Thyroid Ablation Devices Market

Global Thyroid Ablation Devices Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2023-2029- The market will expand due to the increasing awareness and diagnosis of thyroid cyst nodules, advancements in ablation technologies, and rising preference for minimally invasive procedures.

Global Thyroid Ablation Devices Market is valued at USD 576.6 Million in 2022 and it is expected to reach USD 1174.6 Million by 2029 with a CAGR of 10.7% over the forecast period.

Scope of Global Thyroid Ablation Devices Market Report-

Thyroid ablation devices are medical devices used for the treatment of thyroid nodules, thyroid cysts, thyroid lumps, and thyroid cancer. These devices use various techniques, such as radiofrequency ablation (RFA), laser ablation, ethanol ablation, and microwave ablation, to destroy or shrink abnormal thyroid tissue. The use of thyroid ablation devices for the treatment of thyroid nodules and other thyroid conditions has evolved over time.

Radiofrequency ablation (RFA) was first introduced as a treatment for thyroid nodules in the early 2000s and has since gained popularity due to its effectiveness and minimally invasive nature. Other techniques, such as laser ablation, ethanol ablation, and microwave ablation, have also been developed and utilized for thyroid ablation procedures.

Thyroid ablation devices are primarily used for the treatment of benign thyroid nodules, cysts, and masses. These are also used in some cases for the treatment of thyroid cancer, particularly in patients who are not candidates for surgery or radioactive iodine therapy. The end-users of thyroid ablation devices include hospitals, clinics, and ambulatory surgical centers.

Revenue Generation Model:

The revenue generation model for the thyroid ablation devices market is primarily based on the sales of the devices themselves, as well as any associated consumables, accessories, and disposables used during the procedures. The market is driven by the demand for minimally invasive treatment options for thyroid nodules and other thyroid conditions, as well as the increasing prevalence of thyroid diseases worldwide.

Supply Chain Mode:

The supply chain for thyroid ablation devices typically involves manufacturers who produce the devices, distributors who distribute the devices to healthcare facilities, and healthcare facilities that purchase and use the devices for thyroid ablation procedures. Depending on the specific device and procedure, there may also be involvement from regulatory bodies, clinicians, and patients.

Value Chain Model:

The value chain for thyroid ablation devices involves the entire process from research and development, manufacturing, distribution, marketing, and sales, to the actual use of the devices in thyroid ablation procedures. Each step in the value chain adds value to the product and contributes to the overall success of the market.

Covid-19 Impact on the Thyroid Ablation Devices Market:

The Covid-19 pandemic has had a mixed impact on the thyroid ablation devices market. On one hand, there has been a decrease in elective procedures, including thyroid ablation procedures, due to restrictions on non-essential medical services and concerns over virus transmission. This has resulted in delayed or postponed procedures, leading to a temporary decline in demand for thyroid ablation devices.

On the other hand, the pandemic has also highlighted the need for minimally invasive treatment options, such as thyroid ablation procedures, as they offer advantages such as shorter hospital stays, reduced risk of complications, and faster recovery times compared to surgery. As a result, there has been a growing interest in non-surgical treatment options for thyroid nodules, including the use of thyroid ablation devices.

Additionally, with the increasing adoption of telemedicine and remote healthcare services during the pandemic, there has been a growing interest in remote monitoring and management of thyroid nodules, which may include the use of thyroid ablation devices for selected cases. This has led to a potential shift in the approach to thyroid nodule treatment, with a greater emphasis on non-surgical options, including thyroid ablation devices.

Key Players of Global Thyroid Ablation Devices Market Report-

• Medtronic plc
• Ethicon Inc.
• Boston Scientific Corporation
• Olympus Corporation
• Merit Medical Systems Inc.
• AngioDynamics Inc.
• Healthtronics Inc.
• SonaCare Medical LLC
• EDAP TMS S.A.
• Misonix Inc.
• Monteris Medical Corporation
• Chongqing Haifu Medical Technology Co. Ltd.
• Becton
• Dickinson and Company
• Galil Medical Ltd.
• Sonacare Medical LLC.
• Esaote S.p.A.
• NeuWave Medical Inc.
• Wallach Surgical Devices
• Chongqing Xianfeng Medical Technology Co.Ltd.
• Integra LifeSciences Corporation
• Theraclion
• Kovise Ltd.
• Koninklijke Philips N.V.
• Alpinion Medical Systems Co.Ltd.
• InSightec Ltd.
• MeVorx Inc.
• FUS Instruments
• Shenzhen Huikang Medical Apparatus Co.Ltd.
• CSA MedicalInc.
• and others.

