Butterfly Needle Sets Market: Introduction
- Butterfly needle sets is a device used to access a vein to draw blood or give medications. It is also called winged infusion set or a scalp vein set. Butterfly needles offer advantages over straight needles such as they allow for more precise placement, particularly in hard-to-access veins. Butterfly needle sets comprise a hypodermic needle, bilateral flexible wings, and a connector, which is attached to a vacuum tube or collection bag to draw blood from an infusion pump.
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Key Drivers, Restrains, and Opportunities of Global Butterfly Needle Sets Market
- Increase in prevalence of chronic diseases such as cardiovascular disorders, cancer, and bleeding disorders is leading to rising demand for products and thereby driving the growth of the butterfly needle sets market. For instance, according to Centers for Disease Control and Prevention, each year Hemophilia A affects 1 in 5,000 male births and approximately 400 babies are born with hemophilia A in the United States.
- Moreover, advantages over straight needles such as convenience and safety is likely to augment the growth of the butterfly needle sets market. However, stringent regulatory requirements and lack of product innovation are factors likely to hamper the growth of the market.
- The world is currently experiencing the pandemic of an infectious disease called COVID-19. This infection leads to multiple organ failure, acute & severe respiratory disorders, pneumonia, and even death in severe cases. Thus, surge in number of patients with severe COVID-19 infection has fueled the demand for intensive care units (ICU). The geriatric population is more prone to COVID-19. Subcutaneous formulation for the treatment of the disease which is given by using butterfly needles for Covid-19 patients is rising at a moderate pace. This is likely to drive the market.
- Governments in developing countries are making significant investments to modernize health care infrastructure, which is likely to increase access to health care. This is expected to increase the demand for butterfly needle sets. The increase in prevalence of chronic diseases in developing countries presents lucrative opportunities in the global butterfly needle sets market.
North America to Capture Major Share of Global Butterfly Needle Sets Market
- North America is expected to account for major share of the global butterfly needle sets market due to high prevalence of chronic diseases among the population. Moreover, well- established healthcare infrastructure and hub for key industry players are the major drivers of the butterfly needle sets market in the region.
- The butterfly needle sets market in Asia Pacific is expected to grow at a rapid pace during the forecast period owing to rise in health care infrastructure. Moreover, surge in geriatric population coupled with chronic diseases is likely propel the market in the region.
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Key Players Operating in Global Butterfly Needle Sets Market
The global butterfly needle sets market is highly concentrated due to the presence of key players. A large number of manufacturers hold major share in their respective regions. Demand for products to treat chronic diseases has increased in emerging as well as developed markets. Growth strategies adopted by leading players are likely to drive the global butterfly needle sets market.
Major players operating in the global butterfly needle sets market are listed below:
- Terumo Medical Corporation
- Nipro Europe Group Companies
- B. Braun Melsungen AG
- Other Prominent Players
Global Butterfly Needle Sets Market: Research Scope
Global Butterfly Needle Sets Market, by Application
- IV Hydration
- Medication Delivery
- Blood Transfusion
Global Butterfly Needle Sets Market, by End-user
- Hospitals & Specialty Clinics
- Blood Banks
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.