Report : Asia Pacific Butterfly Needles Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Application (Blood Collection, IV Rehydration, Delivery of Medications, Venipuncture, and Blood Transfusion) and End User (Hospitals, Clinics, Blood Banks, and Others)
At 9.1% CAGR, the Asia Pacific Butterfly Needles Market is speculated to be worth US$ 66.26 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific butterfly needles market was valued at US$ 39.37 million in 2022 and is expected to reach US$ 66.26 million by 2028, registering a CAGR of 9.1% from 2022 to 2028. Increasing cancer research and increasing organic and inorganic strategies by key players are the critical factors attributed to the Asia Pacific butterfly needles market expansion.
An intravenous (IV) needle is used to administer chemotherapy for cancer treatment. The medicine is administered directly into the bloodstream through a butterfly needle inserted into the upper arm or hand vein. Cancer is a major and increasing health problem, driving efforts of different national governments to address the problem. Cancer research primarily focuses on various opportunities, including studying populations that are at high risk of cancer, developing drugs and vaccines that do not require refrigeration, and establishing biobanks to manage biospecimens. A multi-level approach is required to advance clinical research, involving collaboration between the pharma industry, regulators, government, and healthcare professionals. Thus, increasing number of cancer cases and rising cancer-related research activities across the region are expected to provide lucrative Asia Pacific butterfly needles market growth opportunities during the forecast period.
On the contrary, risk associated with butterfly needlestick injuries hurdles the growth of Asia Pacific butterfly needles market.
Based on application, the Asia Pacific butterfly needles market is segmented into blood collection, IV rehydration, delivery of medications, venipuncture, and blood transfusion. The blood collection segment held 32.9% market share in 2022, amassing US$ 12.95 million. It is projected to garner US$ 21.37 million by 2028 to expand at 8.7% CAGR during 2022–2028.
Based on end user, the Asia Pacific butterfly needles market is segmented into hospitals, clinics, blood banks, and others. The hospitals segment held 44.3% market share in 2022, amassing US$ 17.43 million. It is projected to garner US$ 30.41 million by 2028 to expand at 9.7% CAGR during 2022–2028.
Based on country, the Asia Pacific butterfly needles market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 27.6% market share in 2022. It was assessed at US$ 10.87 million in 2022 and is likely to hit US$ 19.28 million by 2028, exhibiting a CAGR of 10.0% during the forecast period.
Key players dominating the Asia Pacific butterfly needles market are B. Braun SE, Becton Dickinson and Co, Cardinal Health Inc, ICU Medical Inc, Medline Industries Inc, Nipro Corp, SB-Kawasumi Laboratories Inc, Terumo Corp, and Vogt Medical Vertrieb GmbH among others.
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