Butterfly Needles Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Chronic Diseases
The global Butterfly Needles Market is estimated to be valued at US$639.4
million in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast
period 2023-2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Butterfly needles are medical devices used for venipuncture and blood
collection. They are designed with a small winged-shaped handle, allowing for
easy and secure handling during the procedure. Butterfly needles offer numerous
advantages, including reduced pain and increased patient comfort, as well as
improved vein visibility and easier blood flow. These devices are widely used
in hospitals, clinics, diagnostic centers, and blood banks for various
applications, such as blood transfusions, intravenous (IV) therapy, and collecting
blood samples for laboratory testing. The increasing prevalence of chronic
diseases, such as diabetes and cardiovascular diseases, is driving the demand
for butterfly needles, as these diseases often require frequent blood tests and
IV therapy.
Market Key Trends:
One key trend in the butterfly needles market is the growing adoption of safety
butterfly needles. Safety butterfly needles are designed with safety features
to reduce the risk of needlestick injuries. These needles have a built-in mechanism
that activates after the procedure is completed, retracting the needle into a
protective housing and preventing accidental needlestick injuries. The rising
awareness about occupational hazards among healthcare professionals and the
implementation of stringent regulations for workplace safety are driving the
demand for safety butterfly needles. Additionally, the increasing prevalence of
bloodborne diseases, such as HIV and Hepatitis, further emphasizes the need for
safer medical devices, including butterfly needles.
In conclusion, the global butterfly needles market is expected to experience
significant growth due to the increasing prevalence of chronic diseases and the
growing adoption of safety butterfly needles. The market is projected to
witness high demand from hospitals, clinics, and diagnostic centers for various
applications, driving
PEST Analysis:
Political: The political factors influencing the Butterfly Needles market
include government regulations and policies regarding healthcare infrastructure,
medical devices, and patient safety. For example, the approval process for
introducing new medical devices in the market and the regulatory guidelines
related to the manufacturing and distribution of Butterfly Needles can impact
the growth of the market.
Economic: Economic factors affecting the Butterfly Needles market include
healthcare expenditure and reimbursement policies. The increasing healthcare
expenditure and favorable reimbursement policies for medical procedures
involving Butterfly Needles can drive market growth. Additionally, economic
stability and disposable income of individuals also play a significant role in
the adoption of advanced medical devices, including Butterfly Needles.
Social: Social factors such as the aging population, prevalence of chronic
diseases, and awareness about healthcare services influence the demand for
Butterfly Needles. The rise in the geriatric population and the increasing
prevalence of chronic illnesses, which require regular blood tests and
intravenous therapies, drive the demand for Butterfly Needles.
Technological: Technological advancements in Butterfly Needles contribute to
market growth. Innovations in needle design, such as the development of safety
needles and painless insertion techniques, improve patient experience and
encourage the adoption of Butterfly Needles. Moreover, the integration of
technology with these devices, such as electronic medical records and wireless
connectivity, enhances the efficiency of healthcare delivery.
Key Takeaways:
The global Butterfly
Needles Market Future is expected to witness high growth, exhibiting a
CAGR of 9.8% over the forecast period (2023-2030). This growth can be
attributed to factors such as increasing healthcare expenditure, favorable
reimbursement policies, and technological advancements in the field. The market
size is projected to reach US$ 639.4 million by 2023.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the Butterfly Needles market. The region's
well-established healthcare infrastructure, high healthcare expenditure, and
increasing prevalence of chronic diseases contribute to the market's growth.
Additionally, the presence of key market players and their focus on research
and development activities further boost the market in this region.
Key players operating in the Butterfly Needles market include Chattanooga
International, Humares, Prime Pacific Health, Herrmann Apparatebau, Transcom,
CleanColon Italy, Prometheus Group, Shenzhen Lifotronic Technology, PPHIC,
Comba UK, Enteromed Group, Lifotronic, Dotolo Research, and TECNO-GAZ. These
companies are actively engaged in product development, strategic
collaborations, and mergers and acquisitions to strengthen their market
presence and expand their product portfolios.
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