Renal Denervation Market Size Is Set to Grow at a Remarkable Pace in the Coming Years
Portland, OR -- 06/30/2018 -- Renal Denervation Market Report, published by Allied Market Research, forecasts that the global market was valued at $197 million in 2015, and is expected to reach $3,153 million by 2022, supported by a CAGR of 48.5% during the forecast period 2014 - 2022. Symplicity Renal Denervation System is estimated to continue generating highest revenue throughout the forecast period, owing to growing number of product approvals across the globe. Europe held the leading position in the global market in 2015, and is expected to maintain its lead in the future.
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Increasing prevalence and incidence of hypertension and blood pressure, changing lifestyle of the people, improvement of healthcare infrastructure in developing countries, and cost effectiveness of the renal denervation procedure as compared to other multidrug treatment therapies propel the market growth. However, stringent approval process for renal denervation devices, and patient discomfort and pain that arises during the procedure hamper the market growth.
Vessix Renal Denervation System is projected to be the fastest growing segment, with a CAGR of 57.6% from 2016 to 2022, as this system can be used for arteries of variable diameter (has a balloon that can be expanded into variable sizes). In addition, it uses a full-color graphic user interface that increases the accuracy and operation of the device. Boston Scientific, manufacturer of Vessix Renal Denervation System, considers this market to be a potential growth opportunity for expanding its business.
Radiofrequency was the most frequently used technology in the renal denervation market. In addition, it was the major segment in 2015 and is expected to lead throughout the forecast period. Ultrasound is projected to grow at the highest CAGR of 56.4%, as it overcomes the limitations of radiofrequency devices.
Key findings of Renal Denervation Market:
1. On the basis of product type, the Symplicity Renal Denervation System segment accounted for the largest share, while Vessix Renal Denervation System is projected to grow at the fastest rate.
2. Radiofrequency segment dominated the overall renal denervation market.
3. Utrasound is poised to grow at the highest CAGR of 56.4% during the analysis period.
4. Europe was the leading geographic market in 2015, and it is projected to lead for the next few years.
5. Asia-Pacific is projected to grow at the highest CAGR of 50.6%.
Europes high share is attributed to the early start of this technology in European countries. In addition, most of the devices in this market have received a CE mark approval and are available for sales in the European region. On the other hand, North America accounts for a small proportion as renal denervation systems have not been approved by the FDA and are available only for investigational purpose in the North American market. Asia-Pacific is expected to grow at the fastest rate during the analysis period, owing to presence of ample growth opportunities in terms of unmet medical needs for the treatment of hypertension, increase in awareness about the use of advanced technologies such as renal denervation systems, and high prevalence rate of resistant hypertension.
Key players have adopted product development as their key strategy to cater to the changing needs of the industry. Major players operating in this market include Ablative Solutions, Inc., Boston Scientific Corporation, Cardiosonic Ltd, Kona Medical, Inc., Medtronic plc, Mercator MedSystems, Inc., ReCor Medical, Inc., Renal Dynamics Limited, St. Jude Medical, Inc., and Terumo Medical Corporation. As of 2015, Medtronic dominated the overall renal denervation market, followed by St. Jude Medical.
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