Thyroid Ablation Devices Market is estimated to be US$ 1.29 billion by 2030 and is anticipated to register a CAGR of 10.6% – By Allied

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.

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:

Negative Impacts:

• Reduced Demand for Thyroid Ablation Procedures: Fear of exposure to the virus, prioritization of COVID-19 patients, and hospital capacity constraints led to a decrease in non-essential medical procedures, including thyroid ablation. This resulted in a decline in demand for ablation devices and a lower market growth rate.
• Supply Chain Disruptions: Global lockdowns and travel restrictions disrupted the supply chain for raw materials and components used in ablation device production. This caused shortages and price increases for certain devices, impacting healthcare providers and patients.
• Shifting Resource Allocation: Resource allocation towards managing the pandemic initially diverted attention and funding away from other healthcare needs, including thyroid cancer care. This potentially limited access to ablation devices in some healthcare settings.

Positive Impacts:

• Increased Awareness of Telemedicine: The pandemic accelerated the adoption of telemedicine in healthcare, enabling remote consultations for follow-up care in thyroid cancer patients. This potentially reduced unnecessary hospital visits and allowed for safer patient monitoring during the pandemic.
• Focus on Minimally Invasive Procedures: The demand for minimally invasive procedures remained high during the pandemic, and thyroid ablation using radiofrequency ablation or ethanol injection aligns with this preference. This potentially maintained some interest in ablation devices as a suitable treatment option.
• Advancements in Device Technology: Research and development continued in the field of thyroid ablation devices, leading to advancements in technologies like more precise image-guided systems and improved ablation energy delivery methods. These innovations hold promise for improved safety and efficacy in the future.

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Regional Analysis:

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.

Major 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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