Thyroid Ablation Devices Market Report
Thyroid Ablation Devices Market by Application (Thyroid Cancer and Thyroid Nodules), Type (Radiofrequency Ablation, Microwave Ablation, and Others), Product (Thermal-based Devices and Non-thermal-based Devices), End-use (Hospitals, Ambulatory Surgical Centers (ASCs), and Cancer Specialty Centers, Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Thyroid Ablation Devices Overview
Thyroid ablation devices are medical tools designed to treat thyroid nodules and certain thyroid conditions. These devices use different methods to target and destroy abnormal tissue in the thyroid gland. Radiofrequency ablation (RFA) devices, for instance, utilize heat energy to eliminate nodules. High-intensity focused ultrasound (HIFU) devices employ focused sound waves to achieve the same goal. Another approach involves ethanol ablation, where alcohol is injected into the nodule, causing it to shrink. Laser ablation devices use laser-generated heat to destroy the thyroid tissue. Microwave ablation (MWA) devices employ microwave energy to achieve similar results. These techniques are minimally invasive, reducing the need for surgery and promoting quicker recovery times. Thyroid ablation devices present diverse options for treating thyroid nodules and conditions with reduced invasiveness and improved recovery times compared to surgical procedures.
Global Thyroid Ablation Devices Market Analysis
The global thyroid ablation devices market size was $158.4 million in 2022 and is predicted to grow with a CAGR of 9.4%, by generating a revenue of $388.6 million by 2032.
COVID-19 Impact on Global Thyroid Ablation Devices Market
The COVID-19 pandemic had a notable impact on the thyroid ablation devices market. The disruption caused by the pandemic led to delays in elective medical procedures, including those related to thyroid treatment. Many healthcare facilities were repurposed for COVID-19 care, diverting resources from other procedures. The thyroid ablation devices experienced a decline in demand during the initial phases of the pandemic due to these factors. However, as healthcare systems adapted to the new situation and implemented safety measures, the market started to recover gradually. Patients with urgent thyroid conditions still required treatment, leading to a partial rebound in device demand. Manufacturers of thyroid ablation devices faced supply chain challenges during the pandemic, affecting production and distribution. Additionally, restrictions on movement and reduced patient visits to hospitals impacted the adoption of these devices. Looking ahead, the market is expected to regain momentum as healthcare services normalize post-pandemic.
Rising Awareness of Minimally Invasive Thyroid Treatments to Drive the Market Growth
Thyroid ablation devices offer a non-surgical and minimally invasive treatment option for thyroid nodules and cancers, reducing the need for conventional surgery. The procedure is guided by imaging, ensuring accurate targeting and minimizing damage to surrounding healthy tissue, thus enhancing patient safety. Compared to surgery, thyroid ablation leaves little to no scarring, and patients often experience less pain and discomfort during recovery. Patients typically have shorter hospital stays and quicker recovery periods compared to traditional surgical interventions. Besides, thyroid ablation is generally more cost-effective than surgery, making it an attractive option for healthcare systems and patients alike. These devices provide a minimally invasive method to treat thyroid conditions, such as nodules and tumors. Furthermore, the increasing prevalence of thyroid disorders is contributing to the market's growth.
Potential Risks Involved with Thyroid Ablation Procedure to Restrain the Market Growth
Thyroid ablation devices may not be suitable for all thyroid conditions and surgical options may still be necessary in certain cases. The success of the procedure depends on the operator's skill and experience which may vary among healthcare providers. While generally safe, thyroid ablation procedures can have potential risks, such as nerve injury, bleeding, or thyroid hormone imbalances. Patients require follow-up monitoring to assess the effectiveness of the ablation and the potential recurrence of thyroid nodules or cancer. As with any medical procedure there is a risk of complications like infection or unintended damage. Proper training is essential to ensure safe and effective usage which might limit wider adoption.
Advancements in Thyroid Ablation Devices to Drive Excellent Opportunities
Continued innovation can lead to more precise and efficient devices. As experience grows and outcomes improve, more physicians and patients may consider ablation as a viable option. Access to these devices can benefit patients in remote or underserved areas. Tailoring devices for different patient needs could expand their range of applications. Besides, several companies are investing in R&D, fostering healthy competition and innovation. Stringent regulations might impact device approvals and market entry.Further developments in ablation technologies and imaging techniques can enhance the precision, effectiveness, and safety of thyroid ablation procedures. Research and clinical trials may expand the use of thyroid ablation devices to treat additional thyroid conditions, broadening its applicability. Advancements may allow for the development of portable or handheld thyroid ablation devices suitable for home-based treatments, reducing hospital visits. Moreover, integration with robotic systems can improve procedural accuracy and enable remote treatments with specialized expertise.
