The renal denervation devices market has been exhibiting a rapid rise in the global arena since the last few years. The increasing incidence of uncontrolled and drug-resistant or treatment-resistant hypertension (trHTN) is driving the growth of this market significantly in the recent times.
Renal denervation is relatively a new therapy applied to treat uncontrolled hypertension. Being a minimally invasive procedure, it decreases the blood pressure by ablating renal arteries and nerves. The efficiency of this therapy is increasing its popularity across the world, which in turn is stimulating the demand for renal denervation devices significantly.
According to a research study published by Transparency Market Research (TMR) on the global market for renal denervation devices, the market is likely to report an impressive CAGR of 41.20% between 2012 and 2021. Analysts expect the market value to increase from US$88.5 mn in 2012 to an estimated valuation of US$1.9 bn by the end of 2021.
Europe Leads Global Renal Denervation Devices Market
Europe has been leading the global renal denervation devices market over last few years. In 2012, the regional market acquired a share of more than 80% in the overall market and was closely followed by Asia Pacific.
Market experts also project Europe to register the fastest growth among all the regional markets for renal denervation devices in the coming years, thereby retaining its leadership in the global market. The increase in research and development activities in the area of renal denervation in Europe is likely to boost this regional market significantly in the near future. The U.K., Italy, France, and Germany dominate the Europe renal denervation devices market.
FDA Approvals to Boost Renal Denervation Devices Market in North America
The rise in the approvals of renal denervation devices by the U.S. FDA is likely to boost the renal denervation devices market in North America remarkably in the forthcoming years. The growing incidence of cardiovascular disorders, on account of the poor lifestyle of people in this region is also anticipated to lead to the growing demand for renal denervation devices in North America.
The Asia Pacific renal denervation devices market is also expected to register a healthy rise over the next few years. The widening pool of patients suffering from cardiovascular disorders, stimulated by the increasing geriatric population, is the key factor driving the growth of this regional market.
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Simplicity by Medtronic Dominate Global Renal Denervation Devices Product Market
At present, only Vessix Vascular (V2) by Boston Scientific, Symplicity by Medtronic, EnlighHTN by St. Jude’s medical, Paradise by ReCor Medical, and OneShot by Covidien have gained the CE mark certification. The U.S. FDA, however, has not approved any of the renal denervation therapy till now.
In 2012, Symplicity enjoyed the highest demand and occupied a share of 85.5% in the overall market. The trend is projected to continue in the coming years. However, intense competition among renal denervation devices manufacturers is likely to increase the usage of advanced technologies in products, which is projected to impact the renal denervation devices market positively in future.