Global Thyroid Ablation Devices Market - 2022-2029

Global Thyroid Ablation Devices Market - 2022-2029

Market Overview

The global thyroid ablation devices market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Thyroid ablation devices are most commonly used to treat thyroid cancer and nodules. A thyroid nodule is a mass of thyroid cells growing abnormally in the thyroid gland. Thyroid cancer is a type of solid tumor cancer that manifests as a nodule or mass in the thyroid gland located near the base of your throat. It happens when rogue cells reproduce at a rate that the immune system can't keep up with. Thyroid cancer comes in various forms, but two of the most frequent are papillary thyroid cancer and follicular thyroid cancer, which account for nearly all cases (95 percent).

Market Dynamics

The global thyroid ablation devices market is growing because of the prevalence of thyroid cancer and thyroid nodules and the demand for minimally invasive procedures.

Rising prevalence of thyroid cancer and thyroid nodules is driving the demand for thyroid ablation device

The rise in thyroid cancer and thyroid nodules, the need for minimally invasive operations, and the availability of more technologically sophisticated thyroid ablation devices are driving the global thyroid ablation devices market. As a result of the considerations mentioned above, the use of thyroid ablation is increasing, which propels the thyroid ablation devices market forward.

Thyroid cancer was diagnosed in 44,280 individuals (12,150 men and 32,130 women) in the United States, according to the American Cancer Society's (ACS) publications Cancer Facts & Figures 2021 and Cancer Facts & Figures 2020. In women, thyroid carcinoma is the fifth most prevalent malignancy. As a result, as thyroid cancer rises, so does the number of ablation surgeries. On the other hand, thyroid nodules are on the rise and are one of the most common endocrine system illnesses. These reasons have increased the use of thyroid ablation in the treatment of thyroid cancer and nodules, and they are expected to drive the thyroid ablation devices market soon.

Over the projected period, the market thyroid ablation devices market growth is also expected to be boosted by enhanced ablation techniques. Microwave ablation (MWA) has recently been proposed to treat thyroid nodules based on its success in other organs such as the liver, kidney, and lung. In comparison to RFA, MWA has a shorter treatment time, a bigger ablation zone, and a lower heat sink effect. Furthermore, non-surgical laser ablation therapy for benign thyroid nodules is a relatively recent procedure. The procedure has previously been used to treat thyroid cysts and destroy lymph nodes in patients with thyroid cancer. Thyroid nodules are treated using laser ablation treatment (LAT), an outpatient surgery. Furthermore, high-intensity focused ultrasound (HIFU) is a revolutionary ablation approach for shrinking thyroid nodules and relieving pressure symptoms. Its primary indication for treatment is benign thyroid nodules. These factors are likely to boost the Thyroid Ablation Devices market.

High cost of thyroid ablation device is likely to hamper the market growth

However, the high cost of thyroid ablation device items for treating Hashimoto's disease is expected to hinder market expansion. People are more mindful of their health nowadays, which compels them to preserve their health and increases the demand for thyroid ablation equipment.

COVID-19 Impact Analysis

The global thyroid ablation devices market has been impacted by the COVID-19 pandemic. Thyroid nodule ablation and thyroid cancer ablation surgeries were postponed by 3 to 4 weeks because they were non-essential procedures.

Segment Analysis

The radiofrequency ablation devices segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The radiofrequency ablation segment dominated the market by type in 2020. This trend is likely to continue during the forecast period, owing to advancements in new technologies, which are significant contributors to the segment's growth. Increased availability of ablation equipment for the treatment of thyroid cancer, such as the RF 3000 Radiofrequency Ablation System and the Star radiofrequency electrode.

Furthermore, market growth is fueled by launch of new products into the market. For instnace, in February 2020, the U.S. Food and Drug Administration (FDA) has given Avanos Medical, Inc. permission to market its new 80-Watt COOLIEF Radiofrequency (RF) system for neurological lesion operations. This innovative device is simple to use; it includes an advanced-design RF generator and other connected electronics. Moreover, Medtronic has acquired FDA approval to market the Accurian radiofrequency ablation device to treat chronic pain. This has aided the company's business segment activities in the United States.

