Global Thyroid Ablation Devices Market Size, Share & Industry Trends Analysis Report By End-use, By Type (Radiofrequency Ablation, Microwave Ablation), By Application (Thyroid Cancer and Thyroid Nodules), By Product, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Thyroid Ablation Devices Market
Market Report Description
The Global Thyroid Ablation Devices Market size is expected to reach $289.9 Million by 2028, rising at a market growth of 13.0% CAGR during the forecast period.
Thyroid ablation devices are used in the treatment of thyroid nodules and thyroid cancer. The thyroid gland is situated at the front of the throat, where thyroid cancer typically manifests as a nodule or lump. Thyroid cancer occurs when rogue cells proliferate too quickly for the immune system to handle.
At the bottom of the throat, close to the trachea, the thyroid gland is present. It has two lobes on each side, left and right, so that it takes the shape similar to a butterfly. The isthmus, a slender section of tissue, joins the two lobes. The size of a healthy thyroid is comparable to a walnut. Normally, it is impossible to feel the thyroid through the skin. Iodine, a mineral present in various foods and iodized salt, is used by the thyroid to aid in the production of numerous hormones.
Thyroid manages the body temperature, heart rate, and the speed at which food turns into energy (metabolism). It also controls the blood's calcium levels. Men and women between the ages of 45 and 64 are most frequently diagnosed with thyroid cancer. However, women between the ages of 20 and 34 are most frequently diagnosed with thyroid cancer. Additionally, thyroid cancer is nearly three times more common in women than in men.
There has been an increase in thyroid cancer diagnoses in the world, although there has been no change in the number of fatalities from the disease. The rate of thyroid tumors less than 1 centimeter in size is declining, and the growth in thyroid cancer rates seems to be leveling off in recent years. The majority of thyroid cancer cases respond to therapy and are typically cured.
COVID-19 Impact Analysis
Market participants in the ablation devices saw a decline in sales during the first few months of the pandemic. Revenue decreased as a result of unfavorable adjustments to rules and regulations made by concerned authorities. When compared to healthy people, individuals with cancer and other disorders had a higher chance of contracting COVID-19 infection, according to the majority of regulatory organizations around the world. In order to protect patients from COVID-19, the diagnosis, surgeries, and examinations were constrained or delayed. The market growth thus slowed down for the first few months but is anticipated to pick up speed steadily in the following years.
Market Growth Factors
Increasing need for thyroid ablation devices owing to the rise in thyroid nodules and cancers
The market for thyroid ablation devices is being driven by the increase in thyroid cancer & thyroid nodules, the demand for minimally invasive procedures, and the introduction of more advanced technological thyroid ablation devices. The demand for thyroid ablation is growing as a result of the factors described above, which is driving the market for thyroid ablation devices ahead. According to the American Cancer Society (ACS), by 2023, 43,720 people (31,180 women and 12,540 men) in the US may have thyroid cancer at the time of their diagnosis.
Rise in the number of researches in the world
The majority of thyroid malignancies are detected early and are curable. However, scientists are investigating which thyroid cancer patients can safely choose less treatment for their illness, reducing adverse effects. In addition, new treatments for thyroid cancers that are more uncommon and aggressive also require research. However, in recent years, NCI-funded researchers have created genomic assays to determine if such ambiguous nodules require surgery and are malignant. These exams could potentially save a lot of people from needless surgery. This would allow more people to opt for ablation surgeries and propel the market's growth.
Market Restraining Factors
Potential side effects of thyroid RFA ablation
Hypothyroidism develops when the thyroid cannot produce the appropriate level of thyroid hormones. In addition to weight gain and reduced sperm counts in men, women may experience irregular menstrual cycles. In addition, thyroid surgery could harm thyroid function, lowering the TSH levels and necessitating thyroid medication. RFA may result in permanent hypothyroidism, though rarely. These side effects may discourage patients from opting and undergoing ablation therapies and thus may hamper the growth of the market.
Based on type, the thyroid ablation devices market is categorized into radiofrequency ablation, microwave ablation, and others. The microwave ablation segment procured a considerable growth rate in the thyroid ablation devices market in 2021. Benefits like a faster treatment time, a broader ablation zone, as well as less heat sink impact, can be credited for the expansion of this segment. An MWA system usually consists of a flexible cable along with an antenna and a generator. High-frequency electromagnetic waves that have frequencies ranging from 915 MHz to 2450 GHz are used in this method.
