Newark, March 13, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 141.1 million thyroid ablation devices market will reach USD 523.0 million by 2032. Thyroid ablation techniques and technologies are in high demand due to the rising prevalence of thyroid cancer and thyroid nodules. According to the International Agency for Research on Cancer, there will be around 586,202 new thyroid cancer cases worldwide in 2020. Furthermore, the increased inclination for less invasive surgeries and the availability of technologically advanced ablation methods will likely propel market expansion. These are the most often used and effective devices for treating thyroid nodules and malignancies. The global industry has suffered as a result of the COVID-19 epidemic. The planned thyroid ablation and thyroid cancer operations were almost four weeks delayed due to the advent of infection because they were elective or non-essential surgeries.
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Key Insight of the thyroid ablation devices
North America to account for the largest market size during the forecast period.
North America is expected to have the largest thyroid ablation devices share. Chronic diseases are the leading cause of death and disability in the United States, according to the CDC. Six out of every ten people have at least one chronic disease, and four out of every ten have two or more chronic diseases. Chronic diseases account for nearly $3.5 trillion in yearly healthcare costs in the United States. RFA technology operations are anticipated to be necessary due to the rising prevalence of chronic diseases in the United States. Furthermore, many market participants study and develop novel radiofrequency ablation device products. Medtronic, for example, received FDA approval and presented their Accurian radiofrequency system for nerve tissue ablation in the United States in February 2019.
Thermal-based devices dominated the market with the largest market revenue of 80.1 million.
Thermal-based devices dominated the market with the largest market revenue of 80.1 million. The portion will keep its position during the forecast period. Thermal Ablation (TA) is widely accepted as a viable and risk-free alternative to surgery for Benign Thyroid Nodules (BTNs).
Thyroid cancer accounted for the largest share of the market, with a market revenue of 76.8 million.
Thyroid cancer accounted for the largest share of the market, with a market revenue of 76.8 million. The increased proportion can be attributed to the rising global incidence of thyroid cancer. According to the International Agency for Research on Cancer, the number of cases of thyroid cancer is anticipated to reach 1,984,927 by 2025. According to the same authority, thyroid cancer will be females' seventh most common ailment in 2020. By 2020, thyroid cancer is estimated to kill 43,646 individuals worldwide. The above factors will contribute to segment growth during the forecast period.
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Advancement in Market
● In March 2022, The Epione robot, which can plan, target, deliver, and confirm tumour ablation for cancer treatment, was granted 510(k) approval by the US Food and Drug Administration.
● In January 2022, Medtronic plc signed a comprehensive agreement to acquire Affera, Inc. The acquisition expands Medtronic's range of advanced cardiac ablation products and accessories, allowing the company better to meet clinicians' needs in an ageing patient population.
Market Dynamics
Drivers: Increasing demand for minimally invasive surgeries
The increasing demand for minimally invasive operations to treat various types of cancer is expected to drive the market's growth. As the number of cancers among women increases, the demand for treatment is increasing drastically. However, most patients prefer minimally invasive surgeries as there are only a few marks on the body, propelling the market's growth.
Restraint: High cost
The technology used for manufacturing thyroid ablation devices is costly, which increases the overall cost of the device. This is expected to restrain the market's growth.
Opportunity: Technological advancements
The introduction of more cutting-edge treatments and products to enhance thyroid treatment is expected to provide growth opportunities during the forecast period. Microwave ablation (MWA) has recently been proposed to treat thyroid nodules based on their efficacy in other organs such as the liver, kidney, and lung. This technology is expected to provide growth opportunities during the forecast period.
Challenge: High installation cost
These devices' maintenance and installation costs are high, which will likely challenge the market's growth during the forecast period.
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Some of the major players operating in thyroid ablation devices are:
● Boston Scientific Corp.
● Integra Life Sciences
● BVM Medical System
● MedWaves Inc.
● Johnson & Johnson
● Medtronic Plc.
● StarMed Co. Ltd.
● Olympus Corp.
● Terumo Europe
● Theraclion
Key Segments cover in the market:
By Product:
● Non-Thermal Based Devices
● Thermal-Based Devices
By Application:
● Thyroid Nodules
● Thyroid Cancer
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About the report:
The global thyroid ablation devices is analyzed based on value (USD million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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