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The butterfly needles market is expected to grow from US$ 178.16 million in 2021 to US$ 309.65 million by 2028; it is estimated to grow at a CAGR of 8.3% from 2022 to 2028
The growth of the global butterfly needles market is majorly driven by the rise in the prevalence of chronic diseases and the advantages of butterfly needles over straight needles. However, the risk associated with butterfly needles stick injuries is hampering the market growth.
New York, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Butterfly needles Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and End User" - https://www.reportlinker.com/p06382138/?utm_source=GNW
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.
A butterfly needles is also known as a winged infusion set or a scalp vein set, as it has plastic wings on either side of the hollow needles.With their winged tubing structure, which allows greater flexibility, butterfly needles are much easier to use and less painful.
Additionally, butterfly needles are commonly used to draw blood or administer medication 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 needles 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.
The COVID-19 pandemic disrupted the everyday lives of people and businesses worldwide.The United States pharmaceutical supply chain was greatly affected by the pandemic.
The transmission of the SARS-CoV-2 virus hampered various sectors of the economy, along with the healthcare industry.The COVID-19 pandemic inflicted enormous pressure on healthcare infrastructure and hampered the operational capabilities of biopharmaceutical companies and clinical laboratories.
There was extensive pressure on the laboratories to increase testing capacity and R&D activities and rapidly offer clinical outcomes.The increase in COVID-19 cases affected the growth of the butterfly needles market in the US.
The visits from patients suffering from cardiovascular diseases decreased as the cases of COVID-19 increased in this region. The COVID-19 pandemic caused business slowdowns or shutdowns in affected areas of Europe, impacting the business of manufacturers of butterfly needles in Europe. The pandemic increased the number of hospitalizations and the number of COVID patients tremendously. The demand for butterfly needles increased significantly, but production was highly affected due to the reduced number of workers in the production units to prevent the spread of the virus. Furthermore, the pandemic disrupted the overall supply chain.
Blood supply, a commodity required for the survival of many patients, is one of the primary areas of healthcare systems that have been impacted.Trauma, renal impairment, cancer, sickle cell anemia, hemorrhagic shock, and other medical diseases involving acute or chronic blood loss necessitate using blood and blood products such as cryoprecipitate, plasma, immune globulins, and platelets.
Some blood transfusion centers missed their blood collection targets due to the COVID-19 pandemic. For example, the Zambia National Blood Transfusion Services set a goal of 18,750 units for the first quarter of 2020 but only managed to collect 6,516 units, or 34.7% of the total. The number of blood donation campaigns was also reduced due to the pandemic. For instance, the Association of friends of the National Cancer Institute (AFNCI) organized 150 campaigns and collected 3,764 blood bags in 2020, whereas the number of campaigns in 2019 was 288 with 7,838 blood bags. Thus, all the factors mentioned above slightly impacted the growth of the butterfly needles market. Further, according to a report in November 2020 by Organization for Economic Co-operation and Development (OECD), the prevention and treatment services for cardiovascular diseases, cancer, and diabetes have been severely disrupted since the pandemic began. Additionally, in September 2021, the American College of Cardiology reported that diagnostic cardiovascular procedures declined an average of 47% in Asia in March 2020 compared to March 2019. According to a report, "COVID-19 and older people in Asia Pacific: 2020 in review," Asia Pacific accounted for the highest number of older people’s death during the COVID-19 outbreak. Thus, there has been a negative impact on the butterfly needles market during 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.
Application-Based Insights
Based on application, the butterfly needles market is categorized into blood collection, IV rehydration, delivery of medications, venipuncture, and blood transfusion. The blood collection segment held the largest market share of 34.3% in 2021.
End User-Based Insights
Based on end user, the butterfly needles market is segmented into hospitals, clinics, blood banks, and others. The hospitals segment accounted for the largest market share in 2021, and it is expected to register the highest CAGR of 9.1% during the forecast period.
A few of the major primary and secondary sources referred to while preparing the report on the butterfly needles market are the World Health Organization (WHO), the US Census Bureau, and the US National Library of Medicine, among others.
Read the full report: https://www.reportlinker.com/p06382138/?utm_source=GNW
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