Tip Location Devices Market
Number of pages: 100 | Report Format: PDF | Published date: May 08, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 41.10 million |
|
Revenue Forecast in 2031 |
US$ 75.87 million |
|
CAGR |
7.05% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global tip location devices market was valued at US$ 41.10 million in 2022 and is expected to register a revenue CAGR of 7.05% to reach US$ 75.87 million by 2031.
Tip Location Devices Market Fundamentals
Tip location devices are inserted at the bedside and are used to guide the peripherally inserted central catheter tip into the inferior vena cava's lower third. During insertion, the tip location of peripherally inserted central catheters should be verified, preferably using non-invasive methods such as intracavitary ECG (IC-ECG) or echocardiography. The CatFinder System (CFS) is a novel pressure-based gadget that may conceivably be used for tip navigation. Tip location devices include tip location systems and accessories that assist physicians and PICC nurses in adhering to INS and AVA PICC tip placement recommendations.
The industry is comprehensively analyzed in the tip location devices industry analysis report, along with the factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the tip location devices market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the tip location devices market growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
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Tip Location Devices Market Dynamics
The tip location devices market is mainly driven by the increasing prevalence of chronic diseases, such as cancer, which thereby is leading to a rise in the adoption of peripherally inserted central catheters procedures, as peripherally inserted central catheters are used for the administration of antibiotics, parenteral nutrition, and chemotherapy across the globe. The tip location devices market is expected to grow significantly in revenue over the forecast period owing to the increasing availability of technologically advanced treatment options globally, especially in developed countries.
Manufacturers have prioritized the miniaturization of tip location devices. The bulk of tip-locating devices is now put beside. The miniaturization of these devices while maintaining the same degree of precision in catheter tip placement is predicted to be a major emphasis for tip positioning device producers. Through the development of miniature tip location devices, researchers are constantly working to move tip location devices out of healthcare facilities and closer to the general public. Innovation in imaging software used to track peripherally inserted central catheter tip position is critical for boosting the consistency of outcomes. Companies are investing in R&D projects to create improved imaging devices and software with increased safety features to persuade physicians to use tip localization devices over other traditional approaches for peripherally inserted central catheter tip confirmation, such as X-rays.
However, challenges such as lacking skilled professionals with limited clinical data can affect overall market growth.
Tip Location Devices Market Ecosystem
Tip Location Devices Market, by Product
Tip Location Devices Market, by Technology
Tip Location Devices Market, by End User
Tip Location Devices Market by Type
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The tip location system segment accounts for a sizeable revenue share in the global market. A tip location system is a medical device used to accurately and quickly locate the tip of a catheter inserted into a patient's veins during central venous access procedures. These procedures are commonly performed in hospital settings. The catheter is inserted into a vein in the patient's neck, chest, or groin to administer medications, fluids, or blood products or to monitor a patient's blood pressure, central venous pressure, or oxygen saturation. The tip location system uses a sensor or electromagnetic technology to detect the catheter's location in real-time, allowing healthcare professionals to position the catheter tip accurately and safely at the desired location within the patient's vascular system. This reduces the risk of complications such as catheter malposition, vessel puncture, or pneumothorax. The use of tip location systems has become increasingly common in recent years, driven by the need for accurate and safe central venous access procedures. These devices have become an essential tool for healthcare professionals performing these procedures. They provide real-time feedback on the catheter's location, enabling the healthcare team to adjust to ensure accurate placement.
The market segmentation sections provide the tip location devices market outlook in terms of the demarcation of different consumer groups. Market segmentation is the split of an industry into subgroups depending on characteristics such as product, application, end user, and region. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential tip location devices market demand opportunities.
Tip Location Devices Market by Region
Europe accounts for the second largest revenue share in the global market. Europe has a high prevalence of chronic diseases, such as cardiovascular diseases and cancer, which require central venous access procedures. This has increased demand for tip location devices in the region. Additionally, Europe has been at the forefront of developing and implementing innovative healthcare technology. The region has a well-developed healthcare infrastructure and regulatory environment that encourages the use of modern medical technology. Europe has a strong presence of key market players in the tip location devices market, further driving the region's market growth. The healthcare industry in Europe highly emphasizes patient safety, and tip location devices are seen as an important tool to improve patient safety during central venous access procedures. Several European governments have launched initiatives to improve healthcare infrastructure and promote the adoption of new medical technologies, including tip location devices.
Based on the regions, the global tip location devices market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of tip location devices industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level tip location devices market overview.
Key Components of the Report
Tip Location Devices Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Tip Location Devices Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Tip location devices are medical devices used during central venous access procedures to accurately locate the tip of a catheter inserted into a patient's veins.
The market size of tip location devices market in 2022 was 41.10 million
North America accounts for the largest revenue share in the global tip location devices market.
The global tip location devices market is estimated to grow at a revenue CAGR of 7.05% from 2023 to 2031
The rising prevalence of cardiovascular diseases and growing awareness among healthcare professionals are some of the prominent trends in the global tip location devices.
Technological advancements and growing demand for tip location devices are a few opportunities in the global tip location devices market.
The dearth of skilled professionals and limitations in usage are some of the restraining factors that can hamper the overall market growth.
Teleflex Incorporated, AngioDynamics Inc., C. R. Bard Inc., Vygon S.A., and other notable players are some of the key market players in the global tip location devices market.
Tip location system by product segment accounts for the highest revenue share in the global market
*Insights on financial performance are subject to the availability of information in the public domain