Thyroid Ablation Devices Market Size, Share & Trends Analysis Report By Product (Non-thermal, Thermal), By Type (Radiofrequency Ablation), By Application (Cancer, Nodules), By End-use (Hospitals), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global thyroid ablation devices market size was valued at USD 144.0 million in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 13.6% from 2023 to 2030. There is an increasing demand for thyroid ablation procedures as well as devices owing to the rising prevalence of thyroid cancer and thyroid nodules. According to the International Agency for Research on Cancer, in 2020, about 586,202 new thyroid cancer cases were noted globally. Moreover, the growing preference for minimally invasive surgeries and the availability of technologically sound ablation procedures are expected to drive industry growth. These devices are the most frequently used and efficient for the treatment of thyroid nodules and cancers.

Thyroid ablation procedures are efficient as they are less invasive, thus have the potential of fewer complications and also help in preserving more of the thyroid & help patients maintain normal thyroid function. Thyroid cancer is known to be at increased risk due to radiation exposure. The International Agency for Research on Cancer (IARC) has found that people who are overweight or obese are more likely than those who are not to get thyroid cancer.

In regions where iodine intake is low, follicular thyroid cancers are more prevalent. Iodine-rich diets, however, may increase the risk of papillary thyroid cancer. Because it is added to table salt and other meals in the U.S., the majority of people consume enough iodine. The COVID-19 pandemic has had an adverse impact on the global industry. The planned thyroid ablation and thyroid cancer surgeries were delayed on the onset of infection by almost 4 weeks as they were elective or non-essential surgeries. However, the maintenance and installation cost of these devices is expected to create a stumbling block in the industry growth during the forecast period.

Type Insights

Based on type, the global industry has been further categorized into Radiofrequency Ablation (RFA), Microwave Ablation (MWA), and others. In 2022, the RFA type segment dominated the global industry and accounted for the maximum share of 44.9% of the overall revenue. The RF ablation significantly lessens the necessity for nodule surgery and the application of Radioactive Iodine (RAI), which drives the growth of this segment. The RFA process is less invasive and safe. Moreover, it is a rapid alternative to surgery, which usually leaves a visible scar.

Radiofrequency ablation also enables patients to get back to their daily activities as it required comparatively less recovery time. The MWA type segment is also anticipated to witness a lucrative growth rate during the forecast period. The growth of this segment can be attributed to benefits, such as shorter treatment duration, a wider ablation zone, and less heat sink effect. A generator, a flexible cable, and an antenna make up an MWA system. It makes use of high-frequency electromagnetic waves with frequencies between 915 MHz and 2450 GHz.

Product Insights

Based on product, the global industry has been further categorized into thermal-based devices and non-thermal-based devices. The thermal-based product segment dominated the global industry in 2022 and accounted for the maximum share of 77.1% of the overall revenue. The segment will retain its position throughout the forecast period. It is widely known that Thermal Ablation (TA) is an efficient and secure alternative for surgery of Benign Thyroid Nodules (BTNs).

However, several studies with longer follow-up times revealed a tendency for the treated thyroid nodules to enlarge after 2 to 3 years. The non-thermal-based product segment is expected to register the fastest growth rate during the forecast period. Only cells can be destroyed by non-thermal-based devices, keeping the extracellular structures’ functional qualities unaltered. It is, thus possible to safely ablate tissues close to big blood arteries, the esophagus, or nerves using non-thermal-based devices. This indicates that thyroid ablation next to the esophagus is effective.

Application Insights

On the basis of application, the global industry has been further categorized into thyroid cancer and thyroid nodules. In 2022, the thyroid cancer application segment dominated the industry and accounted for the largest share of 61.0% of the overall revenue. The high share can be attributed to the increased prevalence of thyroid cancer across the globe. For instance, according to the International Agency for Research on Cancer, the cases of thyroid cancer are estimated to reach 1,984,927 in 2025. The same source stated that thyroid cancer was the fifth most common cancer among females in 2020.

The estimated global death toll for thyroid cancer in 2020 was 43,646. The aforementioned factors are expected to contribute to segment growth during the forecast period. On the other hand, the thyroid nodules application segment is expected to exhibit the fastest growth rate during the forecast period, as reducing the size of thyroid nodules and regaining thyroid function are both possible outcomes of thyroid ablation, a non-surgical therapy approach. Rising cases of abnormal growth of thyroid nodules among individuals are anticipated to drive the product demand in this segment.

End-use Insights

The hospitals end-use segment dominated the industry in 2022 and accounted for the largest share of 45% of the overall revenue. Hospitals are equipped with technologically advanced medical devices and have a significantly higher number of patients for treatments than other healthcare settings due to the simplicity of handling any issues that may arise after surgical procedures and the accessibility to a wide range of treatment alternatives.

The ASCs end-use segment is expected to register a significant growth rate during the forecast period. Ambulatory surgical centers are medical units that operate in outpatient settings and do not require long hospital stays. These centers provide emergency and urgent medical care in cases of trauma and accidental cases. Technological advancements and the usage of minimally invasive techniques are major factors that can be attributed to the high demand for ambulatory services. Moreover, ASCs provide a cost-effective and high-quality alternative to inpatient hospital care for surgical interventions.

Regional Insights

North America dominated the industry in 2022 and accounted for the largest share of 35.2% of the overall revenue. Major factors that contribute to the growth of the regional market include the increasing prevalence of thyroid cancer, the presence of key players, and the high purchasing power of consumers. For instance, according to the International Agency for Research on Cancer, in 2020, around 52,912 thyroid cancer cases were reported in the U.S., and the cases are expected to reach 206,812 by 2025. The same source stated that in 2020, thyroid cancer accounted for 2,161 deaths in the U.S. Thus, the growing prevalence of thyroid cancer is expected to boost the region’s growth in the coming years.

On the other hand, the Asia Pacific region is estimated to witness the fastest growth rate during the forecast period. The rapid growth can be attributed to the rising patient population and the growing need for better treatment in this region. In addition, with government support, healthcare utilization throughout Asia and the Pacific is growing. For instance, in India, Ayushman Bharat, a health insurance scheme, offers financial support to underprivileged patients. An annual health insurance benefit of 5 lakh rupees per family is offered under this program for secondary or tertiary care hospitalization.

Key Companies & Market Competitive Insights

The industry players are adopting competitive strategies, such as mergers & acquisitions, strategic alliances, collaborative agreements, partnerships, product development, and government approvals to sustain the competition. For instance, in August 2020, the QDOT MICRO RF ablation catheter from Biosense Webster, a subsidiary of Johnson & Johnson Medical Devices Companies, has been given European CE mark approval. Some of the major participants in the global thyroid ablation devices market:

• Boston Scientific Corp.

• BVM Medical System

• Integra Life Sciences

• Johnson & Johnson

•  Medtronic Plc.

•  MedWaves Inc.

• Olympus Corp.

• StarMed Co. Ltd.

• Terumo Europe

• Theraclion

Thyroid Ablation Devices Market Report Scope

Global Thyroid Ablation Devices Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global thyroid ablation devices market report based on type, product, application, end-use, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Radiofrequency Ablation

  • Microwave Ablation

  • Others

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Thermal-based Devices

  • Non-thermal-based Devices

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Thyroid Cancer

  • Thyroid Nodules

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Ambulatory Surgical Centers (ASCs)

  • Cancer Specialty Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • Saudi Arabia

    • South Africa

    • UAE

    • Kuwait