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Renal Denervation Market Provides an in-depth Analysis of the Competitive Landscape and Strategies Depending On Industry Situations, Market Needs, Business Strategies

01-24-2019 11:29 AM CET | Health & Medicine

Press release from: Allied Market Research

Renal Denervation Market

Renal Denervation Market

The renewable energy market is valued at $ 199 million in 2015 and is expected to reach $ 3,153 million by 2022, with a forecast average annual growth rate of 48.5% between 2014 and 2022. The Symplicity Renal Denervation System is predicted that as the number of product approvals around the world increases, Europe will take the leading position in the global market in 2015 and will continue to be at the forefront.

Compared to multidisciplinary therapies, increased hypertension and blood pressure, changes in people's lifestyles, improved healthcare infrastructure in developing countries, and increased cost effectiveness of renal hair loss procedures promote market growth. However, patient inconvenience and suffering during strict approval procedures and procedures for kidney removal devices hinders market growth.

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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.
• Terumo Medical Corporation.

As of 2015, Medtronic dominated the overall renal denervation market, followed by St. Jude Medical.

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.

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Key findings of Renal Denervation Market:
• 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.
• Radiofrequency segment dominated the overall renal denervation market.
• Utrasound is poised to grow at the highest CAGR of 56.4% during the analysis period.
• Europe was the leading geographic market in 2015, and it is projected to lead for the next few years.
• 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.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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