In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Tip location devices and system are commercialized as a solution to the complication of catheters malpositioning. Catheters are thin tube medical devices which are inserted in human body during surgical procedure and the process is known as catherization. During catherization, 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%. Catheters 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 exact catheters position. Tip location devices and systems reduce the cost of catheterization and have a higher edge over the convention technique of X-rays in determination of catheters malpositioning during surgical process. Tip location devices and systems use micro sensors to indicate right and wrong position of catheters.
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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 10% of the global market share in 2016 due to lack of technological advanced medical facilities, however Asia-Pacific tip location market is likely to expand at a promising compound annual growth rate over the period of forecast.
North America and Europe are introduced to the tip location devices technology but the developing regions still require advancement in medical devices market to overcome the traditional chest x-rays for locating catheters. Use of tip location devices reduces vein damage and spams as the devices are technological advanced with 98% accuracy in navigation and targeting for the catheter in comparison to the conventional techniques.
By product type, the market can be segmented in to following categories:-
On the basis of technology used in tip location devices and systems, the market can be segmented into following categories:-
Tip location devices and systems find their application in following segments:-
Global Tip Location Devices Market is further classified on the basis of region as follows:
The Tip location market is mainly driven by increasing prevalence of chronic disease which results in the adoption of peripherally inserted central catheters (PICCs) technique, the technique is popular for treatment of cancer used for administration of antibiotics, parenteral nutrition and for chemotherapy across the globe.
Increasing demand for technological advanced treatment options across the globe is expected to be the key factor that will boost the growth of tip location device market over the period of forecast.
Catherization 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.
Use of traditional chest X-ray technique and fluoroscopy is considered to be the main factor restraining the growth of global tip location device market.