Global Thyroid Ablation Devices Market Segmentation:-

By Product:

• Image-guided Ablation
• Radiofrequency Ablation
• Microwave Ablation
• Other

By Technology:

• Ultrasound-guided Ablation
• CT-guided Ablation
• MRI-guided Ablation

By Application:

• Thyroid Cancer
• Thyroid Nodules

By End-User:

• Hospitals
• Surgical Centers
• Oncology Centers
• Clinics
• Community Healthcare
• Others

By Distribution Channel:

• Direct Sales

• Third Party Distributor

Market Drivers:

Increasing awareness and diagnosis of thyroid nodules: Increasing awareness and diagnosis of thyroid nodules refers to the growing understanding and recognition of thyroid nodules as a common condition affecting the thyroid gland. This is driven by factors such as increased public education campaigns, greater availability of diagnostic tools such as ultrasound and fine needle aspiration biopsy, and greater attention to thyroid health by healthcare providers.

Thyroid nodules are typically asymptomatic, but these can be detected through routine imaging or physical examination of the neck. Generally, the normal thyroid nodule size up to 2 cm is associated with an increased risk of thyroid cancer, but further growth beyond 2 cm no longer influences cancer risk. Awareness and diagnosis of thyroid nodules are important as they can be associated with thyroid cancer, which can be life-threatening if left untreated.

For example; the American Cancer Society reports that the overall incidence of thyroid cancer has been increasing in the United States in recent years, although mortality rates have remained stable. The organization estimates that there were about 44,280 new cases of thyroid cancer and 2,200 deaths from the disease in the United States in 2021.

Advancements in ablation technologies: Radiofrequency ablation (RFA) is one such advanced technique used for the treatment of thyroid nodules. RFA involves the use of high-frequency electrical currents to generate heat and destroy the targeted thyroid tissue. This minimally invasive procedure is performed under ultrasound guidance and has shown promising results in benign follicular nodule treatment.

Radiofrequency ablation for thyroid nodules offers several advantages, including reduced risks of complications, shorter recovery times, and minimal scarring compared to traditional surgery. It is a relatively safe and effective option for patients with hyperthyroid nodules or rapidly growing thyroid nodules, where surgical intervention may not be the preferred choice.

For example; the Society of Interventional Radiology reports that RFA has a success rate of 80-90% in reducing the size and symptoms of thyroid nodules, with a low rate of complications.

And in the journal of Vascular and Interventional Radiology reported that RFA is a safe and effective alternative to surgery for patients with benign thyroid nodules. The study included 137 patients who underwent RFA treatment for thyroid nodules and reported a significant reduction in nodule volume and improvement in symptoms, with minimal complications. These advancements have contributed to the growth of the thyroid ablation devices market, offering patients and healthcare providers alternative treatment options for managing thyroid complex nodules.

Market Restraints:

Limited reimbursement coverage: In the case of thyroid ablation devices, limited reimbursement coverage can be a significant restraint on the growth of the market. Patients may be hesitant to undergo expensive procedures if they are not fully covered by insurance, leading to reduced demand for thyroid ablation devices.

Additionally, limited reimbursement coverage can also impact healthcare providers who may be reluctant to offer expensive treatments if they are not fully reimbursed for the cost of the procedure. This can lead to a reduction in the availability of thyroid ablation devices, which can further impact the growth of the market.

Market Opportunities:

Growing adoption of value-based healthcare models: Value-based healthcare models, which focus on delivering high-quality care at optimized costs, are gaining traction globally. Thyroid ablation procedures, being minimally invasive and cost-effective compared to traditional surgical options, align with the principles of value-based healthcare. Increased adoption of value-based healthcare models by healthcare systems and payers could drive the demand for thyroid ablation devices as they offer potential cost savings and improved patient outcomes.

Expansion of applications: While thyroid nodules and thyroid cancer are the primary indications for thyroid ablation procedures, there may be potential for expanding the applications of these devices to other conditions. For example; there are ongoing research and clinical trials exploring the use of thyroid ablation devices for the treatment of hyperthyroidism, benign thyroid cysts, and other benign thyroid conditions. If proven effective, expanding the applications of thyroid ablation devices could create new opportunities for market growth.

Market Trend:

Product and Technology Development Trends:

Advancements in ablation technologies: The market for thyroid ablation devices is witnessing advancements in technology, including the use of radiofrequency ablation (RFA) and laser ablation techniques for the treatment of thyroid nodules and tumors. These advancements aim to provide more precise, efficient, and effective treatment options with minimal invasiveness and improved patient outcomes.

Minimally invasive procedures: There is a growing trend towards minimally invasive procedures in the field of thyroid ablation. Patients prefer procedures that involve smaller incisions, reduced pain, shorter recovery times, and minimal scarring. As a result, there is a demand for thyroid ablation devices that enable minimally invasive approaches, such as RFA and laser ablation, which offer targeted energy delivery and precise tissue ablation.

Customer Trends:

Growing demand for personalized treatment options: Patients and healthcare providers are increasingly looking for personalized treatment options based on the specific characteristics of thyroid nodules or tumors. This includes factors such as nodule size, location, and type (benign or malignant), as well as patient factors such as age, overall health, and preferences. Thyroid ablation devices that offer customization and adaptability to individual patient needs are gaining traction in the market.

