Thyroid Ablation Devices Market Expected to Reach $1,294.43 Million by 2030

According to a new report published by Allied Market Research, titled, “Thyroid Ablation Devices Market by Type, Application Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the thyroid ablation market was valued at $472.79 million in 2020, and is estimated to reach $1,294.43 million by 2030, growing at a CAGR of 10.6% from 2021 to 2030.

Thyroid is a gland that is located at the lower frontal position of the neck. It is butterfly shaped and is responsible for production of various hormones that control the body’s metabolism. However, an active thyroid gland produce a huge amount of thyroid hormones which may require ablation. Thyroid nodules are removed by using thyroid ablation devices, which can cause a rise in thyroid hormones and obstruct breathing of a patient. Thyroid ablation is a procedure done to decrease function of the thyroid gland. It is done with medicines such as radioactive iodine (RAI). In addition, it is a procedure, which is done to decrease function of some or all parts of the thyroid gland.

Factors that drive growth of the global thyroid ablation devices market include increase in prevalence of Hashimoto’s disease, which can cause chronic inflammation in the thyroid gland resulting in enlarge nodules. In addition, technological advancements in thyroid ablation product and surge in demand for early treatment. In addition, rise in prevalence of thyroid cancer propels growth of the market. According to the World Health Organization, Globocan data in 2020, there were approximately 586,202 cases individuals in the world were reported to be diagnosed with thyroid cancer. 

As per data published by the European Thyroid Association 2020, image guided thermal ablation procedures are increasingly proposed as therapy options for benign thyroid lesions. For instance, in 2020, Ethicon, a subsidiary of Johnson & Johnson, received FDA approval for its new NeuWave Microwave ablation technology, which provides minimally invasive options for soft tissue lesions in thyroid.  It aims to treat thyroid disorders. Moreover, in July 2018, Boston Scientific acquired Cryterion Medical. This acquisition is expected to enable the company in providing cryothermal as well as radiofrequency single shot balloon-based ablation therapies.  Further, the FDA aims to enhance availability of appropriate, reliable, and accurate thyroid ablation devices to meet public health needs and increase access to treatments for consumers.

Moreover, rise in development of pharmaceutical and medical device industries and improvement in healthcare spending are anticipated to drive growth of the thyroid ablation devices market. In addition, increase in demand for treatment of thyroid cancer led to development of innovative technologies in the healthcare sector, thereby propelling growth of the market.

Moreover, initiatives taken by governments for development of advanced thyroid ablation devices and development of the healthcare sector for manufacturing of thyroid ablation devices are the key factors that boost growth of the market. Furthermore, surge in geriatric population, who are more vulnerable to chronic disease propel growth of the market. In addition, increase in demand for minimally invasive techniques for treatment of thyroid nodules and increase in awareness among individuals to maintain their health fuel the market growth.

The global thyroid ablation devices market is segmented on the basis of type, application, end user, and region. On the basis of type, the market is divided into image-guided ablation, radiofrequency ablation, microwave ablation, and others.  The radiofrequency ablation segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in prevalence of thyroid cancer, advancements in R&D activities in pharmaceutical & medical device industries, and surge in adoption of ablation devices

By application, the market is classified into thyroid nodules and thyroid cancer. The thyroid cancer segment acquired top position in the market in 2020, and this trend is expected to continue during the forecast period, owing to large number of radiofrequency ablation products offered by key players and increase in demand for thyroid ablation devices for treatment of disorders related to thyroid. As per end user, the market is classified into hospitals & clinics, ambulatory surgical centers, cancer specialty centers, and others. The hospitals & clinics segment led the market in 2020, and this trend is expected to continue during the forecast period, owing to advancements in technology in the healthcare sector. 

North America accounted for a majority of the global thyroid ablation devices market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of thyroid nodule, increase in number of approvals for thyroid ablation devices, presence of key players, and development in technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of thyroid cancer, rise in number of geriatric populations, growth in health care expenditures, and rise in adoption of thyroid ablation devices product.

Key Findings of The Study

• By type, the radiofrequency ablation segment was the highest contributor to the market in 2020.
• On the basis of application type, the thyroid cancer segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
• Depending on end user, the hospitals & clinics segment was the highest contributor to the market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America accounted for a majority of the thyroid ablation market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of thyroid cancer, presence of key players, development of the healthcare sector, presence of numerous thyroid ablation systems, and advancement in technology for thyroid ablation system in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of hashimoto’s thyroiditis, improvement in healthcare infrastructure, and technological advancements in thyroid abltion systems.