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.
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.
Request Sample Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-880
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.
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.
Request to View TOC @ https://www.futuremarketinsights.com/askus/rep-gb-880
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.
Key companies profiled in FMI’s report include C.R. Bard, Inc., Teleflex Incorporated, AngioDynamics Inc., Vygon S.A. and CORPAK MedSystems