Symplicity is the major and most frequently used product of the renal denervation market. According to the CIRSE Member Survey (2013), Symplicity is used by approximately 78% of the European hospitals. This system is generally preferred as it delivers low level of RF energy and thus reduces the potential risks associated with high levels of RF radiation on body tissues.
The global renal denervation market size was estimated $197 million in 2015, and is expected to reach $3,153 million by 2022, with a CAGR of 48.5%. Renal denervation is a minimally invasive catheter-based procedure to treat hypertension. The procedure is generally opted in cases where drug therapies are unable to provide relief. It includes ablation of the nerves of renal artery wall by the use of radiofrequency pulses or ultrasound. This reduces sympathetic kidney activity, which further leads to a reduced blood pressure.
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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Many factors drive the renal denervation market, such as changes in lifestyle that leads to resistant hypertension, increase in prevalence of hypertension, and the technological advancements to develop alternative technologies, such as micro-infusion, for renal denervation systems. However, stringent regulatory norms for renal denervation devices, and unfavorable reimbursements for renal denervation procedure have restricted 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.
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According to the analysis carried out for each segment, the Symplicity Renal Denervation System accounted for the largest market share in 2015. Symplicity is the major and most frequently used product of the renal denervation market. According to the CIRSE Member Survey (2013), Symplicity is used by approximately 78% of the European hospitals.
Australia is considered to be a potential market for the growth of renal denervation devices in the coming future. The renal denervation systems, such as Symplicity Renal Denervation System and Vessix Renal Denervation System, have received regulatory approvals from Therapeutic Goods Administration (TGA) in the region and are available for sales. The companies in this market have launched clinical trials in this region to check the effect of devices over patients’ health and test the device efficacy. In this regard, Medtronic launched Symplicity HTN-1, Symplicity HTN-2, and Symplicity-HF trials in Australia as well as some other geographical locations. Moreover, St. Jude Medical, Inc. also launched EnligHTN I, EnligHTN II, and EnligHTN III trials in many regions including Australia. Thus, the leading players are focusing on expansion in the Australian economy, which will lead to market growth in this region.
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.