Tip Location Devices Market To Find Better Growth with US$ 57.0 Million By 2027 | CAGR: 6.8%: Coherent Market Insights
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Tip location devices are primarily utilized to guide PICC in the lower 1/3rd part of superior vena cava, which is the most apposite location for PICC tip placement, owing to large vein diameter, superior infusate distribution, and dilution and high velocity of blood flow
The global tip location devices market is estimated to be valued at US$ 33.5 Mn, in terms of value in 2019 and is expected to surpass US$ 57.0 Mn by the end of 2027.
Global Tip Location Devices Market: Drivers
The increasing adoption of PICC procedures is expected to fuel growth of the global tip location devices market over the forecast period. PICC insertion procedure is used to offer extended antibiotic therapy, long chemotherapy regimens or total parenteral nutrition to patients. It is an effective and safe means of venous access. PICC is further delivery of various treatment modalities, particularly chemotherapy.
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Global Tip Location Devices Market: Opportunities
Moreover, a significant amount of time is necessary for tip location confirmation through x-ray and fluoroscopy. Therefore, decrease in time for initiation of infusion therapy is expected to offer lucrative growth opportunities for players in the global tip location devices market. Central veins are target for placement of central venous catheters and their tips. Large number of central venous catheter placement procedures are performed annually, in order to administer drugs, measure central venous oxygen saturation (Scvo2), and monitor central venous pressure.
Global Tip Location Devices Market: Restraints
However, lack of trained professionals to perform PICC insertion is a major factor that is expected to hamper growth of the market over the forecast period. Confirmation of PICC tip location through tip location devices is relatively new process. The number of trained professionals to perform the protocol efficiently are less. PICC nurses and radiologists usually perform PICC insertion through tip location devices. The protocol is specific and requires a trained professional to carry out the procedure, in order to achieve the desired results with minimum manual error.
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Among product type, tip location systems segment in the global tip location devices market was valued at US$ 23.7 Mn in 2018 and is expected to reach US$ 44.6 Mn by 2027 and is expected to exhibit a CAGR of 6.8% over the forecast period. Surgical procedures such as cardiovascular surgeries require high precision, and accuracy in placing/guiding PICC’s. Tip location devices help in guiding PICC’s in lower part of superior vena cava. These above mentioned factors are expected to drive growth of the segment over the forecast period.
On the basis of end user, hospitals segment accounted for major market share of 57.0% in terms of value, in 2018, followed by ambulatory surgical centers and catheterization labs, segments respectively. The segment growth is attributed to increasing number of surgical procedures performed in hospitals, globally, which in turn drives demand for placing PICC’s that is further expected to support growth of the market over the forecast period.
Among regions, North America accounted for major market share of 43.2% in terms of value, in 2018, followed by Europe, and Asia Pacific respectively. The factors such as customer base, presence of leading manufacturers in the region, and product launches are expected to drive the regional growth over the forecast period.
Key players in the market are focused on attending various conferences. For instance, in August 2018, Becton, Dickinson and Company announced to present at the Morgan Stanley 2018 Global Healthcare Conference in September 2018.
Major players in the market are also offering optical tip tracker technology. For instance, Teleflex Incorporated offers Arrow VPS Rhythm Device with optional TipTracker Technology.
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European Medical Device Regulatory Approval Process
Global Tip Location Devices Market: Competitive Landscape
Major players operating in the global tip location devices market include Teleflex Incorporated, AngioDynamics Inc., Becton, Dickinson and Company, Vygon S.A., and CORPAK MedSystems
Global Tip Location Devices Market: Key Developments
Major market players are focusing mergers and acquisitions strategies to expand their product portfolio and strengthen their market position. For instance, in October 2019, Vygon Group acquired Pilot, an Italy-based firm that specializes in ECG guidance devices.
- By Product Type
- Tip Location Systems
- ECG Cables
- ECG Clip Cables
- ECG Lead Set
- By Technology
- ECG Tip Confirmation
- ECG with Magnetic Tracking
- ECG and IV Doppler
- By End User
- Ambulatory Surgical Centers
- Catheterization Labs
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