Press release
Tip Location Devices Market to expand at a CAGR of 6.4% through 2016-2026
Tip location devices are installed at bedside and are used for guiding PICC tip in the lower 1/3rd part of superior vena cava. Tip location devices are being used since 2006 when the first product (Sherlock II) was commercialized by C.R. Bard, Inc. Tip location devices comprise a tip location system and accessories, which help physicians and PICC nurses to comply with INS and AVA guidelines for PICC tip placement. PICCs are used to gain access to patients’ central venous in hospitals, ambulatory surgical centres and catheterisation labs. PICCs are a reliable alternative to non-tunneled central venous catheters as these are relatively cost-effective and possess lower potential complications.The global tip location devices market is estimated to be valued at US$ 53.2 Mn by the end of 2026, owing to the increasing adoption of tip location devices, especially in hospitals, in view of the benefits on offer, such as increased precision of catheter placement and its reduced cost as compared to alternative methods used for PICC tip location such as chest X-ray and fluoroscopy.
Drivers and Trends
Increasing prevalence of chronic diseases, such as cancer, is leading to the rise in adoption of PICC procedures as PICC are used for administration of antibiotics, parenteral nutrition and for chemotherapy across the globe, which in turn is expected to fuel revenue growth of the tip location devices market globally over the forecast period. Cost-effectiveness offered by tip location devices in case of PICC tip confirmation as compared to X-ray and fluoroscopy and increased precision of PICC placement is further fueling revenue growth of the tip location devices market currently. Lack of clinical data regarding tip location devices and dearth of skilled professionals to operate the device are few factors expected to hamper growth of the global tip location devices market to a certain extent. Major trends in the tip location devices market include product modifications and innovations, strategic marketing campaigns and partnerships and acquisitions to increase consumer base.
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Analysis, by Region
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. The tip location devices market in the U.S is expected to dominate the North America tip location devices market throughout the forecast period. The North America tip location devices market accounted for 42.2% revenue share of the overall market in 2015. The Japan market is projected to expand at a healthy CAGR of 6.1% during the forecast period. The APEJ market is estimated to account for 8.1% revenue share of the global tip location devices market by the end of 2016.
Analysis, by Product
On the basis of product type, the tip location devices market is segmented into tip location systems and accessories. In terms of value, the tip location system segment is expected to account for the maximum share of the global tip location devices market over the forecast period. The accessories segment is expected to register lower CAGR as compared to the tip location system segment over the forecast period, in terms of value. However, in terms of volume, the accessories segment is expected to dominate the global tip location market throughout the forecast period, as products classified under the accessories segment are much cheaper than tip location systems. The tip location system product segment accounted for 75.2% revenue share of the overall market in 2015.
Analysis, by Technology
On the basis of technology, the tip location devices market is segmented into ECG tip confirmation, ECG with magnetic tracking and ECG and intravascular doppler. In terms of value, the 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 regions is expected to further fuel revenue growth of the overall tip location devices market over the forecast period. The revenue share of the ECG tip confirmation segment is expected to decline over the forecast period as there are lesser number of products available in this segment as compared to ECG with magnetic tracking and ECG and IV Doppler segment. ECG and IV Doppler segment accounted for 18.9% revenue share of the overall market in 2015.
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Analysis, by End User
On the basis of end user, the tip location devices market is segmented into hospitals, ambulatory surgical centres and catheterisation labs. In terms of value, the hospitals segment is expected to register higher CAGR as compared to other segments by the end of forecast period. Revenue growth of the hospitals segment is majorly driven by increasing installations of tip location devices, considering the fact that the PICC insertion procedure is mainly performed in hospitals. Increasing adoption of tip location devices by physicians for precise placement of PICC tip is fueling revenue growth of the tip location devices market globally. The hospitals segment accounted for 56.4% revenue share of the overall market in 2015.
Competitive Landscape
Key market players covered in this report are C.R. Bard, Inc., Teleflex Incorporated, AngioDynamics Inc., Vygon S.A. and CORPAK MedSystems. Major players in tip location devices market focus on enhancing their global and regional presence through introduction of novel products and strategic operational expansion. C.R. Bard, Inc. was the market leader in the global tip location devices market in 2015, owing to its broad product portfolio.
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