Butterfly Needle Sets Market: Current Analysis and Forecast (2022-2028)
Emphasis on Application (Blood Transfusion, Venipuncture, IV Rehydration, Medication Delivery, and Others); End-users (Hospitals, Blood Banks, and Others); and Region/Country
The global butterfly needle sets Market is expected to grow at a significant rate of around 8% during the forecast period. A butterfly needle is used to access a superficial vein and can be used for drawing blood as well as for an IV injection. The increasing number of pediatric disorders and the increased usage of butterfly needle sets for medication and nutrition delivery attributes to the market growth of butterfly needle sets. For instance, as the UNICEF, in 2019, approximately 274,000 children under the age of 5 died of the disease, accounting for 67 percent of global malaria deaths. Further, the rising geriatric population and increased prevalence of diseases among them also attributes to the market growth of butterfly needle sets.
Braun Melsungen Ag, Becton, Dickinson and Company, Nipro Corporation, Cardinal Health Inc., Medline Industries Inc., Terumo Corporation, Kawasumi Laboratories Inc., Isomed, Biomatrix S.R.L, and Smith’s Group LLC. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst application, Blood Transfusion category to witness higher CAGR during the forecast period”
Based on application, the market is segmented into blood transfusion, venipuncture, iv rehydration, medication delivery, and others. The blood transfusion category witnessed a higher CAGR during the forecast period. The increasing number of accidents, cancer cases (anemia, leukemia, myeloma), awareness for blood donation, chronic bleeding disorders, and surgeries are the major factors for the growth of the blood transfusion segment during the forecast period. Furthermore, according to the World Health Organization (WHO), in 2020, every year, 1.35 million people die due to road accidents, and 20-50 million suffer from non-fatal injuries.
“Amongst end-users, the blood banks to hold a significant share in the market in 2020”
Based on end-users, the butterfly needle sets market has been classified into hospitals, blood banks, and others. Among these, the blood bank to hold a significant share of the market in 2020. The growth of this segment is owing to the rising geriatric population, road accidents, awareness of blood donation, surgical procedures, injuries, blood cancer, and kidney failure treatment procedures. The demand for butterfly needle sets is expected to rise in the future from blood banks. Furthermore, according to the World Health Organization (WHO), the incidence of tropical diseases, like malaria, chikungunya, dengue, and yellow fever has significantly increased, driving demand for the market. As the detection of these diseases requires various diagnostic devices, the demand for blood collection products is expected to rise in the future.
“Asia-Pacific to hold a significant share in the market”
For a better understanding of the market adoption of the butterfly needle sets industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific is anticipated to have a significant market share during the forecast period. The presence of emerging economies, higher prevalence of infectious diseases, presence of a large population, and rising healthcare expenditure attributes to the growth of IV transfusion therapies and butterfly needle sets. For instance, India recorded 63,280 dengue cases as of September 30, 2022, according to data shared by the National Center for Vector Borne Diseases Control.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Butterfly Needle Sets Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global butterfly needle sets market were the three major steps undertaken to create and analyze the adoption of butterfly needle sets in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global butterfly needle sets market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the butterfly needle sets market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the butterfly needle sets market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as applications and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the butterfly needle sets market. Further, we conducted factor analysis using dependent and independent variables such as applications and end-users of butterfly needle sets. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the butterfly needle sets market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global butterfly needle Sets market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the butterfly needle sets market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global butterfly needle sets market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global butterfly needle sets market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of applications and end-users in the global butterfly needle sets market.
The main objective of the Global Butterfly Needle Sets Market Study
The current & future market trends of the global butterfly needle sets market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the butterfly needle sets market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of applications and end-users.
- Define and analysis of the regulatory framework for the butterfly needle sets
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the butterfly needle sets market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the butterfly needle sets market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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