Blood Collection Segment to Register Highest CAGR in Butterfly Needles Market During 2022-2028

According to our latest study on "Butterfly Needles Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Application and End User," the butterfly needles market is projected to reach US$ 309,647 thousand by 2028 from US$ 178,164 thousand in 2021; it is expected to grow at a CAGR of 8.3% from 2022 to 2028. The report highlights the key factors driving the butterfly needles market growth and prominent players with their developments in the market.

According to a report in November 2020 by the Organization for Economic Co-operation and Development (OECD), prevention and treatment services for cardiovascular diseases, cancer, and diabetes have been severely disrupted since the pandemic began. Thus, there has been a negative impact on the butterfly needles market during the first quarter of the COVID-19 pandemic due to the lockdown and limited access to healthcare-related settings. However, post-COVID, there has been a high demand for butterfly needles owing to the rising demand for the treatment of cardiovascular diseases, cancer, and diabetes, which is contributing to the butterfly needles market's future growth.

Based on application, the butterfly needles market is segmented into blood collection, IV rehydration, delivery of medications, venipuncture, and blood transfusion. In 2021, the blood collection segment held the largest market share. However, the IV rehydration segment is anticipated to register the highest CAGR during the forecast period. Based on end user, the butterfly needles market is segmented into hospitals, clinics, blood banks, and others. In 2021, the hospitals segment accounted for the largest market share. Also, the same segment is expected to register the highest CAGR from 2022 to 2028.

Butterfly needles are devices used for drawing blood or administering medications in veins. Patients who may be difficult to venipuncture, such as older adults, infants, and children, are often given butterfly needles. Additionally, butterfly needles are commonly used to draw blood for blood testing or medication administration in various diseases, such as cardiovascular disease, cancer, and diabetes, for babies, young children, and the elderly. According to the latest data from the World Health Organization, cardiovascular diseases account for most non-communicable disease related deaths (?17.9 million people each year), followed by cancers (?10 million), chronic respiratory diseases (4.1 million), and diabetes (2 million, including deaths associated with the kidney). As per the same source, cancer is one of the leading causes of death globally, which accounted for nearly 10 million deaths in 2020, or nearly one in six deaths. Cancer can be identified by tumor marker tests which use a blood sample to look for chemicals made by cancer cells; butterfly needles are used to draw blood and administer medication among cancer patients.

Furthermore, a butterfly needle is used for drawing blood for cholesterol testing. High cholesterol can cause heart attack and stroke. According to the World Heart Federation, high cholesterol causes 4.4 million deaths yearly (7.8% of all deaths), and ?24% of cardiovascular-related deaths are attributable to high LDL cholesterol. Thus, the growing prevalence of chronic diseases requiring blood draws, long-term medications, and drug infusions is boosting the growth of the global butterfly needle market.

B. Braun SE, Becton Dickinson and Co, Nipro Corp, Cardinal Health Inc, Medline Industries Inc, Terumo Corp, SB-Kawasumi Laboratories Inc, ICU Medical Inc, ISO-MED Inc, and Vogt Medical Vertrieb GmbH are among the leading companies operating in the butterfly needles market.

In terms of geography, the butterfly needles market has been segmented as follows:

Based on geography, the butterfly needles market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The butterfly needles market in North America is further segmented into the US, Canada, and Mexico. The European butterfly needles market is subsegmented into France, Germany, the UK, Spain, Italy, and the Rest of Europe. The butterfly needles market in APAC is segmented into Japan, China, India, Australia, South Korea, and the Rest of APAC. The butterfly needles market in the MEA is further segmented into Saudi Arabia, the UAE, South Africa, and the Rest of the MEA. The butterfly needles market in South & Central America is further segmented into Brazil, Argentina, and the Rest of South & Central America.

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