Butterfly Needle Sets Market Size (2024 - 2029)

Butterfly Needle Sets Market Analysis

The Butterfly Needle Sets Market size is estimated at USD 230 million in 2024, and is expected to reach USD 450 million by 2029, growing at a CAGR of 8.20% during the forecast period (2024-2029).

The studied market witnessed a short-term impact due to the decreased patient visits to hospitals and clinics during the initial phase of the COVID-19 outbreak. According to a research study published in the Journal of Clinical Apheresis in December 2021, therapeutic plasma exchange (TPE) for neuroimmunological disorders played an increasingly important role within the Southeast Asian (SEA) region, but during the pandemic, the procedures were slowed down. This created challenges for the adoption of butterfly needle sets used for blood transfusion and interrupted the growth of the market studied for a shorter term during the initial phases of the pandemic.

However, during the later phases of the pandemic, owing to the increasing burden of complications among multimorbid patients with COVID-19 infections, the demand for medication delivery, IV infusions, and blood transfusions increased. In addition, butterfly needles were also used for delivering medications (such as pain medications) straight into a vein or infusing IV therapies (such as chemotherapy or antibiotics) intravenously, which significantly contributed to the market growth and is anticipated to drive the growth of the market studied over the forecast period.

The butterfly needle sets market is projected to witness significant growth owing to the factors such as an increase in the burden of various chronic diseases such as leukemia and sickle cell disease, along with a rise in demand for blood and IV infusions across the globe.

Government agencies control the measure of blood transfusions and donations due to the increasing burden of leukemia and other blood disorders across countries worldwide. According to the American Cancer Society data updated in January 2023, there will be nearly 59,610 new cases of leukemia, among which 18,740 cases will be chronic lymphocytic leukemia, and 20,380 will be acute myeloid leukemia in the United States. This shows a high burden of disease in the country, which is expected to create a demand for blood transplantations and transfusions, creating demand for butterfly needle sets used for the procedures, driving the studied market growth.

Furthermore, the increasing number of blood donation campaigns and initiatives by government and private organizations is expected to contribute to the overall growth of the market studied. As per an article published by Fresenius Kabi in July 2022, Fresenius Kabi China has been organizing nationwide blood donation activities with an increasing number of participants every year for the past 10 years, and more than 4,000 employees and their family members participated and donated more than 404,000 units of whole blood during these donation activities.

In addition, on World Blood Donor Day 2022, this activity was held in 54 cities across China, and nearly 1,500 or more employees and their family members donated approximately 137,000 units of whole blood. Thus, such activities are further expected to create opportunities for the butterfly needle sets used for blood transfusion procedures and fuel the growth of the market studied.

However, the lack of product innovation and development by major players in the market is expected to hamper market growth over the analysis period.

Butterfly Needle Sets Industry Segmentation

A butterfly needle is a tool used to open a vein so that blood may be drawn or drugs can be administered. A butterfly needle may also be referred to as a "winged infusion set" or "scalp vein set". The butterfly needle sets market is segmented by type of needle gauges (21G butterfly needles, 23G butterfly needles, and other types of needle gauges), application (venipuncture, medicine delivery, blood transfusion, and IV infusions), end-user (hospitals, blood banks, pathology labs, and others), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally.

The report offers the value (in USD) for the above segments.