfly needles in developing regions.
Despite these challenges, the market presents several opportunities for growth. The increasing adoption of advanced technologies in healthcare, the development of innovative butterfly needle designs, and the expansion of healthcare infrastructure in emerging economies are expected to create lucrative opportunities for market players. Moreover, the growing focus on patient safety and the increasing demand for point-of-care testing are driving the demand for butterfly needles.
Key Features of the Study:
Butterfly Needles Market Segmentation: