Market Overview
Butterfly needles, also known as venepuncture needles, are slender hollow-bore needles used to draw blood or establish intravenous (IV) access. They feature an embedded flexible plastic 'wings' on opposite sides that hold the vein in place, making venipuncture and cannulation procedures easier, faster and less painful for patients. The rising preference for minimally invasive surgical techniques is propelling the adoption of butterfly needles across hospitals, clinics and blood banks.

The global butterfly needles market is estimated to be valued at US$ 2.16 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the butterfly needles market are Alshifa Medical Syringes, Asahi Kasei Medical, Beijing PuYi Medical Technology Co, Bionic Medizintechnik, Biosigma SPA, Changzhou Zener Medtec, Demophorius Healthcare, Dialife SA, Epimed, F.B. Medical, Farmasol, HeBei ChaoRan Medical Instruments, HWTAi, Jiangsu Eyoung Medical Devices, Kawasumi, KB Medical Group, Lepu Medical Technology, Micsafe Medical, Nanchang Kindly Meditech, Nemoto, Nipro, NxStage Medical, Oscar Boscarol, PakuMed Medical Products, and Sunrise Medical Technology. Some key opportunities in the market include increasing adoption in blood collection centres and outpatient clinics in developing countries. Rising healthcare expenditure and growing incidence of chronic diseases are also contributing to the global expansion of the butterfly needles market.

Market Drivers and Restraints
The growing demand for blood sampling and IV access procedures across hospitals and diagnostic labs is a key driver promoting the butterfly needles market. Rising incidence of chronic diseases such as cancer and diabetes that require frequent blood collection is further augmenting the market growth. Additionally, increasing investments by major players to develop safer and more user-friendly butterfly needle designs is expected to create new opportunities. However, availability of alternative venous access devices and risks of needlestick injuries may impede the market expansion to an extent over the forecast period. Stringent regulatory approvals and product recalls can also negatively impact the butterfly needles industry.

Segment Analysis

The butterfly needles market can be segmented based on product type and end-use.

Based on product type, the market is segmented into 21G butterfly needles, 23G butterfly needles, 25G butterfly needles, and others. Among these, the 23G butterfly needles segment dominates the market and accounts for the largest share. 23G butterfly needles are preferred over other gauges due to their balance of size and functionality. They provide optimal blood flow during venipuncture procedures while also causing minimal patient discomfort.

Based on end-use, the market is segmented into hospitals, blood banks, diagnostic centers, and others. The hospitals end-use segment accounts for the largest share of the market currently. Butterfly needles are widely used in hospitals for blood tests, IV line insertions, and blood specimen collections. They allow for swift and reliable venipuncture in hospital settings.

Global Analysis

Regionally, North America dominates the global butterfly needles market and is expected to continue its leading position over the forecast period. The presence of major market players and advanced healthcare infrastructure are factors driving the regional market. Additionally, rising prevalence of chronic diseases necessitating frequent blood tests and IV treatments contributes to North America's large market share.

Europe holds the second largest market share led by countries like Germany, United Kingdom, and France. Growing geriatric population susceptible to age-related illnesses is a key factor propelling the European butterfly needles market.

The Asia Pacific region is projected to showcase the highest growth rate during the forecast period. Improving access to healthcare across developing nations, increasing healthcare spending, and rising medical tourism are major factors driving the APAC market. In addition, growing awareness about safe healthcare practices and rising incidence of needlestick injuries are supporting regional market growth.

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191