Thyroid Ablation Devices Market By Type of Device (Radioiodine Therapy, Ethanol Ablation, Laser Ablation, Microwave Ablation) By Application (Hyperthyroidism, Thyroid Nodules, Thyroid Cancer) By Technology Type (Laser Technology, Microwave Technology) By Mode of Treatment (Surgical, Non-Surgical) By End User (Hospitals, Clinics, Ambulatory Surgical Centers) - Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast
- PUBLISHED ON
- 24/03/2023
- NO OF PAGES
- 275
- CATEGORY
- Healthcare & Life Sciences
Industry Overview
The thyroid ablation devices market refers to the medical equipment and devices used for the destruction or removal of thyroid tissue. These devices are primarily used in the treatment of hyperthyroidism, thyroid nodules, and thyroid cancer. Thyroid ablation devices are medical tools or procedures used to destroy or remove the thyroid gland tissue. This is typically done to treat thyroid nodules, hyperthyroidism, and certain types of thyroid cancer. There are a few different types of thyroid ablation devices, including. Radioiodine (I-131) therapy, this is a type of radioactive iodine that is taken orally and absorbed by the thyroid gland. The radiation destroys the thyroid tissue over time, shrinking the size of the gland. Ethanol ablation, in this procedure, ethanol (alcohol) is injected directly into the thyroid nodule, causing the cells to break down and shrink in size. Laser ablation, this is a minimally invasive procedure in which a laser fiber is inserted into the thyroid nodule and used to heat and destroy the tissue. Microwave ablation, this is a newer procedure that uses microwave energy to heat and destroy the thyroid tissue.
Market Dynamics
The market for thyroid ablation devices is expected to grow in the coming years due to an increasing prevalence of thyroid disorders, such as hyperthyroidism and thyroid cancer, as well as technological advancements in the devices themselves. One key driver of market growth is the rising incidence of thyroid nodules and thyroid cancer, particularly in developed countries. According to the American Cancer Society, there were an estimated 44,280 new cases of thyroid cancer in the United States in 2021 alone, which represents a significant increase from previous years.
Another factor driving the market is the increasing availability of minimally invasive thyroid ablation procedures, such as laser ablation and microwave ablation. These procedures offer several benefits over traditional surgical approaches, including less pain and scarring, shorter recovery times, and lower risk of complications. However, there are also several challenges facing the market for thyroid ablation devices, including limited reimbursement for certain procedures and the potential for adverse events or complications. Additionally, the high cost of some of these devices may limit their accessibility to certain patients or healthcare systems. Overall, the market for thyroid ablation devices is expected to continue to grow as the demand for minimally invasive treatment options for thyroid disorders continues to increase.
COVID Impact
The COVID-19 pandemic has had a negative impact on the thyroid ablation devices market. On one hand, the pandemic has led to disruptions in the supply chain, delays in elective procedures, and reduced access to healthcare facilities, which have all had a negative impact on the market. On the other hand, the pandemic has also led to increased awareness of the importance of thyroid health and the need for minimally invasive treatment options. During the pandemic, many hospitals and clinics have had to postpone or cancel non-emergency procedures, including some thyroid ablation procedures. This has led to a reduction in demand for these devices in some regions. Additionally, disruptions in the supply chain, particularly in the early months of the pandemic, may have led to shortages of some thyroid ablation devices. However, the pandemic has also highlighted the need for minimally invasive procedures that can be performed on an outpatient basis, particularly as hospitals and clinics have had to prioritize COVID-19 patients. This has led to increased interest in minimally invasive thyroid ablation procedures, such as laser ablation and microwave ablation, which can be performed in an outpatient setting and have lower risk of transmission of the virus.
Regional Trend
Geographically, The North American market is expected to be the largest due to high healthcare expenditure, advanced healthcare infrastructure, and a high prevalence of thyroid disorders. The United States is expected to be the largest market in North America due to the high incidence of thyroid cancer in the country. Europe is expected to be the second-largest market due to a high incidence of thyroid cancer and hyperthyroidism. The availability of advanced healthcare infrastructure and government initiatives supporting the use of minimally invasive procedures are expected to drive market growth.
The Asia Pacific market is expected to grow at a rapid pace due to the increasing prevalence of thyroid disorders, rising healthcare expenditure, and improving healthcare infrastructure. Japan is expected to be the largest market in the region due to a high incidence of thyroid cancer. Overall, the market for thyroid ablation devices is expected to grow in all regions due to increasing awareness of the need for minimally invasive procedures and improving healthcare infrastructure. However, the pace of growth may vary by region depending on local factors.
Competitive Landscape
Key players operating in the Thyroid Ablation Devices Market includes, AngioDynamics, AtriCure, Inc., Baylis Medical Company, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, BVM Medical System, Carl Zeiss Meditec AG., Chongqing Haifu Medical Technology Co., Ltd., CONMED Corporation., DirexGroup., IceCure Medical., Imricor, Integra LifeSciences Corporation, Johnson & Johnson, Koninklijke Philips N.V., Lepu Medical Technology(Beijing)Co.,Ltd., Mechan Europe Ltd., Medtronic Plc., Medwaves Inc., Merit Medical Systems, Olympus Corporation, Smith & Nephew, Sonacare Medical, STARmed Co. Ltd., Stryker, Terumo Corporation, Theraclion and Trod Medical among others. Smith & Nephew announced in September 2020 that they had partnered with the robotics startup Tharus to trial its cutting-edge bump social-distancing technology. In accordance with this, Tharus will improve the business' production procedure, assisting in maintaining social distance and generating employment. This will assist the business in supplying goods to markets throughout the world.
Key USPs-
Thyroid ablation devices are able to provide highly effective and minimally invasive treatment options for thyroid nodules, thyroid cancer, and hyperthyroidism, improving patient outcomes and reducing the burden on the healthcare system. Many thyroid ablation procedures can be performed on an outpatient basis, reducing the need for hospitalization and enabling faster recovery times.
Market Segmentation
Type of Device, Thyroid ablation devices can be classified into several categories based on the type of technology used. These categories include radioiodine therapy, ethanol ablation, laser ablation, and microwave ablation. The dominant market segment for thyroid ablation devices by type of device is radioiodine therapy. Radioiodine therapy involves the use of radioactive iodine to destroy thyroid tissue, and it is one of the most commonly used treatments for hyperthyroidism and thyroid cancer. Radioiodine therapy is a non-invasive procedure that is administered orally, making it convenient and well-tolerated by most patients. Application, Thyroid ablation devices can be used for several applications, including the treatment of hyperthyroidism, thyroid nodules, and thyroid cancer. The market can be segmented based on the application for which the device is used. Technology Type, the market can also be segmented based on the type of technology used, such as laser technology or microwave technology. Mode of Treatment, the market can also be segmented based on the mode of treatment, whether it is surgical or non-surgical. End User, Thyroid ablation devices are typically used in hospitals, clinics, and ambulatory surgical centers. The market can be segmented based on the end user of the device.
Type of Device
• Radioiodine Therapy
• Ethanol Ablation
• Laser Ablation
• Microwave Ablation.
Application
• Hyperthyroidism
• Thyroid Nodules
• Thyroid Cancer
Technology Type
• Laser Technology
• Microwave Technology
Mode of Treatment
• Surgical
• Non-Surgical
End User
• Hospitals
• Clinics
• Ambulatory Surgical Centers
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