Butterfly Needle Sets Market Extends at a Healthy CAGR of 8.30% by 2030

Introduction

Butterfly needle sets are also winged infusion sets and scalp vein sets. These sets are used for vein blood extraction, IV drug infusions, and IV rehydration. Butterfly needles are used more frequently for blood transfusions than alternative products because they are less expensive, more efficient, and more painful than those alternatives.

Market Dynamics

Global Increase in the Prevalence of Chronic Diseases Drives the Global Market

Due to the rise in chronic diseases like cancer, cardiovascular disease, cancer, and intravenous therapy, butterfly needles are in high demand. As a result, more people are collecting blood using butterfly needles. For instance, according to the World Federation of Hemophilia, 78,500 cases of von Willebrand disease and 210,454 cases of hemophilia were reported globally in 2018. Additionally, the widespread use of intravenous therapy, cancer treatments, and blood transfusions has been brought on by the current increase in cancer cases and other fatal diseases. The market for butterfly needle sets is expanding due to the growing use of butterfly needles for delivering chemotherapy fluids and medication fluids.

Butterfly Needles' Practicality and Security Creates Tremendous Opportunities

It is projected that there would be additional market potential for butterfly needles in a variety of applications due to their benefits. Small or narrow veins, such as those in infants or the elderly, are less painful to access with these needles. Additionally, they are less likely to cause severe bleeding, nerve damage, or vein collapse once removed. Another feature of more recent models is a slide-and-lock sheath, which automatically slides over the needle as it is extracted from a vein to lessen the risk of needlestick injuries and eliminate the need for extra needles.

Regional Analysis

Asia-Pacific is the most significant contributor to the global butterfly needle sets market and is expected to grow at a CAGR of 9.4% during the forecast period. In Asia-Pacific, the butterfly needle set market is the biggest and is growing quickly. It is the most lucrative market because of the enormous unrealized potential there. The market for Asia-Pacific butterfly needle sets is expected to grow faster than average due to the rising purchasing power of populous countries like China and Japan. In addition, the market is expanding due to factors like the increase in blood donation clinics in this area due to population growth and the growth of the Thalassemic, Hemophilic, and cancer patient pools. Significant key players like B. Braun Melsungen AG, ISOMed, BioMatrix S.r.l., Nipro Corporation, and Kawasumi Laboratories, Inc. are also anticipated to fuel the market's growth.

North America is expected to grow at a CAGR of 7.80% during the forecast period. Cancer and bleeding disorders are the two chronic diseases for which butterfly needles are most frequently used. The U.S. has the largest market share for butterfly needle sets in North America, followed by Canada. This results from major U.S. industry players like Becton, Dickinson and Company, Cardinal Health, Inc., Greiner Bio-One North America, Inc., Medline Industries, Inc., JMS North America Corporation, and Terumo Corporation. 17,757 Americans were diagnosed with hemophilia in 2018. Normal blood clotting is impaired by hemophilia, a genetic blood disorder. Regulations governing blood collection and butterfly needle sets in clinical trials also contribute to this market's growth.

Key Highlights

• The global butterfly needle sets market was valued at USD 221.32 million in 2022. It is expected to reach USD 453.6 million by 2030, growing at a CAGR of 8.30% during the forecast period (2023–2031).
• Based on the application, the global butterfly needle sets market is bifurcated into blood transfusion, venipuncture, IV rehydration, and delivery of medications. The blood transfusion segment is the highest contributor to the market and is expected to grow at a CAGR of 8.7% during the forecast period.
• Based on the end-user, the global butterfly needle sets market is bifurcated into hospitals and blood banks. The hospital segment owns the highest market share and is anticipated to grow at a CAGR of 8.3% during the forecast period.
• Asia-Pacific is the most significant contributor to the global butterfly needle sets market and is expected to grow at a CAGR of 9.4% during the forecast period.

Competitive Players

1. B. Braun Melsungen Ag
2. Becton
3. Dickinson and Company
4. Nipro Corporation (Nipro Medical Corporation)
5. Cardinal Health Inc
6. Medline Industries, Inc
7. Terumo Corporation (Terumo Medical Corporation)
8. Kawasusr Laboratories, Inc. (Kawasusr Laboratories America, Inc.)
9. Isomed
10. Biomatrix S.R.L
11. and Smith’s Group Plc

Recent Developments

• January 2023- By working together to improve physician training and development, access to cutting-edge medical technologies, and penetration of Tier 2 and Tier 3 cities, Terumo and Siemens Healthineers India are working to improve cardiac care in India. A customized training program for Cathlab professionals, which is being developed in collaboration with renowned academic institutions in India, will serve as the collaboration's initial point of entry.
• March 2022- Intermedt Medizin & Technik GmbH, an expert in the creation of dialysis concentrates, was purchased by B. Braun.

Segmentation

1. By Applications
   1. Blood transfusion
   2. Venipuncture
   3. IV Rehydration
   4. Delivery of medications
2. By End-User
   1. Hospitals
   2. Blood banks
   3. Others