The medical device industry relies on new technologies to keep cutting-edge companies and stocks soaring, and few innovations have set the industry alight recently like promising high blood pressure treatment renal denervation. Analysts have pegged this growing market's worth at up to $1.5 billion by 2020, and companies from Boston Scientific (NYSE:BSX) to Medtronic (NYSE:MDT) have invested heavily to score positive results and capture dominance in this up-and-coming niche.

Not so fast: Medtronic's been one of the biggest players in the renal denervation race, but a recent study slammed the brakes on the industry's optimism. This past weekend, Medtronic revealed the results of a renal denervation clinical trial failure it first announced back in January, and by an effectiveness standard, the data's not promising for the leading cardiac device makers in the med tech field.

Will this failure shake up your portfolio's outlook? In the video below, find out all about Medtronic's renal denervation blemish and what it means to this once-promising med tech field as Motley Fool contributor Dan Carroll takes you through the key details that could put a quick halt to this niche's lofty expectations.

Can med tech make you rich in 2014?
There's still time for leading medical device stocks such as Boston Scientific and Medtronic to hit their stride this year, but there's one truth that the best investors know: There's a huge difference between a good stock and a stock that can make you rich. The Motley Fool's chief investment officer has selected his No. 1 stock for 2014, and it's one of those stocks that could make you rich. You can find out which stock it is in the special free report "The Motley Fool's Top Stock for 2014." Just click here to access the report and find out the name of this under-the-radar company.

Dan Carroll has no position in any stocks mentioned. The Motley Fool recommends Covidien and owns shares of Medtronic. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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