As per Persistence Market Research, the global PICC tip placement systems market was valued at US$ 114.9 Mn at the end of 2021 and is expected to exhibit a CAGR of 5.7% over the forecast period (2022-2032).
PICC tip placement systems deal with detecting the location of catheter insertion to avoid multiple complications and reduce the error rate. These devices use magnetic tracking for peripherally-inserted central catheters and final confirmation for insertion is given using ECG. The use of PICC tip placement systems is less time-consuming as compared to X-rays for the confirmation of tip location.
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Cases of wrong positioning of catheters using conventional methods such as X-rays are comparatively higher and also require reinsertion, which is time-consuming, whereas, in the case of PICC tip placement systems, instantaneous navigation of the PICC tip confirms the accuracy of the PICC tip position.
Application of PICC tip placement systems has enhanced the efficacy of PICC insertion by assisting doctors in positioning the PICC tip in proximity to the exact location. Physicians and PICC nurses need to follow guidelines established by the Association for Vascular Access (AVA) and Infusion Nurses Society (INS) for the proper placement of PICC tips to increase the accuracy of placing the catheter properly.
Over the previous decades, increased utilization of PICC has been fueled by the ease of bedside placement, creating significant opportunities for market growth. Moreover, key market players are focused on the advancement of technology to make these devices user-friendly and safer.
- For instance, the C3 Wave System, acquired by Angiodynamics, is an easy-to-use, app-based wireless ECG system device that was designed by removing excess wires and focusing on patient care.
Key Takeaways from Market Study
- Tip location systems hold 81.4% market value share and are expected to display a CAGR of 6.2% over the forecast period.
- ECG tip confirmation held a higher share of 70.4% in 2021.
- Hospitals accounted for a lucrative market share of 57.5% in 2021.
- North America is slated to be the largest regional market and is predicted to register a CAGR of 5.6% through 2032.
“Increase in PICC insertions and with the high adoption rate of technology, PICC tip placement systems are expected to witness advancements over the coming years,” says an analyst of Persistence Market Research.
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Market Competition
Key players in the market are focused on increasing product features and are highly concentrated on acquisition activities to strengthen their position in the PICC tip placement systems market.
- For instance, in January 2020, AngioDynamics Inc. announced the acquisition of the C3 Wave PICC tip location system product of the company Medical components Inc., to expand its product portfolio.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the PICC tip placement systems market in its latest study, presenting a historical demand assessment of 2012 – 2021 and projections for 2022 – 2032.
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The research study is based on the product (tip location systems and accessories {integrated catheters, ECG cables, ECG clip cables, and ECG lead sets}), technology (ECG tip confirmation, ECG with magnetic tracking, and ECG and intravascular dopplers), and end user (hospitals, ambulatory surgical centers, and catheterization labs), across seven key regions of the world.