Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- In a new research report that studies the global renal denervation (RDN) devices market published by U.S.-based market research firm Transparency Market Research, it is stated that the RDN devices market will grow from US$88.5 million in 2012 to US$1.9 billion in 2021. During this period, the market will observe growth at a striking CAGR of nearly 41.2%.
The report, titled "Renal Denervation Devices Market - Global Industry Analysis, Size, Share, Growth, and Forecast 2012 - 2021", adds that the market will enjoy this stunning rate of growth due to the globally rising number of patients of hypertension and ageing-related conditions.
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Along with these driving forces, the market for RDN devices and related procedures will also significantly benefit from high adoption of RDN procedures due to advantages such as drastically reduced treatment times and high safety level of these procedures over traditional drug-based therapeutic methods for uncontrolled hypertension. Increasing collaboration of industry players for introducing technologically advanced RDN devices will help the market gain a competitive edge over other uncontrolled hypertension therapeutics markets in the near future.
The report segments the global RDN devices market according to three major criteria: enabling technologies of major products in the market, symbolic/popular products of key market players, and key regional markets.
The segment of technology is further classified into radiofrequency, micro-infusion, and ultrasound. Product-wise, the report focuses on Medtronic's Symplicity, Boston Scientific's (Vessix Vascular) V2, ReCor Medical's Paradise, St. Jude's EnlighHTN, and Covidien's OneShot. Key regional RDN devices markets studied in the report include North America, Europe, Asia-Pacific, and the Rest of the World.
Amongst the various products studied in the report, Medtronic's Symplicity led the global RDN devices market in 2012 by acquiring nearly 85.5% shares of the market. However, during the forecast period, this product is projected to face tough competition from emerging products such as St. Jude Medical's EnligHTN, ReCor Medical's Paradise, Boston Scientific's (Vessix's Vascular) V2, and Covidien's OneShot.
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Of the three major technologies studied by the report, the segment of radiofrequency-based RDN devices held the largest share of the market in 2012. Owing to their benefits in safety, reproducibility, and time efficiency, radiofrequency-based RDN devices will continue to dominate the global RDN devices market during the forecast period. However, this market segment will face stiff competiton from emerging technologies such as microfusion, nano-particles, ultrasound, radiation, and cryoablation.
On the geographical front, Europe currently holds the dominant position in the global RDN devices market because of a large number of R&D activities and device approvals observed in this regional market over the past few years. Europe accounted for nearly 80% of the market in 2012, and is projected to maintain its dominance throughout the report's forecast period. The chief European RDN devices markets are France, UK, Germany, and Italy. Asia-Pacific holds the next most dominant market position, and is also the market to observe growth at the fastest pace during the report's forecast.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research