PUBLISHER: The Business Research Company | PRODUCT CODE: 1414535
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414535
“Renal Denervation Devices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on renal denervation devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for renal denervation devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The renal denervation devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Renal denervation devices represent minimally invasive medical solutions designed for the treatment of resistant hypertension cases unresponsive to conventional interventions. These devices involve the insertion of a catheter into the renal arteries, employing radiofrequency energy to ablate sympathetic nerves within the vessel walls. This process enhances blood flow to the kidneys.
Key products in the renal denervation devices market include the Simplicity Renal Denervation System, EnligHTN, Vessix Renal Denervation System, Iberis Renal Sympathetic Denervation System, Paradise Renal Denervation System, and others. The Simplicity Renal Denervation System, for instance, utilizes a catheter and generator to deliver radiofrequency energy to the renal nerves. Various technologies, such as radiofrequency ablation, ultrasound energy-based RDN, brachytherapy, chemical ablation, and others, are employed by these devices. Target end-users include hospitals, cardiovascular research centers, and other medical facilities.
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The renal denervation devices market size has grown exponentially in recent years. It will grow from $0.42 billion in 2023 to $0.57 billion in 2024 at a compound annual growth rate (CAGR) of 35.1%. The expansion observed in the historical period can be ascribed to several factors, including a rise in hypertension cases, heightened clinical research and studies, an increase in cardiovascular diseases, the initial FDA approval, and regulatory advancements. Additionally, the market witnessed growth with the entry of renal denervation systems.
The renal denervation devices market size is expected to see exponential growth in the next few years. It will grow to $1.73 billion in 2028 at a compound annual growth rate (CAGR) of 32.3%. The anticipated growth in the forecast period can be linked to a patient-centric approach, the development of healthcare infrastructure, increased awareness and acceptance, a focus on minimally invasive therapies, and the introduction of new devices into the market. Noteworthy trends in the forecast period encompass the integration of artificial intelligence (AI) and machine learning, shifts in the regulatory landscape, a transition towards minimally invasive procedures, an emphasis on robust clinical evidence, as well as the integration of remote monitoring and telehealth.
The anticipated growth in the renal denervation devices market is expected to be driven by the increased prevalence of hypertension. Hypertension, or high blood pressure, is characterized by consistently elevated blood flow through the blood vessels. Renal denervation, a catheter-based procedure, has emerged as a potential therapeutic solution for patients with resistant hypertension, offering a minimally invasive alternative for those unresponsive to medication. For instance, a January 2023 report from the Mississippi State Department of Health revealed that nearly 1 million adult Mississippians (43.9%) had high blood pressure in 2021, surpassing the national average by 36.3% (MS 43.9%, US 32.2%). This increased prevalence underscores the market's potential for growth in addressing hypertension.
The growth of the renal denervation devices market is expected to be propelled by the rise in healthcare expenditures. Healthcare expenditures encompass all costs associated with providing health services, including support for family planning, nutrition programs, and emergency health assistance. Increased healthcare spending plays a pivotal role in fostering the adoption of renal denervation devices by providing financial support for both patients and healthcare systems. As an example, in June 2023, the Centers for Medicare & Medicaid Services reported a 2.7% increase in healthcare expenditure in the United States, totaling $4.3 trillion or $12,914 per person in 2021, constituting 18.3% of the nation's gross domestic product. This upward trend in healthcare spending further supports the growth trajectory of the renal denervation devices market.
A prominent trend gaining traction in the renal denervation devices market is product innovation, with major companies directing their efforts towards developing cutting-edge products to enhance their market position and gain a competitive edge. A noteworthy example is ReCor Medical Inc., a US-based medical device company that introduced the Paradise Ultrasound Renal Denervation System in October 2021. This innovative system employs a minimally invasive procedure utilizing non-focused ultrasound to treat overactive nerves leading to the kidney. Clinical studies have demonstrated the Paradise System's effectiveness in successfully reducing blood pressure compared to a sham procedure, showcasing its potential as a groundbreaking solution for hypertension treatment.
Companies operating in the renal denervation devices market are increasingly emphasizing the introduction of minimally invasive options to strengthen their competitive position. In November 2023, Recor Medical, another US-based medical device company, launched the Paradise Ultrasound Renal Denervation Therapy in the United States. This marked the first FDA-approved renal denervation therapy in the country, utilizing ultrasound technology to denervate sympathetic nerves surrounding the renal arteries and mitigating overactivity that can contribute to hypertension. The Paradise System has exhibited significant blood pressure reductions in clinical trials, representing a crucial advancement in hypertension management.
In April 2022, Clinical Accelerator, a UK-based full-service contract research organization, collaborated with Verve Medical to conduct a preliminary human feasibility study on an innovative medical device designed for individuals facing treatment-resistant hypertension. Verve Medical Inc., a US-based medical equipment manufacturer, is at the forefront of developing groundbreaking solutions to address the challenges associated with hypertension, further underscoring the industry's commitment to continuous innovation.
Major companies operating in the renal denervation devices market report are Boston Scientific Corporation, CardioSonic Ltd., Kona Medical Inc., Medtronic plc, Mercator MedSystems Inc., ReCor Medical, Abbott Laboratories, Ablative Solutions Inc., Terumo Corporation, Symple Surgical Inc., St. Jude Medical Inc., Johnson & Johnson Services Inc., Theragenics Corporation, Vascular Dynamics Inc., Otsuka Holdings Co. Ltd., Cardiovascular Systems Inc., Celonova Biosciences Inc., Concept Medical Inc., Cook Medical LLC, Cardinal Health Inc., Creganna Medical, Endologix Inc., Endospan Ltd., Enopace Biomedical Ltd., InspireMD Inc., MicroPort Scientific Corporation, Miracor Medical Systems GmbH, Nexeon MedSystems Inc., Asahi Kasei Corporation, Thermocool Limited
Europe was the largest region in the renal denervation devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global renal denervation devices market report during the forecast period. The regions covered in the renal denervation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the renal denervation devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The renal denervation devices market consists of sales of products including a single electrode, multi-electrode, irrigated catheter, and others. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.