Global Thyroid Ablation Devices Market 2023-2030

Global Thyroid Ablation Devices Market 2023-2030

Global Thyroid Ablation Devices Market Size, Share & Trends Analysis Report by Type (Radiofrequency Ablation, Microwave Ablation, and Others), by Product (Thermal-based Devices and Non-thermal-based Devices), By Application, (Thyroid Cancer and Thyroid Nodules), by End-use (Hospitals and Clinics, Ambulatory Surgical Centers, and Others), Forecast Period (2023-2030)

The global thyroid ablation devices market is anticipated to grow at a considerable CAGR of 9.8% during the forecast period (2023-2030). The growth of this market is attributed to the increasing prevalence of thyroid cancer which has created demand for this device. In 2023, the American Cancer Society estimated thyroid cancer in the US, about 43,720 new cases of thyroid cancer (12,540 in men and 31,180 in women). About 2,120 deaths from thyroid cancer (970 in men and 1,150 in women). The average age when a person is diagnosed with thyroid cancer is 51. This cancer is about 3 times more common in women than in men, and it is about 70% more common in white people than in black people.In addition, in November 2022, the article “Senior Population Statistics: A Portrait of Aging Americans”, reported 54.1 million adults or 16.3% of the US population are seniors including aged 65 or older. The senior population is expected to rise to 22% by 2040 and 25% by 2060. Thegrowing demand for minimally invasive treatment surgeries has further created huge scope for the market growth.

Segmental Outlook

The global thyroid ablation devices market is segmented by type, product, application and end-use. Based on the type, the market is sub-segmented into radiofrequency ablation, microwave ablation, and others. Where, others include image-guided ablation. Based on the product, the market is sub-segmented into thermal-based devices, and non-thermal-based devices. Based on the application, the market is sub-segmented into thyroid cancer, and thyroid nodules. Further, based on end-use, the market is sub-segmented into hospitals and clinics, ambulatory surgical centers, and others. Where, other include cancer specialty centers. Among the end-use, the hospitals and clinics sub-segment is anticipated to hold the largest market share during the forecast period. The large share of this segment is credited to the lower costs, higher efficiency, and availability.

Microwave Ablation Sub-Segment is Anticipated to Hold a Considerable Share of the Global Thyroid Ablation Devices Market

Among the type, microwave ablation sub-segments expected to grow over the forecast period, owing to the owing to shorter treatment duration, a broader ablation zone, and less heat sink effect. A generator, a flexible cable, and an antenna make up the MWA system. An article published by Gland Surgery, namely “Microwave ablation for thyroid nodules: a new string to the bow for percutaneous treatments?” recorded experimental studies and studies on other organs, MWA could be a further step in percutaneous techniques for thyroid nodules, giving the advantage to reduce treatment time, reduce the heat sink effect, create an ellipsoidal ablated zone which best fits with the shaping of thyroid nodules.

Regional Outlook

The global thyroid ablation devices market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East &Africa, and Latin America. Among these, Asia-Pacific is anticipated to grow at a considerable CAGR over the forecast period. The growing demand for thyroid ablation devices, increasing geriatric population, the rising healthcare expenditure, and increasing incidences of thyroid cancer cases driving the thyroid ablation devices market in the Asia-Pacific.

North America Holds Considerable Share in the Global Thyroid Ablation Devices Market

North America is expected to hold a prominent share in the thyroid ablation devices market during the forecast period. The significant factors fueling the North America market include increasing prevalence of thyroid cancer, growing preference for minimally invasive surgeries and availability of technically sound ablation procedures. Further, the key players are expanding their presence into the region to cater to the demand for thyroid ablation devices in the market. In October 2023,STARmed Co., Ltd., a South Korean medical device company, launched its US subsidiary, STARmed America. This strategic move underscores STARmed's commitment to improving patient care in North America as part of its broader vision for global expansion. STARmed Co., Ltd. has been at the forefront of thermal ablation innovations, offering patient comfort through minimally invasive alternatives. The company focuses on Liver Radiofrequency Ablation (RFA), Radiofrequency Ablation (RFA), and engineered the first thyroid-specific RF electrodes in 2009.

Market Players Outlook

The major companies serving the thyroid ablation devices market include Boston Scientific Corp., Integra LifeSciences Corp., Johnson & Johnson Services, Inc., Medtronic Plc, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2023, the US Food and Drug Administration (FDA) cleared Baird Medical’s microwave ablation (MWA) system and disposable needles for use in the US. The clearance, which is through Baird Medical subsidiary Betters Medical, means doctors in the US can now use the technology to ablate thyroid nodules, breast tumors and other diseases where soft tissue needs to be removed. In July 2023, China’s National Medical Products Administration (NMPA) approved the system to treat benign thyroid nodules.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global thyroid ablation devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.