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.
By Product Type
Radiofrequency Ablation segment holds a dominant position in 2020 and would continue to maintain the lead 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 Type
Radiofrequency Ablation segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
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.
By Application
Thyroid Cancer segment is projected as one of the most lucrative segment.
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.
By Region
Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 11.1% during the forecast period.
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
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Analyst Review
This section provides opinions of top level CXOs in the thyroid ablation devices market. According to the insights of CXOs, increase in prevalence of thyroid cancer, increase in incidences of thyroid nodules, and advancements in new device launches are all attributed propel growth of the thyroid ablation devices market.
CXOs further added greater consumer awareness and demand for preventive healthcare services, escalating demand for healthcare services from overall population, and new advancements are predicted to broaden ablation devices clinical applications and increase the number of product approvals. Furthermore, emergency use of ablation devices to treat thyroid cancer contributes toward growth of the market.
The market gains interest of healthcare companies, owing to focus on preventive facilities provided to patients who are undergoing critical thoracic surgeries, which are more complex than other health conditions.
This leads to increase in utilization for ablation devices; thus is a great opportunity that further propels growth of the market.
North America is expected to witness highest growth, in terms of revenue, owing to rise in geriatric population, presence of key players, and advancements in healthcare investments. Asia-Pacific was the second largest contributor to the market in 2020, and is expected to register fastest CAGR during the forecast period, owing to increase in incidences of thyroid cancer and unmet needs for advanced ablation devices.
However, high cost associated with installation and maintenance of ablation devices restrain the market growth during the forecast period
The total market value of Thyroid Ablation market is $472.79 million in 2020.
The forecast period for Thyroid Ablation market is 2021 to 2030
The market value of Thyroid Ablation market in 2021 is $523.38 million.
The base year is 2020 in Thyroid Ablation market
Top companies such as Boston Scientific Corporation, BVM Medical System, Integra Life Sciences, Johnson & Johnson, Medtronic Plc., MedWaves Inc., Olympus Corporation, StarMed Co.Ltd., Terumo Europe, and Theraclion held a high market position in 2020.
Radiofrequency Ablation segment dominated the global market in 2020, and expected to continue this trend throughout the forecast period due to the technological advancements and new product launch and thus is expected to drive the segment
Increase in demand for new technologies in thyroid ablation such as advanced infrastructure for research & development and investments in healthcare is anticipated to drive the market in the forecast period.
North America is projected to account for a major share of the global thyroid ablation market during the forecast period. U.S. dominated the North America rise in investments for new Thyroid Ablation system launch in the R & D sector due to presence of key players across the country.
Thyroid Ablation is a procedure done to restore the function of thyroid gland while suffering from thyroid cancer and thyroid nodule.
Thyroid Ablation systems used for the treatment of disorders such as thyroid nodules and thyroid cancer.
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