The global Tip Location Devices market size is expected to reach USD 57.0 Million by 2030, registering a CAGR of 6.8% from 2023 to 2030, according to a new report by Coherent Market Insights Inc. Tip location devices, which include both tip location systems and accessories, are positioned at the bedside to aid physicians or nurses who are inserting peripherally inserted central catheters (PICCs) in adhering to the guidelines set forth by INS and AVA for PICC tip placement.
Tip location devices aid doctors in precisely locating the tip of a peripherally inserted central catheter (PICC) while exposing patients to comparatively lower levels of radiation than procedures like chest X-rays. These benefits of using tip location devices are predicted to drive the growth of the global tip location devices market in the future.
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In addition, the adoption of tip location devices is anticipated to contribute to the expansion of the market due to its time-saving advantage compared to X-ray verification of tip location. Inserting a PICC blindly typically takes a PICC nurse around 62.4 minutes on average, whereas using the Sherlock 3CG Tip Confirmation System for PICC insertion takes only 57.5 minutes, resulting in a notable reduction of five minutes to complete the protocol recommended by the National Institute for Health and Care Excellence (NICE).
In 2018, the North America region had a leading position in the global market for tip location devices, with a value-based share of 43.2%. Europe followed in second place.
Restraints
The global market for tip location devices is expected to face hindrances due to limitations in their use for certain patients. These devices cannot be utilized in patients who exhibit cardiac rhythm alterations, as they rely on tracking the P-wave generated by the heart. The presentation of the P-wave in conditions such as atrial flutter, pacemaker-driven rhythm, severe tachycardia, and atrial fibrillation can negatively impact the accuracy of tip confirmation through tip location devices. In these situations, the preferred methods for confirming the location of the PICC tip are a chest X-ray or fluoroscopy.
The market’s growth is anticipated to be impeded due to the limited entry of new market players as a result of insufficient clinical studies.
Opportunities
Players in the global tip location devices market are expected to benefit from the rising incidence of cancer, which presents lucrative growth prospects. The World Health Organization reported that in 2018, cancer resulted in approximately 18.1 million new cases and 9.6 million deaths globally, underscoring the significance of this trend.
Most tip location devices currently on the market are typically situated at the bedside. However, the market is expected to expand further with the development of smaller devices that maintain the same high level of accuracy when it comes to placing the catheter tip.
During the projected timeframe, the tip location systems category of the global market for tip location devices is anticipated to experience a Compound Annual Growth Rate (CAGR) of 6.8%, increasing from its 2018 valuation of US$ 23.7 million to an estimated value of US$ 44.6 million by 2027.
Market Trends:
There has been a rise in M&A activities in the market. An example of this occurred in January 2020 when AngioDynamics acquired the C3 Wave PICC tip location system from Medical Components Inc. This technology employs wireless features that eliminate the necessity for a confirmatory chest x-ray for assessing the placement of PICC tips.
The industry is currently experiencing the development of advanced magnetic tracking and ECG-based PICC technology for the next generation. An example of this is the Sherlock 3CG Tip Confirmation System (TCS) by Becton, Dickinson, and Company, which is a fully integrated system that combines magnetic tracking and ECG-based PICC tip confirmation technology.
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Prominent players
Prominent players, including Vygon S.A., Teleflex Incorporated, Becton, Dickinson and Company, CORPAK MedSystems, and AngioDynamics Inc., are operating in the global tip location devices market.
Recent Developments
The key participants in the industry have their attention directed toward attending different conferences. As an example, Teleflex Incorporated exhibited its Peripheral Intervention product range at the Cardiovascular and Interventional Radiological Society of Europe conference that took place in Barcelona, Spain, in September 2019.
Purchasing the Tip Location Devices Market:
➣ Outlook for the worldwide Tip Location Devices market in both developed and emerging markets, both now and in the future.
➣ Both the market segment with the largest projected share and the market segment with the highest CAGR throughout the projection period.
➣ Countries and regions anticipated to experience the fastest development throughout the projected period.
➣ The most recent innovations, market shares, and business tactics used by the key market participants.
➣ Study examines emerging market trends as well as the likelihood that various trends will impact expansion.
➣ Analysis also discusses the factors, challenges, and opportunities that will have a significant impact on the global Tip Location Devices industry.
➣ Research includes a detailed analysis of market statistics as well as historical and current growth conditions in order to provide futuristic growth estimates.
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Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Tip Location Devices Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Tip Location Devices Industry Impact
Chapter 2 Global Tip Location Devices Competition by Types, Applications, and Top Regions and Countries
2.1 Global Tip Location Devices (Volume and Value) by Type
2.3 Global Tip Location Devices (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Tip Location Devices Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Tip Location Devices Market Analysis
Chapter 6 East Asia Tip Location Devices Market Analysis
Chapter 7 Europe Tip Location Devices Market Analysis
Chapter 8 South Asia Tip Location Devices Market Analysis
Chapter 9 Southeast Asia Tip Location Devices Market Analysis
Chapter 10 Middle East Tip Location Devices Market Analysis
Chapter 11 Africa Tip Location Devices Market Analysis
Chapter 12 Oceania Tip Location Devices Market Analysis
Chapter 13 South America Tip Location Devices Market Analysis
Chapter 14 Company Profiles and Key Figures in Tip Location Devices Business
Chapter 15 Global Tip Location Devices Market Forecast (2023-2030)
Chapter 16 Conclusions
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