Market Trends of Renal Denervation Devices Industry
This section covers the major market trends shaping the Renal Denervation Devices Market according to our research experts:
The Ultrasound-based Segment is Expected to be the Fastest-growing Segment Over the Forecast Period
The ultrasound-based renal denervation devices are a minimally invasive procedure that uses ultrasound to ablate nerves in the wall of the renal arteries. It disrupts the transmission of nerve impulses to and from the kidney and lowers blood pressure. The ultrasound-based renal denervation devices are anticipated to witness growth in the market owing to the factors such as a rise in the prevalence of hypertension and an increase in demand for ultrasound-based renal denervation devices. For instance, as per the June 2022 update from WHO, it is estimated that at least one in four adults in India has hypertension, and only about 12% of them have their blood pressure under control. Such high blood pressure is linked with high cholesterol levels, and its growing incidence could bolster product demand for ultrasound-based renal denervation devices.
Furthermore, a rise in research studies of ultrasound-based renal denervation devices is anticipated to boost market growth over the forecast period. For instance, as per an article published in October 2021 by PubMed, an ultrasound In REsistant hypertension (REQUIRE) trial was designed to assess the BP-lowering efficacy of renal denervation in patients with resistant hypertension from Japan and South Korea. Thus, postive outcome of such studies may results into new treatment option, thereby increasing the segmental growth over the forecast period.
Innovative product launches and collaborations are some of the initiatives being undertaken in this segment by key market players to reinforce their presence in the global market. For instance, in December 2020, ReCor Medical Inc. received the US FDA's Breakthrough Device Designation for its innovative Paradise Ultrasound Renal Denervation System, designed to ablate the renal nerve using ultrasound energy. Hence, due to the rise in the prevalence of hypertension, the increase in research activities associated with ultrasound-based renal denervation devices and rise in product approvals, the studied segment is anticipated to witness growth in the market over the forecast period.
Europe is Anticipated to Witness a Significant Growth in the Renal Denervation Devices Market Over the Forecast Period
Europe is likely to witness significant growth in the renal denervation devices market owing to the factors such as a rise in the prevalence of hypertension, an increase in technological advancements, and the long-lasting effect of the procedure. For instance, as per the Office of Health Improvement and Disparities statistics, the prevalence of hypertension in England was 8,457,600 in 2021. Moreover, as per a Survey conducted in 2021 in Italy, 73.6% of participants reported being aware of their BP status, 42.3% reported a diagnosis of hypertension, and 41.4% were taking antihypertensive medications. The prevalence of self-reported hypertension was also greater in men than women. Thus, increasing the incidence of hypertension is one of the key factors responsible for the region's growth.
Furthermore, the major factor driving the market's growth is growing R&D activities to develop efficient devices. The rise in the number of product launches in the region will also contribute to the market's growth. For instance, in October 2021, ReCor Medical Inc. launched the ultrasound renal denervation system in Europe, which is likely to be used to treat uncontrolled hypertension in Germany. Hence, due to the rise in the prevalence of hypertension and the increase in product approvals for renal denervation devices, Europe is anticipated to witness growth over the forecast period.
