Butterfly needles, also known as winged infusion needles, are specially designed intravenous (IV) insertion needles that have small plastic "wings" mounted on the shaft of the needle hub. These wings prevent accidental needle sticks and help secure and properly position the needle during venous access. Butterfly needles are commonly used for venipuncture, especially for blood specimen collection or IV access. They minimize procedure time and discomfort for patients by preventing multiple needle sticks.

The global butterfly needles market is estimated to be valued at US$ 2.16 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The rising prevalence of chronic diseases is estimated to drive the growth of the butterfly needles market. Chronic diseases such as cancer, cardiovascular diseases, diabetes, and respiratory diseases have significant impacts on morbidity, mortality as well as healthcare expenditures worldwide. For instance, according to the World Health Organization (WHO), chronic diseases are estimated to account for approximately 60% of all deaths globally. Treatment of chronic diseases often requires multiple venipuncture procedures and intravenous therapies over long periods. This is expected to increase the demand for butterfly needles as they minimize discomfort to patients during such repeated needle insertion procedures. Thus, the growing burden of chronic diseases is anticipated to create lucrative opportunities for the butterfly needles market over the forecast period.

Porter's Analysis
Threat of new entrants: The butterfly needles market has moderate threat of new entrants due to high capital requirements for manufacturing and distribution infrastructure. However, new innovative offerings may appeal to customers.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to availability of substitutes like intravenous catheters. However, brand loyalty and low switching costs keep buyer power in check.
Bargaining power of suppliers: A few major players dominate the supply side, giving them significant power over buyers. However, availability of alternative raw material sources prevents excessive exploitation.
Threat of new substitutes: Substitutes like intravenous catheters pose moderate threat. However, ease of use makes butterfly needles irreplaceable for many small-scale procedures.
Competitive rivalry: The market sees close competition between major players to gain market share through innovative product expansions.

SWOT Analysis
Strengths: High patient compliance due to compact size and painless insertion. Training for usage is also easier compared to other access devices.
Weaknesses: Requires trained healthcare professionals for application. Improper sterility measures can introduce infections.
Opportunities: Growing prevalence of chronic diseases will boost demand. Untapped developing markets have considerable potential.
Threats: Stringent regulatory approvals delay product launches. Supply chain disruptions due to pandemic affect availability.

Key Takeaways
The global Butterfly Needles market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 2.16 Bn registering a CAGR of 8.7%.

Regional analysis indicates North America will continue dominating the butterfly needles market, driven by advanced healthcare infrastructure and high awareness. Asia Pacific is poised to grow at the fastest pace due to rising medical tourism and improvements in healthcare systems across Asian countries.

Key players operating in the butterfly needles market are Alshifa Medical Syringes, Asahi Kasei Medical, Cardinal Health, Medicina, Medline Industries, Narang Medical, pfm medical, Retractable Technologies, and Winnomed. Most players are focusing on expanding their product portfolios through innovative technologies to capture larger shares.