Geographical Analysis

North America region holds the largest market share of the global thyroid ablation devices market

North America dominated the worldwide thyroid ablation devices market in 2020 and is likely to do so again during the forecast period. The United States held the largest share of the Thyroid Ablation Devices Market in North America, and the growth of this market in this region is attributed to major factors such as significant investment in RFA technology research and development, rising prevalence of thyroid diseases, and investments by the country's well-known market players. Furthermore, the market in Canada and Mexico is predicted to expand due to increased research projects and the developing medical tourism industry, respectively. The United States is the largest market in North America for thyroid ablation devices. The growing prevalence of thyroid diseases such as thyroid cancer, and others, significant R&D spending for new technologies, and large market participants in the US would drive the expansion of this market in this country.

According to the CDC, chronic diseases are the largest cause of mortality and disability in the United States. Six out of ten persons have at least one chronic condition, and four out of ten have two or more chronic diseases. Chronic diseases account for approximately $3.5 trillion in annual healthcare costs in the United States. As a result of the increased frequency of chronic diseases in the United States, RFA technology procedures are likely to be required.

Furthermore, numerous market participants are researching and developing innovative radiofrequency ablation device items. For example, Medtronic got FDA permission and debuted their Accurian radiofrequency system for nerve tissue ablation in the United States in February 2019. As a result, the advancement of such technologies will boost the growth of the thyroid ablation devices market.

Competitive Landscape

The thyroid ablation devices market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Boston Scientific Corporation, BVM Medical System, Johnson & Johnson, Medtronic Plc, Olympus Corporation, STAR med Co Ltd, Angiodynamics, Smith & Nephew, Stryker, Lepu Medical, among others.

The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the thyroid ablation devices market globally. For instance, in September 2020, Smith & Nephew has established a collaboration with Tharus, a robotics company, to test its unique bump social-distancing technology. Tharus will enhance the company's manufacturing process, which will help preserve social distance while also bringing people to work. This will assist the organization in meeting worldwide product demand.

Boston Scientific Corporation

Overview:

Boston Scientific Corporation designs produces, and sells medical devices for use in various interventional medical specialties worldwide. The company has major three divisions: MedSurg, Rhythm and Neuro, and Cardiovascular. Devices for diagnosing and treating gastrointestinal and pulmonary conditions; devices for treating various urological and pelvic conditions; implantable cardioverter and implantable cardiac resynchronization therapy defibrillators; pacemakers and implantable cardiac resynchronization therapy pacemakers; and remote patient management systems are available from the company. It also offers medical technologies for diagnosing and treating heart rate and rhythm disorders, such as 3-D cardiac mapping and navigation solutions, ablation catheters, diagnostic catheters, mapping catheters, intracardiac ultrasound catheters, delivery sheaths, and other accessories; spinal cord stimulator systems for chronic pain management; indirect decompression systems; and deep brain stimulation systems.

Product Portfolio:

RF3000 Radio Frequency generator: The RF 3000 Radio Frequency (RF) Generator is designed for thermal coagulation of soft tissue using electrodes that the US FDA has independently cleared. The generator provides the electrode with an isolated RF output of up to 200 watts.

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Visualize the composition of the global thyroid ablation devices market segmentation by type, application, product type, modality, end user, and region highlighting the key commercial assets and players.

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Thyroid Ablation Devices Market– By Type

Image-guided ablation

Radiofrequency ablation

Microwave ablation

Others

Global Thyroid Ablation Devices Market- By Application

Thyroid Cancer

Thyroid Nodules

Global Thyroid Ablation Devices Market- By Product Type

Thermal Based Devices

Non-Thermal Based Devices

Global Thyroid Ablation Devices Market- By Modality

Fixed

Standalone

Portable

Global Thyroid Ablation Devices Market– By End User

Ambulatory Surgical Centers

Hospitals and Clinics

Cancer Speciality Centers

Others

Global Thyroid Ablation Devices Market- By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America