The global thyroid ablation devices industry generated $472.8 million in 2020, and is estimated to reach $1.29 billion by 2030, witnessing a CAGR of 10.6% from 2021 to 2030.
Thyroid Ablation Devices Market by Type (Image-guided Ablation, Radiofrequency Ablation, Microwave Ablation, and Others), Application (Thyroid Cancer, and Thyroid Nodules), and End User (H Hospitals and Clinics, Ambulatory Surgical Centers, Cancer Specialty Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Alarming rise in prevalence of thyroid cancer, advancements in thyroid ablation system, rise in government & private funds for development of healthcare sectors, and increase in number of thyroid nodule cases are expected to notably contribute toward the growth of the global thyroid ablation devices market during the forecast period.
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Rise in prevalence of thyroid cancer and thyroid nodules, demand for minimally invasive procedures, and technological advancements in ablation devices drive the growth of the global thyroid ablation devices market. However, high cost of installation and maintenance restrain the market growth. On the other hand, surge in healthcare expenditure worldwide presents opportunities in the coming years.
Covid-19 Scenario:
- The Covid-19 pandemic impacted the global thyroid ablation devices market negatively as the demand for these devices reduced due to postponement of non-elective surgeries. The surgeries were carried out only in emergency cases.
- Manufacturing activities for thyroid ablation devices were stopped partially or completely due to lockdown restrictions. Shortage of workforce and raw material supply also presented challenges in manufacturing.
Research Methodology
The research operandi of the global Thyroid Ablation Devices Market includes significant primary as well as secondary research. When the primary methodology encompasses widespread discussion with a plethora of valued participants, the secondary research involves a substantial amount of product/service descriptions. Furthermore, several government sites, industry bulletins, and press releases have also been properly examined to bring forth high-value industry insights.
Key Market Segments
Thyroid ablation devices are medical instruments used to treat thyroid disorders, often involving the removal or destruction of thyroid tissue. The market segmentation for thyroid ablation devices can be categorized based on several factors:
Type of Ablation Technology:
- Radiofrequency Ablation (RFA): This technique uses radiofrequency energy to generate heat and destroy thyroid tissue.
- Laser Ablation: Involves the use of laser energy to ablate or remove thyroid tissue.
- Ethanol Ablation: Involves injecting ethanol directly into the thyroid nodule to cause tissue necrosis.
- Microwave Ablation: Uses microwave energy to heat and ablate thyroid tissue.
Application:
- Benign Thyroid Nodules: Devices designed for treating non-cancerous thyroid nodules.
- Thyroid Cancer: Devices used for treating thyroid cancer by ablating cancerous tissue.
End-user:
- Hospitals: Large medical facilities where complex procedures are performed.
- Specialty Clinics: Clinics with a focus on endocrine disorders or thyroid treatments.
- Ambulatory Surgical Centers: Outpatient facilities that offer less complex procedures.
- Others: Research institutions and academic medical centers involved in thyroid disorder treatments.
Geography:
- North America: Includes the United States and Canada.
- Europe: Encompasses countries in the European Union and neighboring regions.
- Asia-Pacific: Includes countries like China, Japan, India, and Australia.
- Latin America: Encompasses countries in Central and South America.
- Middle East and Africa: Includes countries from the Middle Eastern and African regions.
Product Features:
- Single-use Devices: Disposable devices used for one-time procedures.
- Reusable Devices: Instruments that can be sterilized and used for multiple procedures.
- Ultrasound-Guided Devices: Devices that incorporate real-time ultrasound imaging for accurate guidance during the procedure.
- Computer-Assisted Devices: Devices that use computer algorithms to assist in targeting the thyroid tissue accurately.
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Market Players:
- Boston Scientific Corporation
- BVM Medical System
- Integra LifeSciences
- Johnson & Johnson
- Medtronic Plc
- Medwaves Inc.
- Olympus Corporation
- STARmed Co., Ltd.
- Terumo Corporation
- Theraclion
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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.
Key Points Covered by the Report-
- What are the fundamental skills, core competencies, and key players in the industry we are examining?
- What are the opportunities for marketing strategies that are developing at a usual rate?
- What are the main competitive factors influencing the industry?
- What marketing tactics are suitable for a particular service or product?
- What geographical areas are covered by the Thyroid Ablation Devices Market report?
- What share of this market would each of the following regions hold during the forecast period: Asia-Pacific, Europe, North America, and LAMEA?
- How has COVID-19 impacted the Thyroid Ablation Devices Market?
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