Rising prevalence of thyroid nodules in men: While thyroid nodules are more commonly found in women, there is a rising prevalence of thyroid nodules in men. This trend has led to an increased demand for thyroid ablation devices that cater to the unique needs and anatomy of male patients, including devices that are optimized for treating thyroid nodules in men.

Focus on comprehensive treatment approaches: There is a growing trend towards comprehensive treatment approaches for thyroid nodules and benign thyroid tumors, which may involve a combination of ablation techniques, nodule surgery, and other treatment modalities. Thyroid ablation devices that can be integrated into a multi-disciplinary treatment approach, and provide complementary or adjunctive options, are gaining attention in the market.

Market Competition Nature:

The market competition nature for thyroid ablation devices market is dynamic and competitive, with several key players vying for market share. Past and future strategies of these companies may include:

Product innovation: Key players in the thyroid ablation devices market have been focusing on continuous product innovation to develop advanced devices with improved features, such as precise energy delivery, real-time imaging guidance, and enhanced safety measures. Companies may invest in research and development to bring innovative devices to market and gain a competitive edge.

Strategic partnerships and collaborations: Some companies may engage in strategic partnerships and collaborations with other stakeholders in the healthcare ecosystem, such as hospitals, research institutes, and academic institutions. These partnerships can help in the development of new technologies, sharing of expertise, and expanding market reach.

Market expansion: Companies may adopt strategies to expand their market presence by entering new geographies, targeting emerging markets, and expanding their distribution networks. This can help in increasing sales and market share, especially in regions with a high prevalence of thyroid nodules and tumors.

Marketing and promotional activities: Effective marketing and promotional activities can play a crucial role in creating awareness about thyroid ablation devices among healthcare providers and patients. Key players may invest in marketing initiatives, such as digital marketing, product demonstrations, and participation in industry conferences and events, to build brand visibility and attract customers.

Pricing and reimbursement strategies: Pricing and reimbursement strategies can impact market competitiveness. Some companies may adopt competitive pricing strategies to attract customers, while others may focus on obtaining favorable reimbursement coverage for their products to ensure wider adoption by healthcare providers.

Focus on clinical evidence: Companies may invest in generating robust clinical evidence through clinical trials and research studies to demonstrate the safety, efficacy, and cost-effectiveness of their thyroid ablation devices. Strong clinical evidence can help in gaining regulatory approvals, securing reimbursement coverage, and gaining a competitive advantage.

Geography Analysis:

North America:

Geographically, in North America, the adoption of advanced ablation technologies, such as radiofrequency ablation (RFA) and laser ablation, has been on the rise, owing to their minimally invasive nature, shorter recovery times, and reduced complications compared to traditional surgical approaches. These advanced technologies are gaining popularity among healthcare providers and patients due to their potential benefits, such as faster healing, lower risk of complications, and shorter hospital stays.

Furthermore, there is a growing trend towards personalized medicine and patient-centric care in North America, which has led to an increased demand for minimally invasive and targeted therapies, including thyroid ablation devices. Patients and healthcare providers are seeking alternatives to surgery for the treatment of thyroid nodules and tumors, leading to higher adoption of thyroid ablation devices in the region.

For example; The American Cancer Society estimates that in 2023, there will be approximately 43,720 new cases of thyroid cancer in the United States, with 12,540 cases in men and 31,180 cases in women. Additionally, an estimated 2,120 deaths from thyroid cancer are expected, with 970 deaths in men and 1,150 deaths in women. These statistics highlight the significant burden of thyroid cyst cancer in North America, which is driving the demand for advanced thyroid ablation devices for diagnosis and treatment.

Europe:

Europe is a significant market for thyroid ablation devices, and it is expected to continue growing in the coming years. The market growth is attributed to the increasing prevalence of thyroid nodules and benign thyroid cancer, coupled with the availability of advanced treatment options. Furthermore, the increasing adoption of minimally invasive procedures, such as radiofrequency ablation, is also driving market growth.

The major countries contributing to the thyroid ablation devices market in Europe include Germany, France, the United Kingdom, Italy, Spain, and the Nordic countries. These countries have well-established healthcare infrastructure and a high adoption rate of advanced medical technologies.

However, the thyroid ablation devices market in Europe is also facing challenges, such as limited reimbursement coverage, high costs associated with the devices, and a lack of skilled healthcare professionals. These challenges are expected to hinder market growth to some extent.

By Regional & Country Level:

• North America

  • US.
  • Canada

• Europe

  • UK.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Key Benefits of Global Thyroid Ablation Devices Market Report–

• Global Thyroid Ablation Devices Market report covers in-depth historical and forecast analysis.
• Global Thyroid Ablation Devices Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level.
• Global Thyroid Ablation Devices Market report helps to identify opportunities in the marketplace.
• Global Thyroid Ablation Devices Market report covers extensive analysis of emerging trends and competitive landscape.