New York, United States, July 16, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, the global renal denervation devices market size was valued at USD 54.26 million in 2023. It is estimated to reach an expected value of USD 387 million by 2032, growing at a CAGR of 37.2% during the forecast period (2024–2032).
A minimally invasive treatment called renal denervation is used to treat resistant hypertension. The primary contributors to the growth of the renal denervation devices market are the increasing elderly population, the rising prevalence of hypertension, and the procedure's long-lasting effects.
Download Free Sample Report PDF @ https://straitsresearch.com/report/renal-denervation-devices-market/request-sample
Rising Prevalence of Hypertension Propels the Renal Denervation Devices Market
The prevalence of hypertension-related illnesses and chronic conditions continues to increase globally. Hypertension, commonly known as high blood pressure, is a severe medical condition that significantly raises the chance of developing heart, kidney, brain, and other disorders. In 2018, the Centers for Disease Control and Prevention (CDC) reported that high blood pressure was a primary cause of death for more than 494,873 Americans, with over 100 million suffering from the illness. An increase in hypertension cases is anticipated to generate demand for renal denervation devices during the projected period.
According to the United Nations Department of Economics and Social 2019 report, it was estimated that by the year 2050, 16% of the global population would be over 65, up from 9% in 2019. By 2050, one in four people in Europe and Northern America could be 65 or older. In 2018, people aged 65 and over outnumbered children under five globally for the first time in history. The number of people aged 80 and older is anticipated to treble between 2019 and 2050, from 143 million to nearly 426 million. The percentage of the population aged 65 or older virtually doubled from 6% in 1990 to 11% in 2019 in Eastern and South-Eastern Asia and from 5% in 1990 to 9% in 2019 in Latin America and the Caribbean, according to the same survey. In four regions, namely Central and Southern Asia, Northern Africa and Western Asia, Eastern and South-Eastern Asia, and Latin America and the Caribbean, the percentage of the elderly is anticipated to quadruple.
It is anticipated that the number of individuals suffering from hypertension will increase as the global population ages. Hypertension is caused by aging-related arterial stiffness, hemodynamic alterations, neurohormonal and autonomic dysregulation, and diminishing the renal function. Consequently, all of the considerations mentioned above suggest that an increase in hypertension cases would drive demand for renal denervation devices over the projection period, thereby boosting the growth of the analyzed market.
Groundbreaking Research Creates Untapped Market Potential
Innovative research in fields such as hypertension has also led to the expansion of new commercial prospects. In February 2020, Ablative Solutions, Inc. published favorable research results regarding the safety and efficacy of its CE-marked Peregrine System Infusion Catheter. The study determined that the renal denervation treatment utilizing the Peregrine Catheter and alcohol as a neurolytic agent is safe and effective and can reduce blood pressure in patients with poorly managed hypertension on medication.
The number of firms shaping the future of Renal Denervation Devices is increasing. As the healthcare industry pushes toward minimally invasive surgeries, a growing interest is in developing solutions for hypertension treatment, which is projected to lead to market growth. Future growth potential for the market for denervation devices is likely to be significantly influenced by the reasons mentioned above.
Regional Insights
Europe accounts for the largest market share and is estimated to grow at a CAGR of 37.5% during the forecast period. The growth is attributable to the rising geriatric population. The spiking cases of therapy-resistant hypertension are also a key factor driving the market. Hypertension is one of the most common diseases in Europe. Changes in lifestyle, such as excessive alcohol consumption, lack of physical activity, smoking, and consumption of fast food, increase the risk of hypertension. The increased blood pressure subsequently gives rise to various diseases, such as stroke, heart attacks, and pulmonary arterial hypertension. The increasing prevalence of smoking in Germany is also causing hypertension, increasing the demand for renal denervation devices.
Asia-Pacific is estimated to account for USD 90 million by 2030, registering a CAGR of 37.6%. The market is anticipated to expand in the region because of the rising prevalence of hypertension and increasing awareness of the treatment's benefits. Renal denervation can selectively ablate renal sympathetic nerve fibers and prevent the transmission of nerve impulses between the central sympathetic nerve and kidney to control blood pressure as a unique, promising non-drug therapeutic option for hypertension resistant to drug therapy. Increasing research into the treatment's efficacy is the primary driver of the anticipated market expansion. Therefore, the increasing prevalence of hypertension and cardiovascular disorders increases the desire for appropriate treatment, raising the country's demand for the devices.
North America is the third largest region. The increasing prevalence of hypertension, the changing lifestyle, the growing senior population, and the long-lasting effect of the surgery may lead to a sharp increase in demand. Domestic enterprises are employing numerous techniques to increase their market position, including R&D, mergers and acquisitions, and product launches. In 2020, the US-based company ReCor Medical Inc. announced that it is Paradise Ultrasound Renal Denervation System has achieved Breakthrough Device Designation from the FDA. The renal nerve is ablated using ultrasonic energy using the Paradise system. Consequently, the increasing prevalence of hypertension, the ongoing development of the industry, and the adoption of new technologies by market participants in the country are anticipated to stimulate the expansion of the market under study.
To Gather Additional Insights on the Regional Analysis of the Renal Denervation Devices Market @ https://straitsresearch.com/report/renal-denervation-devices-market/request-sample
Key Highlights
- The global renal denervation devices market size is estimated to reach an expected value of USD 387 million by 2032, growing at a CAGR of 37.2% during the forecast period (2024–2032).
- By technology, the global renal denervation devices market is segmented into Radiofrequency-based, Ultrasound-based, and Micro-infusion-based. Radiofrequency-based accounts for the largest market share and is estimated to grow at a CAGR of 37.1% during the forecast period.
Competitive Players
- Medtronic PLC
- St. Jude Medical Inc. (Abbott Laboratories)
- ReCor Medical Inc. (Otsuka Holdings Co. Ltd)
- Ablative Solutions Inc.
- Mercator MedSystems Inc.
- Terumo Corporation
- Symple Surgical Inc.
- Vessix Vascular Inc. (Boston Scientific Corporation)
- Johnson & Johnson Private Limited
- Kona Medical Inc.
- Renal Dynamics Limited
- Covidien PLC
- DeepQure
- SoniVie (CardioSonic, Inc.)
- Miracor Medical SA
Recent Developments
- July 2022 - Medtronic expanded Health Equity Assistance Program for colon cancer screening with support from Amazon Web Services; Completed the first installation of donated GI Genius™ intelligent endoscopy modules.
- July 2022 - Medtronic received FDA clearance for next-generation UNiD™ Spine Analyzer with degenerative spine surgery predictive model.
- May 2022 - Medtronic plc (opens new window) (NYSE: MDT) and DaVita Inc. (opens new window) (NYSE: DVA) announced the intent to form a new, independent kidney care-focused medical device company ("NewCo" or "the Company") to enhance the patient treatment experience and improve overall outcomes.
Market Segmentation
- By Technology
- Radiofrequency-based
- Ultrasound-based
- Micro-infusion-based
- Others
- By End User
- Hospitals & Clinics
- Ambulatory surgery centers
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Get Detailed Market Segmentation @ https://straitsresearch.com/report/renal-denervation-devices-market/segmentation
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 905 0080 (U.S.)
+91 8087085354 (India)
+44 203 695 0070 (U.K.)
Email: sales@straitsresearch.com
Follow Us: LinkedIn | Facebook | Instagram | Twitter
