DUBLIN, September 22, 2021--(BUSINESS WIRE)--The "Renal Denervation Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The renal denervation devices market is valued at USD 31.01 million in 2020, and it is expected to reach USD 193.43 million in 2026, registering a CAGR of 36.89% during the forecast period.
Abbott Laboratories (St. Jude Medical Inc.)
Otsuka Holdings Co. Ltd. (ReCor Medical Inc.)
Ablative Solutions Inc.
Boston Scientific Corporation (Vessix Vascular Inc.)
Key Market Trends
The Ultrasound-based Segment is Expected to be the Fastest Growing Segment
The ultrasound-based renal denervation devices are a minimally invasive procedure that uses ultrasound to ablate nerves in the wall of the renal arteries, and it disrupts the transmission of nerve impulses to and from the kidney and lowers blood pressure.
According to the 2020 European Society of Cardiology's comparative study of trials, Radiance-HTN Solo (ultrasound-based device- Paradise) showed more efficacy than the radiofrequency-based SPYRAL HTN-OFF MED trial device. The device Paradise ultrasound-based Renal denervation device reduced -6.3 mmHg in daytime ambulatory BP and -6.5 mmHg in office systolic BP compared to the sham group. The high efficacy of ultrasound-based devices proven in the trials is expected to increase the importance of these devices and revive them. The increasing geriatric population is an increasing risk factor for hypertension and increases the growth of the segment.
Furthermore, COVID-19 has negatively impacted the number of procedures and the production of devices worldwide. Due to the fear of transmission of the virus, many hospitals have canceled the procedures and the manufacturing and supply chain was disturbed due to the lockdown worldwide. Additionally, many trials and product approvals have been pending for the year, which is impacting the market growth.
Europe is Expected to Dominate the Market
Europe has been found to hold a major share of the renal denervation devices market, and it is expected to show a similar trend over the forecast period, without significant fluctuations. According to the data published by Public Health England, high blood pressure affects more than one in four adults in England. NHS Digital data collected through the 2019 Health Survey for England showed that the proportion of men with hypertension increased from 28% to 30% from 2017 to 2018, and rates for women rose by 25% to 26%. Two-thirds of men aged 75 upwards have some form of hypertension Also changes in lifestyles such as excessive alcohol consumption, lack of physical activity, smoking, and consumption of fast food increase the risk of hypertension. Increased blood pressure subsequently gives rise to various diseases such as stroke, heart attacks, and pulmonary arterial hypertension.
There is a large number of renal denervation devices, which have received CE approval, in Europe. The major factor driving the growth of the market studied is rising R&D activities for the development of efficient devices. As per clinicaltrials.gov, one of the market players, Abbott Medical Devices, completed the observational study of the EnligHTN renal denervation system, in Europe, in February 2019. Additionally, rising cases of drug-resistant hypertension may boost the overall growth of the market, over the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Hypertension
4.2.2 Long Lasting Effect of the Procedure
4.3 Market Restraints
4.3.1 Painful Procedure
4.3.2 Stringent Approval Process for Renal Denervation Devices and Reimbursement Systems
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Technology
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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Laura Wood, Senior Press Manager
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