Thyroid Ablation Devices Market to Reach $1.29 Bn, Globally, by 2030 at 10.6% CAGR: Allied Market Research

Rise in prevalence of thyroid cancer and thyroid nodules and demand for minimally invasive procedures, drive the growth of the global thyroid ablation devices market.

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Allied Market Research

Feb 17, 2022, 08:20 ET

PORTLAND, Ore., Feb. 17, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Thyroid Ablation Devices Market by Type (Image-guided Ablation, Radiofrequency Ablation, Microwave Ablation, and Others), Application (Thyroid Cancer, and Thyroid Nodules), and End User (H Hospitals and Clinics, Ambulatory Surgical Centers, Cancer Specialty Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global thyroid ablation devices industry generated $472.8 million in 2020, and is estimated to reach $1.29 billion by 2030, witnessing a CAGR of 10.6% from 2021 to 2030.

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Drivers, Restraints, and Opportunities

Rise in prevalence of thyroid cancer and thyroid nodules, demand for minimally invasive procedures, and technological advancements in ablation devices drive the growth of the global thyroid ablation devices market. However, high cost of installation and maintenance restrain the market growth. On the other hand, surge in healthcare expenditure worldwide presents opportunities in the coming years.

Covid-19 Scenario:

The Covid-19 pandemic impacted the global thyroid ablation devices market negatively as the demand for these devices reduced due to postponement of non-elective surgeries. The surgeries were carried out only in emergency cases.
Manufacturing activities for thyroid ablation devices were stopped partially or completely due to lockdown restrictions. Shortage of workforce and raw material supply also presented challenges in manufacturing.

The radiofrequency ablation segment to maintain its lead position by 2030

Based on product type, the radiofrequency ablation segment held the highest share in 2020, contributing to more than two-fifths of the global thyroid ablation devices market, and is estimated to maintain its lead position by 2030. This is attributed to rise in usage for the treatment of thyroid diseases and advancements in new technologies. However, the microwave ablation segment is projected to register the largest CAGR of 11.1% from 2021 to 2030, owing to increase in demand for treating thyroid tumors and nodules.

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The hospitals and clinics segment to maintain its leadership status throughout the forecast period

Based on end user, the hospitals and clinics segment contributed to the highest market share in 2020, accounting for more than two-fifths of the global thyroid ablation devices market, and is projected to maintain its leadership status throughout the forecast period. This is attributed to surge in prevalence of thyroid cancer patients and availability of advanced medical equipment and specialized medical and technical staff. However, the ambulatory surgical centers segment is estimated to witness the highest CAGR of 10.9% from 2021 to 2030, owing to rise in thoracic surgery cases.

North America to maintain its dominant share by 2030

Based on region, North America accounted for the highest market share in terms of revenue in 2020, holding more than two-fifths of the global thyroid ablation devices market, and is expected to maintain its dominant share by 2030. This is due to robust infrastructure provided for research activities and presence of key players across the region. However, Asia-Pacific is estimated to portray the fastest CAGR of 11.1% during the forecast period, owing to rise in usage for new drug discovery, R&D activities for launching new products, and increase in investments in the healthcare sector.

Major Market Players

Boston Scientific Corporation
BVM Medical System
Integra LifeSciences
Johnson & Johnson
Medtronic Plc
Medwaves Inc.
Olympus Corporation
STARmed Co., Ltd.
Terumo Corporation
Theraclion

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