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

Report Overview

The global thyroid ablation devices market size was estimated at USD 154.5 million in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 9.52% 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 & 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 the market globally.

Thyroid ablation devices are the most frequently used and efficient for the treatment of thyroid nodules and thyroid cancers. Thyroid ablation procedures are efficient as they are less invasive, and thus have fewer complications. These devices also help in preserving more of the thyroid and 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 have higher chance of developing thyroid cancer than those who are not.

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 integration of robotics and Artificial Intelligence (AI) has revolutionized thyroid ablation procedures. Robotic-assisted thyroid ablation allows increased precision and control, reducing the risk of complications & improving patient safety. AI algorithms aid in preoperative planning and real-time monitoring during the procedure, enhancing the accuracy & efficiency of thyroid ablation.

Type Insights

On the basis of types, the market has been further categorized into radiofrequency ablation, microwave ablation, and others. In 2022, the radiofrequency ablation segment dominated the market and accounted for the largest share of more than 45% of the overall revenue. The radiofrequency ablation technique significantly reduces the necessity for nodule surgery and the application of radioactive iodine (RAI). The RFA process is less invasive, safe, and a rapid alternative to surgery, which leaves a visible scar.

RFA also enables patients to get back to their daily activities with less time for recovery. The microwave ablation segment is anticipated to witness the fastest growth rate during the forecast period. This is owing to the shorter treatment duration, a wider ablation zone, and less heat sink effect of microwave ablation. A generator, a flexible cable, and an antenna make up the MWA system. It makes use of high-frequency electromagnetic waves with frequencies between 915 MHz and 2450 GHz.

Product Insights

On the basis of products, the global market has been further bifurcated into thermal-based devices and non-thermal-based devices. The thermal-based devices segment dominated the market and accounted for the largest revenue share of 70% in 2022. The segment is projected to maintain its dominant position, in terms of industry share, throughout the forecast years. 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. On the other hand, the non-thermal-based devices 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 applications, the global market has been bifurcated into thyroid cancer and thyroid nodules. In 2022, the thyroid cancers segment dominated the market and accounted for the largest revenue share of over 67%. The segment is expected to remain dominant growing at the fastest CAGR during the forecast period owing to the increasing prevalence of thyroid cancer globally. 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 is 43,646. Thus, the aforementioned factors are expected to contribute to market growth over the forecast period. The thyroid nodule 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. Increasing abnormal growth of thyroid nodules among individuals is anticipated to drive the product demand.

End-use Insights

On the basis of applications, the global market has been further segmented into hospitals, ambulatory surgical centers (ASCs), cancer specialty centers, and others. The hospitals segment held the largest revenue share of around 49% in 2022. Hospitals have technologically advanced medical devices and witness 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 of a wide range of treatment alternatives in the setting.

The ASCs segment is expected to grow at a significant growth rate during the forecast period. Ambulatory surgical centers are medical units that operate in outpatient settings and do not require longer 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 growth of ambulatory services. Ambulatory surgical centers provide a cost-effective and high-quality alternative to inpatient hospital care for surgical interventions.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 35.4% in 2022. Major factors that contribute to the growth of the regional market include, the increasing prevalence of thyroid cancer, the presence of key players, and high purchasing power. 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 market growth during the forecast period.

In Asia Pacific, the market for thyroid ablation devices is estimated to witness the fastest CAGR of 10.46% during the forecast period owing to the rising patient population and growing need for better treatment in the region. In addition, with government support, healthcare utilization across Asia Pacific is rising. 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 Share Insights

The market players are adopting competitive strategies, such as mergers & acquisitions, strategic alliances, collaborative agreements, partnerships, product developments, and government approvals to sustain the competition. For instance, in December 2022, Boston Scientific Corp. acquired a majority stake in Acotec Scientific Holdings Ltd. The portfolio of Acotec Scientific Holdings Ltd. encompasses a wide range of medical products, including RFA technologies, and thrombus aspiration catheters. Some of the prominent players in the global thyroid ablation devices market include:

• Boston Scientific Corporation

• 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 Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global thyroid ablation devicesmarket 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

  • Cancer Specialty Centers

  • Others

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

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • 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