According to Transparency Market Research, the global renal denervation devices market is set to be dominated by Medtronic Inc., St. Jude Medical Inc., and Boston Scientific in the coming years. These leading players accounted for more than 99% of the consolidated renal denervation devices market in 2012 and are likely to remain similarly dominant through the forecast period.
The global renal denervation devices market was estimated to reach a valuation of around US$395 mn at the end of 2015 and further rise to more than US$1.9 bn by the end of 2021. The market is expected to exhibit a whopping 41.20% CAGR from 2012 to 2021.
Europe to Retain Dominance in Global Renal Denervation Devices Market
Geographically, Europe is the leading contributor to the global renal denervation devices market. The Europe market is expected to rise to a valuation of close to US$1.1 bn by the end of 2021, exhibiting a solid 34.10% CAGR from 2012 to 2021. The North America market for renal denervation devices is also expected to exhibit rapid growth in the coming years.
By technology, radiofrequency-based denervation is by far the dominant segment of the global renal denervation market. The RF-based renal denervation segment is expected to be valued at around US$585 mn by the end of 2016 and further rise to close to US$1.9 bn by the end of 2021.
Increasing Prevalence of Hypertension Drives Use of Renal Denervation Devices
The key driver for the renal denervation devices market is the rising prevalence of hypertension, particularly among the urban population in both developed and developing countries. Due to the widespread popularity of an unhealthy sedentary lifestyle among urban citizens, diseases such as diabetes and hypertension have become more prominent over the last few decades. Among hypertension patients, those suffering from resistant hypertension are rising in number, leading to a rise in the demand for renal denervation and the devices used therein.
The rising preference for minimally invasive surgical practices has also helped drive the demand for renal denervation. Minimally invasive surgery presents several advantages over conventional surgical processes, including reduced blood loss, reduced post-operation discomfort, and shorter hospital stays. Due to the convenience of renal denervation and its effectiveness in treating resistant hypertension have thus been vital in driving the demand from the global market for the same.
Adverse Reimbursement Scenario Restricts Adoption of Renal Denervation Devices
One of the key restraints on the global renal denervation devices market is the absence of supportive reimbursement frameworks in several countries. Due to the relatively recent emergence of renal denervation, it is not supported by preexisting reimbursement schemes, leading to patients preferring drug-based treatments. Allied to the insufficiency of formal clinical evidence supporting the use of renal denervation, this has become an influential restraint on the renal denervation devices market.
The lack of awareness about the easy availability and effectiveness of renal denervation among the general populace has also been a crucial constraint on the global renal denervation devices market. While several manufacturers of renal denervation devices are backing awareness initiatives, the steady acquisition of more diverse and reliable clinical data is likely to help drive the adoption of renal denervation devices in the coming years.
The information in this preview comes from a Transparency Market Research report titled ‘Renal Denervation Devices Market - Global Industry Analysis, Size, Share, Growth, and Forecast 2012 - 2021.’
The global renal denervation devices market is segmented as follows:
- Catheter-based Micro-infusion
- North America
- Asia Pacific
- Rest of the World
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