Tip Location Device Market Size study, by Product Type, by Leading Companies, by Technology, by Applications and Regional Forecasts 2016-2023

Global Tip Location Device Market Overview

Tip location devices and systems are commercialized as a solution to the complication of catheters malpositioning. Catheters are thin tube medical devices that are inserted in the human body during the surgical procedure and the process is known as catheterization. During catheterization, malpositioning of catheters is commonly observed in the technique of peripherally inserted central catheters (PICCs) use of tip locator devices reduces the incidences of catheter malpositioning by around 10 % to 16%.

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Catheter’s position determination can be done by chest X-ray but the process is considered as time-consuming due to poor image quality and repetition of the process to determine the position of the exact catheter. Tip location devices and systems reduce the cost of catheterization and have a higher edge over the conventional technique of X-rays in the determination of catheters malpositioning during the surgical process. Tip location devices and systems use microsensors to indicate the right and wrong position of catheters.

Market Size & Forecast

Global tip location devices and systems market is anticipated to project a brandish growth over the period of forecast; the market is estimated to reach USD 48 million by 2023 owing to the adoption of tip location device technique especially in hospitals.

Geographically, North America is anticipated to dominate the global tip location market in terms of revenue witnessing a compound annual growth rate of 7.2%, North America tip location market accounted for 45% of the revenue share to the global market in 2015 owing to the strong growth of medical facilities in U.S and Canada.

Asia-Pacific is anticipated to account for 10% of the global market share in 2016 due to lack of technologically advanced medical facilities, however, the Asia-Pacific tip location market is likely to expand at a promising compound annual growth rate over the period of forecast.

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North America and Europe are introduced to the tip location devices technology but the developing regions still require advancement in the medical devices market to overcome the traditional chest x-rays for locating catheters. The use of tip location devices reduces vein damage and spams as the devices are technologically advanced with 98% accuracy in navigation and targeting for the catheter in comparison to the conventional techniques.

Key Answers Captured in Report?

  • Which geography would have better demand for products/services?
  • What are the strategies adopted by big players in the regional market?
  • Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
  • What is the current & expected market size in the next five years?
  • What is the market feasibility for long term investment?
  • What opportunity the country would offer for existing and new players in the market?
  • What is the risk involved for suppliers in the geography?
  • What factors would drive the demand for the product/service in the near future?
  • What is the impact analysis of various factors in market growth?

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Key Players

C.R. Bard, Inc.
Teleflex Incorporated
Angio Dynamics Inc.
Vygon S.A.
CORPAK MedSystems
other notable key players.

Growth Drivers and Challenges

The Tip location market is mainly driven by the increasing prevalence of chronic disease which results in the adoption of peripherally inserted central catheters (PICCs) technique, the technique is popular for the treatment of cancer used for administration of antibiotics, parenteral nutrition and for chemotherapy across the globe.

Increasing demand for technologically advanced treatment options across the globe is expected to be the key factor that will boost the growth of the tip location device market over the period of forecast.

Catheterization often results in complications such as hematoma, infiltration, phlebitis or embolism. Increasing complications due to the use of conventional catheters position determination techniques will force the hospitals towards the use of tip location device and systems and further increase the demand of tip location device across the globe.

The use of traditional chest X-ray technique and fluoroscopy is considered to be the main factor restraining the growth of the global tip location device market.

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