Future Market Insights (FMI), in its latest report titled, ‘Tip location devices Market – Global Industry Assessment and Forecast, 2015–2025’, has projected the global tip location devices market revenue to expand at a CAGR of 6.4% during the forecast period (2016–2026).
The global tip location devices market was valued at US$ 27.2 Mn in 2015. Revenue contribution of tip location devices market to the global vascular access devices market is expected to increase to US$ 53.2 Mn by the end of 2026, expanding at a CAGR of 6.4% in terms of value during the forecast period. Continuous adoption of tip location devices for confirmation of PICC tip location during PICC insertion owing to benefits on offer such as increased precision of PICC insertion, cost-effectiveness of tip location devices as compared to other methods for PICC tip confirmation such as X-ray and fluoroscopy are expected to positively affect growth of the tip location devices market across the globe. Global tip location devices market is estimated to be valued at US$ 28.7 Mn by 2016 end, mainly driven by increasing adoption of tip location devices in the field of oncology for chemotherapy.
The report analyses the global tip location devices market in terms of market value (US$ Mn) by product, technology, end user and region and market volume (units) by product and region and provides information regarding market dynamics, competitive landscape, current trends, market estimation and forecast.
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Adoption rate of tip location devices amongst physicians has increased significantly, owing to technological advancements and benefits such as reduced incidence of reinsertion of PICC and reduced radiation exposure compared to x-ray. Limitations regarding usage of tip location devices to certain patients with conditions such as atrial fibrillation, atrial flutter are expected to hamper growth of the global tip location devices market to a certain extent. Major trends in the tip location devices market include increasing mergers and acquisitions to gain consumer base and integration of advanced technology for delivering superior results to end users.
North America is expected to dominate the global tip location devices market and is projected to register a CAGR of 7.1% in terms of value over the forecast period. Tip location devices market in the U.S is expected to dominate the North America tip location devices market throughout the forecast period. North America tip location devices market accounted for 42.2% revenue share in 2015. Japan market is projected to witness a healthy CAGR of 6.1% during the forecast period. APEJ market is estimated to account for 8.1% revenue share in the global tip location devices market by the end of 2016.
On the basis of product, tip location devices market is segmented into tip location systems and accessories. In terms of value, tip location system segment is expected to account for the maximum share in the global tip location devices market over the forecast period. Accessories segment is expected to register lower CAGR as compared to tip location system segment over the forecast period, in terms of value. However in terms of volume, accessories segment is expected to dominate through the global tip location market throughout the forecast period as product classified under accessories segment are much cheaper than tip location systems.
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On the basis of technology, tip location devices market is segmented into ECG and ECG and Intravascular Doppler. In terms of value, ECG and Intravascular Doppler segment is expected to register higher CAGR as compared to other segments by the end of forecast period. Increasing adoption of ECG and IV Doppler based tip location system in the developed region is expected to fuel the revenue growth of tip location devices market. ECG based tip location devices revenue share is expected to decline over the forecast period as there are less number of products in this segment as compared to ECG and IV Doppler segment.
On the basis of end user, tip location devices market is segmented into hospitals, ambulatory surgical centres and catheterization labs. In terms of value, hospitals segment is expected to register higher CAGR as compared to other segments by the end of forecast period. Hospitals segment revenue growth is majorly driven by increasing installations of tip location devices as PICC insertion procedure is mainly performed in hospitals. Increasing adoption of tip location devices among physicians for precise placement of PICC tip is fueling revenue growth of the tip location devices market globally.
Key market participants included in the report include C.R. Bard, Inc., Teleflex Incorporated, AngioDynamics Inc., Vygon S.A. and CORPAK MedSystems.