Thyroid Ablation Devices Market

Thyroid Ablation Devices Market Statistics - 2030

The global thyroid ablation devices market size was valued at $472.79 Million in 2020, and is projected to reach $1,294.43 Million by 2030, registering a CAGR of 10.6%. Growth of the global thyroid ablation devices market is majorly driven by increase in prevalence of thyroid cancer and thyroid nodules; increase in demand of minimally invasive surgeries; and increase in availability of new technologically advanced products for the thyroid ablation. Therefore, these aforementioned factors increase the use of thyroid ablation, which drives the growth of the thyroid ablation devices market. According to the American Cancer Society's (ACS) publications, Cancer Facts & Figures 2021 and Cancer Facts & Figures 2020, an estimated 44,280 adults (12,150 men and 32,130 women) in the U.S. were diagnosed with thyroid cancer. 

Thyroid cancer is the seventh most common cancer in women. Thus, rise in burden of thyroid cancer is increasing the number of ablation surgeries. In addition, thyroid nodules are also on rise they are quite prevalent among the common diseases of the endocrine system. These aforementioned factors led to surge in usage of thyroid ablation during treatment of thyroid cancer and nodules and are anticipated to drive the growth of the thyroid ablation devices market in the near future. Furthermore, advanced ablation technology is also anticipated to boost the thyroid ablation devices market growth over the forecast period. 

Thyroid ablation devices are majorly used for the treatment of thyroid cancer, and thyroid nodules. A thyroid nodule is an unusual growth (lump) of thyroid cells in the thyroid gland. Thyroid cancer is a solid tumor cancer that usually shows up as a nodule, or mass, in the thyroid gland, which is located at the front base of your throat. It occurs when rogue cells reproduce too rapidly for the immune system to control. There are several types of thyroid cancer, but two types — papillary thyroid cancer and follicular thyroid cancer — are by far the most common, accounting for some 95 percent of cases. 

The ablation technique is used to treat the tumors and nodules minimally invasively to reduce the size of thyroid nodules and restore thyroid function. Radiofrequency Ablation (RFA) is a minimally-invasive technique performed by an endocrine surgeon guided by ultrasound imaging. The physician delivers targeted radio waves that disrupts the nodule’s cells, causing them to shrink as the body absorbs the ablated tissue. RFA also enables patients to resume normal daily activity with minimal recovery time. While surgery may involve removing part of the thyroid, RFA maintains thyroid integrity, which supports improved thyroid function.

Most recently, microwave ablation (MWA) has been proposed to treat thyroid nodules, from the experience of its use in other organs like liver, kidney and lung in particular. MWA advantages respect to RFA includes reduction in treatment time, larger ablation zone, less heat sink effect. 

Moreover, laser ablation therapy for benign thyroid nodules is a relatively new, non-surgical procedure. The method has been used previously for treatment of thyroid cysts and for the destruction of lymph nodes with thyroid cancer. This study aimed to determine if laser ablation for benign thyroid nodules was effective, well tolerated. Laser ablation therapy (LAT) is an outpatient procedure used to treat thyroid nodules. Further, High-intensity focused ultrasound (HIFU) is a novel ablation technique that can cause effective shrinkage of thyroid nodules and alleviate pressure symptoms. Its main treatment indication remains benign thyroid nodules.

The presence of key players such as Boston Scientific Corporation, BVM Medical System, Integra LifeSciences, Johnson & Johnson, Medtronic Plc, Medwaves Inc., Olympus Corporation, STARmed Co., Ltd., Terumo Corporation and Theraclion with several initiatives and various technological advanced products is expected to drive the growth in the market. 

The COVID-19 outbreak is anticipated to have a negative impact on the global thyroid ablation devices market. All the schedules thyroid nodule ablation surgery and thyroid cancer ablation surgeries were delayed by 3 to 4 weeks as there non-essential surgery.  these aforementioned factors are anticipated to drive the thyroid ablation devices market during the forecast period.

However, the high cost the thyroid ablation products and the maintenance cost is expected to hinder the market growth during the forecast period.

Thyroid Ablation Devices Market Segmentation

The global thyroid ablation devices market is segmented on the basis of type, application, end user, and region. By type, the market is categorized into image-guided ablation, radiofrequency ablation microwave ablation, and others. 

On the basis of application, it is divided into thyroid cancer, and thyroid nodules. 

On the basis of distribution channel, it is divided into hospitals and clinics, ambulatory surgical centers, cancer specialty centers, and others.

Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea and rest of Asia-Pacific), and LAMEA (Latin America and Middle East & Africa).

Segment Review

Depending on type, the radiofrequency ablation segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in advancement in new technologies are the key factors for the growth of the segment. Rise in availability of   the ablation devices such as RF 3000 Radiofrequency Ablation System, Star radiofrequency electrode fixed for the treatment of thyroid cancer. However, the microwave ablation segment is expected to witness considerable growth during the forecast period, owing to increase in demand of microwave ablation for thyroid tumors and nodules.

By application, the thyroid cancer segment was the major contributor in 2020, and is expected to maintain its lead during the forecast period, owing to increase in prevalence of thyroid cancer globally. However, thyroid nodules are also anticipated to witness growth as often nodules are observed with the thyroid cancer simukatneously.

On the basis of end user, the hospitals and clinics segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing advanced medical equipment along with specialized medical and technical staff. In addition, bigger hospitals & clinic, offer more specialized treatments and services for patient to admit for overnight stays. Further, many patients prefer to get treatment in a hospital for better results of the surgery.

North America garnered a major share in the thyroid ablation devices market in 2020, and is expected to continue to dominate during the forecast period, owing to rise in prevalence of thyroid cancer, presence of key players, development of the healthcare sector, and presence of new innovative technologies in the region. However, Asia-Pacific is expected to register the highest CAGR of 11.0% from 2021 to 2030, owing to increase in prevalence of thyroid nodules and thyroid cancer, and rising demand of ablation procedure.

The key players operating in the global thyroid ablation devices market include Boston Scientific Corporation, BVM Medical System, Integra LifeSciences, Johnson & Johnson, Medtronic Plc, Medwaves Inc., Olympus Corporation, STARmed Co., Ltd., Terumo Corporation and Theraclion.

Key Benefits For Stakeholders

• The study provides an in-depth analysis of the thyroid ablation devices market, and the current trends & future estimations to elucidate imminent investment pockets.
• It presents a quantitative analysis of the market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing market opportunities.
• Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
• Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.

 Thyroid Ablation Devices Market Report Highlights