Global Thyroid Ablation Devices Market Share, by Type, 2022
The radiofrequency ablation sub-segment accounted for the highest market share in 2022. Radiofrequency ablation (RFA) holds prominence in the realm of thyroid ablation due to its efficacy and safety. RFA's precision allows for targeted treatment, minimizing damage to surrounding tissues. This is particularly crucial in delicate areas like the thyroid. Additionally, its non-surgical nature reduces patient discomfort, hospital stays, and recovery time compared to traditional surgical methods. Moreover, RFA's outpatient procedure nature aligns with the trend towards minimally invasive treatments, garnering patient preference. Furthermore, RFA's growing success has led to increased research, refinement of techniques, and device enhancements, continually enhancing its value proposition. This innovation cycle further solidifies RFA's market standing.
Global Thyroid Ablation Devices Market Share, by Product, 2022
The thermal-based devices sub-segment accounted for the highest market share in 2022. Thermal-based devices have emerged as the dominant choice in the thyroid ablation devices market due to their effectiveness and precision. These devices employ focused heat energy to target and destroy thyroid tissue, making them a sought-after option for medical professionals. The key advantage of thermal devices lies in their ability to precisely control the amount of heat applied to the thyroid tissue. This ensures that only the targeted area is affected, minimizing damage to surrounding healthy tissue. The controlled nature of thermal ablation reduces the risk of complications and promotes faster patient recovery compared to alternative methods. Furthermore, thermal-based devices offer versatility in their application. They can be used for various thyroid conditions, including benign nodules and certain thyroid cancers.
Global Thyroid Ablation Devices Market Share, by Application, 2022
The thyroid cancer sub-segment accounted for the highest market share in 2022. Thyroid cancer has become a prominent focus for thyroid ablation devices due to its increasing prevalence and the need for effective treatment options. These devices are specifically designed to target and treat cancerous thyroid tissue, making them highly suitable for thyroid cancer patients. The rising incidence of thyroid cancer has driven the demand for such devices as they offer a minimally invasive and precise way to eliminate cancerous cells. Furthermore, the market has found dominance in treating thyroid cancer because of the limited alternatives available. The market's inclination towards thyroid ablation devices for thyroid cancer treatment also stems from continuous advancements in technology. The combination of their effectiveness, minimal invasiveness, and ongoing technological enhancements has contributed to the dominance of thyroid cancer applications in the thyroid ablation device market.
Global Thyroid Ablation Devices Market Share, by End-use, 2022
The hospital sub-segment accounted for the highest market share in 2022. Hospitals have emerged as the primary users in the thyroid ablation device market due to several factors. Their advanced infrastructure and medical expertise enable them to offer safe and efficient thyroid treatments. With a focus on patient care, hospitals can provide comprehensive services, integrating diagnosis, treatment, and follow-up care. This contributes to the devices' adoption as hospitals can ensure proper monitoring and management. Moreover, hospitals often serve a wide range of patients with varying degrees of thyroid issues. This diversity in patient profiles increases the demand for thyroid ablation devices. Additionally, hospitals maintain a collaborative environment where multidisciplinary teams collaborate to deliver the best outcomes for patients. Furthermore, the regulatory requirements and safety standards associated with medical procedures make hospitals the preferred setting for thyroid ablation procedures.
Global Thyroid Ablation Devices Share, by Region, 2022
The North America thyroid ablation devices market generated the largest revenue in 2022. This is mainly because the region boasts advanced healthcare infrastructure, enabling easy access to cutting-edge medical technologies. Moreover, a robust culture of research and development prevails in North America, fostering innovation and continual refinement of these devices. The prevalence of thyroid disorders in coupled with a proactive approach to their management, spurs the demand for ablation solutions. Additionally, a dynamic ecosystem of healthcare providers, academic institutions, and manufacturers collaborates synergistically, fostering a cycle of expertise and improvement in thyroid ablation devices. This mutual exchange between various stakeholders sustains North America’s dominance in this field. In
Competitive Scenario in the Global Thyroid Ablation Devices Market
Product development and agreement are the common strategies followed by the key companies. Some of the leading thyroid ablation devices market players are Boston Scientific Corp, BVM Medical System, Integra Life Sciences, Johnson & Johnson, Medtronic Plc, MedWaves Inc., Olympus Corp., StarMed Co. Ltd, Terumo Europe, and Theraclion.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Type
Segmentation by Product
Segmentation by Application
Segmentation by End-user
Key Companies Profiled
Q1. What is the size of the global thyroid ablation devices market?
A. The size of the global thyroid ablation devices market was over $158.4 million in 2022 and is projected to reach $388.6 million by 2032.
Q2. Which are the major companies in the thyroid ablation devices market?
A. Boston Scientific Corp., BVM Medical System, Integra Life Sciences, Johnson & Johnson, Medtronic Plc., MedWaves Inc., Olympus Corp., StarMed Co. Ltd., Terumo Europe, and Theraclion
Q3. What are the strategies opted by the leading players in this market?
A. Product development and agreement are the two key strategies opted by the operating companies in this market.