Tip Location Devices Market is anticipated to progress at a CAGR of 7.0% to reach US$ 70.2 Million by 2030
The global tip location devices market is likely to surpass USD 35 million in revenues by 2022-end, according to a latest report by Future Market Insights (FMI). The ESOMAR-certified firm has an optimistic outlook on the long-term prospects of tip location devices market, with its latest report forecasting a 6.4% CAGR through 2030.
Tip location devices are being commercialized as a solution to incorrect positioning of catheters. Using tip locator devices does reduce incidences of this incorrect positioning by 10-16% as they make use of micro sensors to gauge the catheter’s position. This, in turn, reduces the cost of catheterization as the conventional technique of X-Rays is not employed over here. This precision followed by cost-effectiveness are likely to drive the tip location devices market in the forecast period.
Moreover, the players have been an active part of global conferences with respect to showcasing the product portfolio. These measures are expected to increase the visibility of the players as a brand.
For instance – Teleflex Incorporated, in Sep 2021, participated at the conference conducted by Cardiovascular and Interventional Radiological Society of Europe by presenting its Peripheral Intervention Product Portfolio. The conference was held in Barcelona.
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Key Takeaways from Tip Location Devices Marker Study
- Tip location system anticipated to witness a CAGR of 5% between 2022 and 2030
- ECG with magnetic tracking accounted for more than 60% of market share in terms of revenue in 2021.
- North America to account for more than 50% of market share in 2022 and the trend is expected to continue in the forecast period.
The global market is set to widen its scope in the forecast period, stimulated by rising number PICC procedures globally and adoption of tip confirmatory systems for during catheter insertion. The key market players covered by FMI include C.R. Bard, Inc., Teleflex Incorporated, AngioDynamics Inc., Vygon S.A., CORPAK MedSystems. Coming up with easy-to-use and advanced tip location devices is one of the objectives of these players.
For instance – Teleflex’s “Arrow VPS Rhythm Device with TipTracker Technology” does need any calibration, expedites patient therapy (with elimination of X-Ray or Fluoroscopy), and simplifies PICC insertion.
On the similar lines, AngioDynamics has tabled next generation of Peripheral Atherectomy Technology. Acquiring Auryon has facilitated this state-of-the art technology.
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