Renal Denervation Device Market to Grow Dramatically, but Physicians Will Still Consider Cost-Effective Tradeoffs When Making Purchase Decisions

TORONTO--(BUSINESS WIRE)--According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, renal denervation, a promising new treatment for drug-resistant uncontrolled hypertension, has the potential to be a blockbuster medical device. But physicians will continue to make the cost-effective tradeoffs demanded by the modern healthcare market, and the potential revenues will attract a host of market entrants that will simultaneously quickly improve devices, decrease prices and fight for market share.

“They are certainly eager for these devices to be effective. But that doesn’t mean that cost considerations are not relevant. If manufacturers think they can demand large price premiums for highly featured devices, they may find themselves disappointed.”

Renal denervation has the promise of successfully treating currently uncontrolled, drug-resistant hypertension, a major health problem. It has thus generated tremendous interest among medical device manufacturers, which will result in rapid and sustained growth. The global market potential for this treatment is $2.9 billion by 2021. If the treatment’s safety and utility in these cases is demonstrated, indications could be expanded to less severe drug resistance and lower maximum pressure, increasing the market potential even further.

In the abstract, physicians rate the price of this innovative device as an unimportant factor. However, when they are faced with real-world tradeoffs between price and effectiveness, their assessment ends up being much different. They would like to see the biggest blood pressure drop possible, for the longest time possible, but in a cost effective manner. In fact, responses suggest that electrophysiology catheters could one day take the place of premium-priced, approved renal denervation catheters if clinical results are comparable.

These results come from a new MRG report, Renal Denervation: Medtech’s Next Big Thing?, part of its Physician Forum series. Physician Forum reports are produced in response to specific market events and trends that are expected to have significant effects on the utilization and sales of medical devices. This report was published in July 2012.

The results are based on surveys that were conducted in June 2012 and included 140 physicians who are performing renal denervation procedures, will be performing these procedures or will be referring patients for renal denervation treatment. Survey respondents were general cardiologists, hypertension specialists, interventional cardiologists, and interventional radiologists, split evenly between the United States and Europe.

“Physicians are surprisingly on board with cost control,” said MRG Manager Stephanie LaBelle. “They are certainly eager for these devices to be effective. But that doesn’t mean that cost considerations are not relevant. If manufacturers think they can demand large price premiums for highly featured devices, they may find themselves disappointed.”

Millennium Research Group’s Renal Denervation: Medtech’s Next Big Thing? report provides information about physician attitudes and purchase decision criteria for renal denervation devices used by hospital-based and office-based practices in catheterization labs, interventional radiology suites, operating rooms, electrophysiology labs, and other locations.

Webinar: Renal Denervation Physician Attitudes and Choices

Purchasers of the Physician Forum report Renal Denervation: Medtech’s Next Big Thing? will also have access to an exclusive closed webinar where Analyst Ian Swanson will provide instruction in the use of the Renal Denervation Market Simulator, which permits report purchasers to simulate how different attribute combinations affect consumer preference and product interest. Contact Alex Jablokow at 617-599-8613 for more information about this webinar.

About Millennium Research Group

Millennium Research Group (www.MRG.net), a Decision Resources, Inc. company (www.DecisionResourcesInc.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.

About Decision Resources Group

Decision Resources Group is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.

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