Report : South America 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 7.1% CAGR, the South America Butterfly Needles Market is speculated to be worth US$ 25.92 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America butterfly needles market was valued at US$ 17.14 million in 2022 and is expected to reach US$ 25.92 million by 2028, registering a CAGR of 7.1% from 2022 to 2028. Increasing cancer research and increasing organic and inorganic strategies by key players are the critical factors attributed to the South America butterfly needles market expansion.
The key market players are taking up various organic and inorganic strategies, including mergers and acquisitions, expansions, and new product launches, to stay competitive in the market. For instance, In January 2022, ICU Medical Inc. acquired Smiths Medical from Smiths Group plc. The Smiths Medical business includes syringes, ambulatory infusion devices, and vascular access and vital care products. The company offers Saf-T Wing butterfly needle, a single-use needle for drawing blood from venous. ICU Medical has become a leading infusion therapy company with a larger footprint after adding the Smiths product line to its portfolio. Similarly, in June 2020, Becton Dickinson Benelux NV launched BD Vacutainer UltraTouch Push Button Blood Collection Set with Pre-Attached Holder. A pre-attached holder prevents accidental needlestick injury due to the nonpatient (tube-side) needle and helps ensure compliance with OSHA's single-use holder requirements. Thus, many organic and inorganic strategies in the butterfly needles market enables healthcare professionals to provide improved services. These strategies help key players to meet the rising demand for butterfly needles that can efficiently manage patients suffering from chronic disease conditions, thereby driving the South America butterfly needles market growth.
On the contrary, risk associated with butterfly needlestick injuries hurdles the growth of South America butterfly needles market.
Based on application, the South America butterfly needles market is segmented into blood collection, IV rehydration, delivery of medications, venipuncture, and blood transfusion. The blood collection segment held 35.6% market share in 2022, amassing US$ 6.09 million. It is projected to garner US$ 9.06 million by 2028 to expand at 6.8% CAGR during 2022–2028.
Based on end user, the South America butterfly needles market is segmented into hospitals, clinics, blood banks, and others. The hospitals segment held 42.3% market share in 2022, amassing US$ 7.24 million. It is projected to garner US$ 11.41 million by 2028 to expand at 7.9% CAGR during 2022–2028.
Based on country, the South America butterfly needles market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 61.4% market share in 2022. It was assessed at US$ 10.52 million in 2022 and is likely to hit US$ 16.00 million by 2028, exhibiting a CAGR of 7.2% during the forecast period.
Key players dominating the South America butterfly needles market are B. Braun SE, Becton Dickinson and Co, Cardinal Health Inc, ICU Medical Inc, Medline Industries Inc, Nipro Corp, and Terumo Corp among others.
- In January 2020, ICU Medical Inc. announced that it has completed its acquisition of Smiths Medical from Smiths Group plc. The Smiths Medical business includes syringe and ambulatory infusion devices, vascular access, and vital care products.
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