Thyroid Ablation Devices Market Update 2023: Predicted to Surpass USD 1.29 Billion by 2030, Report

How big is the Thyroid ablation devices market?

According to the report, 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. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.

Major Factors Driving the Growth of Thyroid Ablation Devices Market:

• Rising prevalence of thyroid cancer: The prevalence of thyroid cancer has been increasing in recent years. This is likely due to a number of factors, including improved diagnostic techniques and environmental factors.
• Increasing demand for minimally invasive procedures: Patients are increasingly demanding minimally invasive procedures for the treatment of thyroid cancer. Thyroid ablation devices offer a number of advantages over traditional surgery, such as reduced risks, faster recovery times, and better cosmetic outcomes.
• Technological advancements: Technological advancements are leading to the development of new and improved thyroid ablation devices. For example, new thyroid ablation devices are being developed that are more precise and effective, and that can be used to treat a wider range of thyroid nodules and tumors.
• Growing awareness of thyroid ablation: There is a growing awareness of thyroid ablation among patients and healthcare professionals. This is due to factors such as educational campaigns and increasing media coverage.
• Government support: Governments in many countries are providing support for the development and adoption of thyroid ablation devices. This is due to the many benefits of thyroid ablation devices, such as improved patient outcomes and reduced healthcare costs.

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Here are some examples of thyroid ablation devices:

• Radiofrequency ablation (RFA) devices: RFA devices use heat to destroy thyroid nodules and tumors.
• Microwave ablation (MWA) devices: MWA devices use microwaves to destroy thyroid nodules and tumors.
• Cryoablation devices: Cryoablation devices use extreme cold to destroy thyroid nodules and tumors.

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.

Thyroid Ablation Devices Market Segmentation:

Type of device: The thyroid ablation devices market can be segmented based on the type of device used. Some of the major types of thyroid ablation devices include:

• • Radiofrequency ablation (RFA) devices: RFA devices use heat to destroy thyroid nodules and tumors.
  • Microwave ablation (MWA) devices: MWA devices use microwaves to destroy thyroid nodules and tumors.
  • Cryoablation devices: Cryoablation devices use extreme cold to destroy thyroid nodules and tumors.

Application: The thyroid ablation devices market can also be segmented based on the application. Some of the major applications of thyroid ablation devices include:

• • Thyroid cancer: Thyroid ablation devices are used to treat thyroid cancer by destroying thyroid nodules and tumors.
  • Thyroid nodules: Thyroid ablation devices are also used to treat benign (non-cancerous) thyroid nodules.

End-user: The thyroid ablation devices market can also be segmented based on the end-user. Some of the major end-user segments include:

• • Hospitals: Hospitals are the largest users of thyroid ablation devices. Hospitals use thyroid ablation devices to treat a wide range of thyroid disorders.
  • Ambulatory surgical centers: Ambulatory surgical centers are also increasingly using thyroid ablation devices to treat thyroid disorders.

Geography: The thyroid ablation devices market can also be segmented based on geography. Some of the major geographical segments include:

• North America  (U.S., Canada, Mexico)
• Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia-Pacific  (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
• LAMEA  (Latin America, Middle East & Africa)

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Regional Growth Dynamics:

North America accounted for the highest market share in terms of revenue in 2020, holding more than two-fifths of the global thyroid ablation devices market, and is expected to maintain its dominant share by 2030. This is due to robust infrastructure provided for research activities and presence of key players across the region. However, Asia-Pacific is estimated to portray the fastest CAGR of 11.1% during the forecast period, owing to rise in usage for new drug discovery, R&D activities for launching new products, and increase in investments in the healthcare sector.

Competitive Landscape:

• Boston Scientific Corporation
• BVM Medical System
• Integra LifeSciences
• Johnson & Johnson
• Medtronic Plc
• Medwaves Inc.
• Olympus Corporation
• STARmed Co., Ltd.
• Terumo Corporation
• Theraclion

Recent developments:

• In 2023, Cryoport launched the Cryoport 5000 cryoablation system for the treatment of thyroid nodules and tumors. The Cryoport 5000 cryoablation system uses cryoablation technology to destroy thyroid nodules and tumors by freezing them to very low temperatures.
• In 2023, BTG International launched the EmboSphere microspheres for the treatment of hyperthyroidism and hypervascularized thyroid nodules. EmboSphere microspheres are small particles that are injected into the blood vessels that supply blood to the thyroid gland. The microspheres block the blood vessels, which reduces the blood supply to the thyroid gland and causes it to shrink.
• In 2023, Sonoworld announced the development of a new ultrasound-guided RFA system for the treatment of thyroid nodules and tumors. The new system is expected to be launched in 2024.

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Key Questions Answered in the Intelligent Study:

What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?

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