Butterfly Needles: The Rising Demand for IV Catheters Propelling Growth of the Butterfly Needles Market

 

ButterfFly Needles Market

The global Butterfly Needles Market is estimated to be valued at US$ 315.2 Mn 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 Overview:

Butterfly needles, also known as winged infusion needles or blood collection needles, provide reliable intravenous access for phlebotomy or intravenous therapy procedures. They contain an integrated plastic "wings" to stabilize and anchor the needle during insertion and stabilize the needle once inserted into the vein. Their compact design and one-handed operation make them suitable for pediatric patients and people with small, fragile or difficult to access veins.

 

Market key trends:

One of the key trends fueling the growth of the butterfly needles market is the rising demand for intravenous catheters and needles. According to the IV Team, approximately 46% of all hospitalized patients in the United States receive some form of intravenous therapy and more than 330 million intravenous devices are sold each year. Rapid expansion of the healthcare industry, growing prevalence of chronic and lifestyle diseases, and increasing number of surgical procedures are driving up demand for IV catheters and associated devices such as butterfly needles. Rising geriatric population, which is more prone to develop age-related diseases, is also contributing to market growth.

Segment Analysis

 

The global butterfly needles market is segmented based on product type, application, and end user. Based on product type, the winged steel needle (also called plastic needle) segment dominates the market due to ease of use and prevent injury while inserting into patient's vein. The winged steel needle segment accounted for around 60% of the global market share in 2023.

 

Key Takeaways

 

The Global Butterfly Needles Market Size is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing prevalence of chronic diseases and rising geriatric population prone to have venous access procedures.

 

Regional analysis - North America dominated the global butterfly needles market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to presence of major players and rising healthcare expenditure in the region. Asia Pacific exhibits the fastest growth over the forecast period owing to increasing healthcare infrastructure and rising medical tourism in countries like India and China.

 

Key players - Key players operating in the butterfly needles market are Becton, Dickinson and Company, Kawasumi Laboratories Inc., Vygon SA, Medline Industries Inc., ISOMed, Terumo Corporation, HTL Strefa, Cardinal Health, iLife Medical Devices Pvt. Ltd., and AdvaCare Pharma. Becton, Dickinson and Company held around 25% of the global market share in 2023 due to its diversified product portfolio and large geographical presence across the globe.

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