On the basis of product, the thyroid ablation devices market is divided into thermal-based devices and non-thermal-based devices. The non-thermal-based devices segment recorded a significant revenue share in the thyroid ablation devices market in 2021. Devices that do not use heat can only damage cells, preserving the functional properties of extracellular structures. Thus, utilizing non-thermal-based technologies, it is feasible to safely and effectively ablate tissues near large blood vessels, the esophagus, or nerves. This demonstrates the efficacy of thyroid ablation close to the esophagus.
Based on application, the thyroid ablation devices market is segmented into thyroid cancer and thyroid nodules. The high growth can be ascribed to the rising incidence of thyroid cancer worldwide. For instance, the International Agency for Research on Cancer projects that in 2025, there will be 1,984,927 instances of thyroid cancer. The expected number of thyroid cancer fatalities worldwide in 2020 was 43,646. During the projection period, it is anticipated that the aforementioned reasons will support segment expansion.
End - Use Outlook
On the basis of end-use, the thyroid ablation devices market is fragmented into hospitals, ambulatory surgical centers (ASCs), cancer specialty centers, and others. The hospitals segment procured the highest revenue share in the thyroid ablation devices market in 2021. Due to the ease of managing any problems that may occur following surgical procedures and the availability of a broad range of treatment options hospitals are preferred by most people. This is the main factor propelling the growth of the segment. Hospitals are furnished with technologically sophisticated medical devices and treat a substantially higher number of patients than other healthcare settings.
|Market size value in 2021||USD 125.4 Million|
|Market size forecast in 2028||USD 289.9 Million|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 13% from 2022 to 2028|
|Number of Pages||245|
|Number of Table||430|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Product, Application, Type, End-use, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on region, the thyroid ablation devices market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded the largest revenue share in the thyroid ablation devices market in 2021. The occurrence of thyroid cancer is rising, there are important participants in the market, and consumers have high purchasing power, all of which are significant drivers in the development of the regional market. For instance, the Centers for Disease Control and Prevention (CDC) estimated that there were 45311 thyroid cancer cases recorded in the United States in 2019.
Free Valuable Insights: Global Thyroid Ablation Devices Market size to reach USD 289.9 Million by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, Boston Scientific Corporation, Integra LifeSciences Holdings Corporation, Johnson & Johnson, Theraclion SA, Olympus Corporation, Terumo Corporation, BVM Medical Limited, MedWaves, Inc., and STARmed Co. Ltd.
Scope of the Study
Market Segments Covered in the Report:
- Ambulatory Surgical Centers (ASCs)
- Cancer Specialty Centers
- Radiofrequency Ablation
- Microwave Ablation
- Thyroid Cancer
- Thyroid Nodules
- Thermal-based Devices
- Non-thermal-based Devices
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Medtronic PLC
- Boston Scientific Corporation
- Integra LifeSciences Holdings Corporation
- Johnson & Johnson
- Theraclion SA
- Olympus Corporation
- Terumo Corporation
- BVM Medical Limited
- MedWaves, Inc.
- STARmed Co. Ltd.
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North America Thyroid Ablation Devices Market Report 2022-2028
Europe Thyroid Ablation Devices Market Report 2022-2028
Asia Pacific Thyroid Ablation Devices Market Report 2022-2028
How valuable will the Thyroid Ablation Devices Market be in the future?
The global Thyroid Ablation Devices Market size is expected to reach $289.9 Million by 2028.
What are the key driving factors and challenges in the Thyroid Ablation Devices Market?
Increasing need for thyroid ablation devices owing to the rise in thyroid nodules and cancer are driving the market in coming years, however, Potential side effects of thyroid RFA ablation restraints the growth of the market.
What are the major top companies in the competitive landscape?
Medtronic PLC, Boston Scientific Corporation, Integra LifeSciences Holdings Corporation, Johnson & Johnson, Theraclion SA, Olympus Corporation, Terumo Corporation, BVM Medical Limited, MedWaves, Inc., and STARmed Co. Ltd.
Which segment shows a high revenue share of the Thyroid Ablation Devices Market in 2021?
The Radiofrequency Ablation segment acquired maximum revenue share in the Global Thyroid Ablation Devices Market by Type in 2021 thereby, achieving a market value of $133.9 Million by 2028.
Which segment is leading the market in 2021?
The Thermal-based Devices segment is leading the Global Thyroid Ablation Devices Market by Product in 2021 thereby, achieving a market value of $215.4 Million by 2028.
Which region dominated the Thyroid Ablation Devices Market in 2021?
The North America market dominated the Global Thyroid Ablation Devices Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $108.8 Million by 2028.