PORTLAND, Oregon, July 15, 2020
- Rise in prevalence of chronic diseases across the globe, precise and easy use of butterfly needles set, and need for managing long term medication and drug infusion drive the growth of the global butterfly needle sets market
PORTLAND, Oregon, July 15, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Butterfly Needle Sets Market by Application (Blood Transfusion, Venipuncture, IV Rehydration, and Delivery of Medications) and End User (Hospitals, Blood Banks, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global butterfly needle sets industry generated $ 166.60 million in 2019, and is estimated to reach $320.02 million by 2027, witnessing a CAGR of 8.2% from 2020 to 2027.
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Prime determinants of growth
Rise in prevalence of chronic diseases across the globe, precise and easy use of butterfly needles set, and need for managing long term medication and drug infusion drive the growth of the global butterfly needle sets market. However, lack of product innovation and regulatory standard hinder the market growth. On the other hand, safety and convenience associated with butterfly needles create new opportunities for the market players.
The blood transfusion segment to maintain the highest contribution in terms of revenue by 2027
Based on application, the blood transfusion segment accounted for around three-fifths of the global butterfly needle sets market in 2019, and is expected to maintain the highest contribution in terms of revenue throughout the forecast period. Moreover, the same segment is estimated to witness the highest CAGR of 8.6% from 2020 to 2027. This is attributed to rise in anemia, and bleeding disorders such as hemophilia, von Willebrand disease, and cancer. In addition, rise in chemotherapies and increase in geriatric patients whose veins are fragile and difficult to access leads to increase in blood transfusion also boost the segment growth.
The food and beverages segment to continue its lead during the forecast period
Based on end-user, the hospital segment contributed to the highest share, holding nearly three-fifths of the global butterfly needle sets market in 2019, and is estimated to continue its lead position during the forecast period. A majority of the hospital owned pathology departments use butterfly needles to draw blood from veins of patients to perform diagnostic tests, which drives the segment growth. Nevertheless, the blood bank segment would register the highest CAGR of 9.1% during the forecast period, owing to number of blood donation visits in blood banks.
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Asia-Pacific, followed by North America to maintain its leadership status during the forecast period
Based on region, Asia-Pacific, followed by North America, held the highest share in terms of revenue of the global butterfly needle sets market, accounting for more than one-third of the total market share in 2019, and is expected to maintain its dominance during the forecast period. In addition, the region also would grow at the highest CAGR of 9.3% from 2020 to 2027. This is owing to presence of large untapped opportunities in this region, increase in purchasing power of populated countries such as China and Japan, and surge in Thalassemic, Hemophilic, and cancer patients.
Leading Market Players
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