Market Trends of Tip Location Devices Industry
Tip Location Devices Segment is Expected to Witness Significant Growth During the Forecast Period
- The tip location devices segment is expected to grow in the next five years due to factors such as continuous development in tip location device technology, increasing prevalence of cancer, and the growing need for efficient, cost-effective, and safe PICC placement.
- According to data published by Navi Medical Technologies Pty Ltd in March 2022, nearly 40% of catheters in critically ill children are misplaced, causing delays and complications. Even properly placed catheters can migrate within a week. ECG tip location technologies have demonstrated potential in supporting the initial placement of catheters to address the critical problem of post-placement migration, especially in pediatric patients. Thus, the market for tip location devices is expected to expand because of the increasing demand for advanced devices with real-time surveillance features. These factors drive the market for improved tip location technology.
- According to the World Health Organization (WHO), in 2022, the global cancer burden was estimated to be 20 million new cases with 9.7 million deaths. The projected number of new cancer cases in 2050 is projected to be over 35 million, which is an increase of 77% from the estimated number of 20 million in 2022. As the global incidence of cancer rises, the number of patients requiring catheters for treatment will increase. This naturally translates to a higher demand for accurate tip location devices to ensure safe and effective treatment delivery.
- Tip locating devices can reduce expenses by minimizing the number of reinsertions necessary and the need for X-rays, fluoroscopy, and nurse time. For instance, the Sherlock 3CG+TM Tip Confirmation System (TCS) can save the time it takes to discharge patients for IV therapy and decrease the frequency of malposition and chest X-rays. During PICC insertion, the TCS uses magnetic tracking to ensure the final position of the tip; thus, most patients do not require a fluoroscopy or chest X-ray.
- Hence, the tip location devices segment is expected to grow significantly in the next five years due to the abovementioned factors.
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North America is Expected to Dominate the Tip Location Devices Market
- North America's dominance in the tip location devices market is primarily due to the higher adoption of tip location devices, increasing the number of interventional procedures requiring catheterization, and several key players competing to innovate and improve the product offering to drive the market’s growth.
- According to a study published by Baylor College of Medicine in June 2023, over 1 million cardiac catheterization operations are performed annually in the United States, demonstrating this crucial medical technique's extensive use and frequency. While cardiac catheterization carries inherent risks, advancements in equipment like tip localization devices have significantly reduced complications. These devices enhance precision, minimizing challenges and improving overall procedure results.
- As Canada's population ages, there's a growing need for minimally invasive procedures to minimize patient risks and recovery times. Tip location devices play a vital role in ensuring the safety and effectiveness of these procedures. For instance, according to the Canadian Institute for Health Information, Canada's senior population is expected to surge significantly in the coming decades. Over the next 20 years, the number of seniors is anticipated to grow by 68%, reaching 10.4 million by 2037. By 2040, seniors are projected to constitute nearly a quarter of the total population.
- Mexico's rapidly growing healthcare sector strongly emphasizes patient safety. Tip location devices contribute to this goal by promoting greater precision during catheterization procedures and minimizing complications.
- Several prominent players in the market are focused on launching advanced technology by offering clinicians advanced tools for precise catheter placement. This is projected to create numerous growth opportunities for the market, thereby influencing market growth in the region. For instance, in May 2023, Teleflex Incorporated unveiled two groundbreaking devices to improve PICC insertion procedures and minimize complications. The newly introduced Arrow VPS Rhythm DLX Device and NaviCurve Stylet in the United States are meticulously crafted to streamline PICC placement, offering enhanced efficiency and predictability for vascular access specialists. The Arrow VPS Rhythm DLX Device represents the next-generation catheter tip location technology, delivering real-time feedback by leveraging the patient's cardiac electrical activity.
- Moreover, North America is a promising region for developing and adopting tip location devices due to its robust healthcare infrastructure and high demand for cutting-edge medical innovations. Therefore, owing to these factors, North America is dominating the tip location devices market.
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