A catheter placement system configured for accurately placing a catheter within the vasculature of a patient, the catheter having a tip, a lumen, and a stylet disposed in the lumen, the system employing at least two modalities for improving catheter placement accuracy: (i) the ultrasound-assisted guidance for introducing the catheter into the patient's vasculature; and (ii) magnetically-based tracking of the catheter tip during its advancement through the vasculature to detect and facilitate correction of any tip malposition during such advancement, wherein the system comprises: a system console comprising: a control processor; a tip location sensor for temporary placement on a portion of a body of the patient; and an ultrasound probe, wherein the tip location sensor is configured to sense a magnetic field of the stylet when the catheter is disposed in the vasculature and the ultrasound probe is configured to ultrasonically image a portion of the vasculature prior to introduction of the catheter into the vasculature, and wherein the system also includes a guidance system for assisting with the insertion of a needle into the body of a patient, characterised by the ultrasound probe including a sensor array for detecting a magnetic field associated with the needle, wherein the sensor array is configured to detect the position, orientation and movement of the needle during ultrasound imaging procedures and includes a plurality of magnetic sensors, embedded within the housing of the probe, to detect the magnetic field. (i) the ultrasound-assisted guidance for introducing the catheter into the patient's vasculature; and (ii) magnetically-based tracking of the catheter tip during its advancement through the vasculature to detect and facilitate correction of any tip malposition during such advancement, wherein the system comprises: a system console comprising: a control processor; a tip location sensor for temporary placement on a portion of a body of the patient; and an ultrasound probe, wherein the tip location sensor is configured to sense a magnetic field of the stylet when the catheter is disposed in the vasculature and the ultrasound probe is configured to ultrasonically image a portion of the vasculature prior to introduction of the catheter into the vasculature, and wherein the system also includes a guidance system for assisting with the insertion of a needle into the body of a patient, characterised by the ultrasound probe including a sensor array for detecting a magnetic field associated with the needle, wherein the sensor array is configured to detect the position, orientation and movement of the needle during ultrasound imaging procedures and includes a plurality of magnetic sensors, embedded within the housing of the probe, to detect the magnetic field. a control processor; a tip location sensor for temporary placement on a portion of a body of the patient; and an ultrasound probe, wherein the tip location sensor is configured to sense a magnetic field of the stylet when the catheter is disposed in the vasculature and the ultrasound probe is configured to ultrasonically image a portion of the vasculature prior to introduction of the catheter into the vasculature, and wherein the system also includes a guidance system for assisting with the insertion of a needle into the body of a patient, characterised by the ultrasound probe including a sensor array for detecting a magnetic field associated with the needle, wherein the sensor array is configured to detect the position, orientation and movement of the needle during ultrasound imaging procedures and includes a plurality of magnetic sensors, embedded within the housing of the probe, to detect the magnetic field.