Tip Location Devices Market Projected to Reach CAGR of 6.4% 2016-2026
Tip location devices are being increasingly used for confirmation of PICC tip location during PICC insertion, owing to their advantages, such as meticulous precision and low-price. Tip location devices are emerging as a credible alternative to the more expensive methods used for PICC tip confirmation, such as X-ray and fluoroscopy. These factors are expected to fuel the growth of the US$ 27 Mn global tip location devices market, according to a new report by Future Market Insights (FMI). The report, titled, “Tip Location Devices Market: Global Industry Analysis and Opportunity Assessment, 2016-2026”, projects 6.4% CAGR for the global tip location devices market during the forecast period 2016-2026.
FMI’s report offers market forecast and analysis on the global tip location devices market, segmenting the market on the basis of product, technology, end-user, and region.
North America Largest Market Globally
According to FMI’s region-wise analysis, North America (U.S. and Canada) is the most lucrative market for tip location devices globally. The region accounted for 42.2% revenue share of the global tip location devices market in 2015, and is expected to increase at 7.1% CAGR during the forecast period, 2016-2026. Asia Pacific excluding Japan (APEJ), an emerging market for tip location devices, accounted for 8.0% revenue share of the market in 2015.
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On the basis of product, FMI’s report has segmented the market into tip location devices and accessories. The former dominates global revenues in terms of value, whereas the latter has higher market share in terms of volume.
On the basis of technology, the tip location devices market has been segmented into ECG tip confirmation, ECG with magnetic tracking and ECG & intravascular Doppler. Tip location devices that use ECG & intravascular Doppler technology are expected to witness higher demand than devices that use only ECG technology and devices that use ECG with magnetic tracking.
Key end-use sectors that generate the bulk of demand for tip location devices can be broadly categorised into hospitals, ambulatory surgical centres, and catheterization labs. Among these, hospitals account for the largest revenue share of the market, owing to increasing number of PICC insertion procedures carried out in hospitals.
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Key companies profiled in FMI’s report include C.R. Bard, Inc., Teleflex Incorporated, AngioDynamics Inc., Vygon S.A. and CORPAK MedSystems