Allied Market Research published a report, titled, “Renal Denervation Market by Product (Symplicity, EnligHTN, Vessix, Paradise and Iberis) and by Technology (Radiofrequency, Ultrasound, and Micro-Infusion) – Global Opportunity Analysis and Industry Forecast, 2014-2022”. The report states that the global renal denervation market accounted for $197 million in 2015 and is anticipated to reach $3,153 Million by 2022, growing at a CAGR of 48.5% during the forecast period, 2014-2022.
An increase in occurrence of hypertension, changing lifestyle of people, development of healthcare infrastructure in emerging economies, and relatively lower cost of the procedure drive the growth of the global renal denervation market. However, strict approval procedures for renal denervation devices along with the pain associated with the procedure hampers market growth. Nonetheless, myriad renal denervation applications in other diseases and the surge of clinical trials provide lucrative opportunities for emerging market players.
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The report segments the global renal denervation market by product, technology, and geography. Based on product, the market is fragmented into Symplicity renal denervation system, EnligHTN, Vessix renal denervation system, Paradise renal denervation system, Iberis renal denervation system, and others. The Symplicity renal denervation system segment accounted for the largest share in 2014. Meanwhile, the Vessix renal denervation system is expected to grow at the fastest rate, with a CAGR of 57.6% from 2016 to 2022, as this system can be used for arteries of variable diameter.
Based on technology, the report divides the market by radiofrequency, ultrasound and micro-infusion. The radiofrequency segment generated the maximum revenue in 2015 and is expected to maintain dominance throughout the forecast period. However, the ultrasound segment is anticipated to grow at the highest rate from 2014 to 2022, registering a CAGR of 56.4%, as it overcomes the limitations of radiofrequency devices. Regionally, Europe is expected to continue its global dominance for the next few years. Meanwhile, Asia-Pacific is poised 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.
The report also profiles key players involved in the global renal denervation market, such as 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. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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