Butterfly Needle Sets Market to Reach $320.02 Million by 2027: AMR
Growing prevalence of chronic diseases across the globe and rise in application in drug infusions drive the growth of the global butterfly needle sets market. Asia-Pacific contributed the highest share in 2019, and will maintain its dominance throughout the forecast period. The demand for butterfly needle sets is expected to surge during the Covid-19 pandemic for IV rehydration and drug infusion to the patients suffering coronavirus and other conditions.
Portland, OR, July 21, 2020 (GLOBE NEWSWIRE) -- The Butterfly Needle Sets Market size generated $166.60 million in 2019, and is estimated to reach $320.02 million by 2027, registering a CAGR of 8.2% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growing prevalence of chronic diseases across the globe and rise in application in drug infusions drive the growth of the global butterfly needle sets market. However, lack of product innovations is expected to hinder the market growth. Furthermore, development of intraosseous needles is expected to create new growth opportunities for market players.
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Covid-19 scenario:
- The demand for butterfly needle sets is expected to surge during the Covid-19 pandemic for IV rehydration and drug infusion to the patients suffering coronavirus and other conditions.
- The demand for butterfly needle sets from hospitals is anticipated to increase during the pandemic. This is due to need for collecting the blood of the recovered Covid-19 patients to treat individuals infected with Covid-19. Injecting blood plasma of recovered patients that contains antibodies to infected patients would help in recovery.
The report offers detailed segmentation of the global butterfly needle sets market based on application, end user, and region.
Based on application, the blood transfusion segment contributed to the largest share in 2019, accounting for more than three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is estimated to portray the highest CAGR of 8.6% during the forecast period.
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Based on end user, the hospital segment accounted for the highest share in 2019, holding nearly three-fifths of the total share, and is expected to maintain the dominant share throughout the forecast period. However, the blood bank segment is expected to register the highest CAGR of 9.1% from 2020 to 2027.
Based on region, Asia-Pacific contributed the highest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, it is expected to grow at the highest CAGR of 9.3% from 2020 to 2027.
Leading market players analyzed in the research include Braun Melsungen AG, Nipro Corporation, Becton, Dickinson and Company, Cardinal Health, Inc., Nipro Corporation, Terumo Corporation, Medline Industries, Inc., ISOMed, and Kawasumi Laboratories, Inc.
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