Thyroid Ablation Devices Market to Experience Significant Compound Growth Rate CAGR of 10.6% in the Forecast Period 2030
thyroid ablation devices industry 2031
PORTLAND, OREGON, UNITED STATES, July 12, 2023/EINPresswire.com/ -- 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. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.
Key Takeaways:
Growing prevalence of thyroid disorders: Thyroid disorders, such as hyperthyroidism and thyroid nodules, are becoming increasingly common globally. Factors such as changing lifestyles, rising stress levels, and environmental factors contribute to the rising incidence of thyroid disorders. The growing prevalence of these conditions is driving the demand for thyroid ablation devices.
Increasing adoption of minimally invasive procedures: Minimally invasive procedures for thyroid ablation have gained significant popularity in recent years. These procedures offer advantages like reduced scarring, shorter hospital stays, faster recovery times, and fewer complications compared to traditional surgical approaches. The demand for minimally invasive techniques is fueling the growth of the thyroid ablation devices market.
Radiofrequency ablation (RFA) dominates the market: Radiofrequency ablation is the most widely used technique for thyroid ablation. It involves the use of thermal energy to destroy the thyroid tissue. RFA offers high success rates, minimal invasiveness, and lower risk of complications. Consequently, the demand for radiofrequency ablation devices is high and continues to grow.
Laser ablation devices show promise: Laser ablation is an emerging technique for thyroid ablation. It utilizes laser energy to heat and destroy the thyroid tissue. Laser ablation devices are gaining attention due to their precision and effectiveness in treating small to medium-sized thyroid nodules. Ongoing research and technological advancements in laser ablation devices are expected to drive market growth in the coming years.
Asia Pacific region presents growth opportunities: The Asia Pacific region is witnessing a significant rise in the prevalence of thyroid disorders, primarily due to factors like population growth, changing dietary patterns, and increasing awareness of thyroid health. Additionally, improving healthcare infrastructure and rising disposable incomes in countries like China and India are contributing to the expansion of the thyroid ablation devices market in this region.
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Market Drivers:
Increasing prevalence of thyroid disorders: The rising prevalence of thyroid disorders, such as hyperthyroidism, thyroid nodules, and thyroid cancer, is a major driver for the thyroid ablation devices market. Factors such as changing lifestyles, dietary patterns, and environmental factors contribute to the growing incidence of thyroid disorders worldwide. As the number of patients requiring treatment for these conditions increases, the demand for thyroid ablation devices also rises.
Growing preference for minimally invasive procedures: Minimally invasive procedures for thyroid ablation have gained significant popularity over traditional surgical approaches. These procedures involve smaller incisions, reduced scarring, shorter hospital stays, faster recovery times, and lower risk of complications. Patients and healthcare professionals alike prefer minimally invasive techniques due to their advantages. The shift towards less invasive procedures is driving the demand for thyroid ablation devices.
Market Segmentation:
By Technology:
a. Radiofrequency Ablation (RFA) Devices: This segment includes devices that use radiofrequency energy to destroy the thyroid tissue.
b. Laser Ablation Devices: This segment includes devices that utilize laser energy to ablate or destroy the thyroid tissue.
c. Microwave Ablation Devices: This segment includes devices that employ microwave energy to ablate the thyroid tissue.
d. Ethanol Ablation Devices: This segment includes devices that use ethanol injections to induce ablation of the thyroid tissue.
By End User:
a. Hospitals: This segment includes devices used in hospital settings, including large multispecialty hospitals and specialty clinics that perform thyroid ablation procedures.
b. Ambulatory Surgical Centers: This segment includes devices used in outpatient surgical centers that provide same-day surgical procedures, including thyroid ablation.
c. Specialty Clinics: This segment includes devices used in specialized clinics dedicated to thyroid disorders and related procedures.
By Region:
a. North America: This segment includes the market in the United States and Canada.
b. Europe: This segment includes the market in countries of the European Union and the United Kingdom.
c. Asia Pacific: This segment includes the market in countries such as China, India, Japan, South Korea, and Australia.
d. Latin America: This segment includes the market in countries of Central and South America.
e. Middle East and Africa: This segment includes the market in countries of the Middle East and Africa.
By Application:
a. Hyperthyroidism: This segment includes devices used for the ablation of the thyroid tissue in the treatment of hyperthyroidism.
b. Thyroid Nodules: This segment includes devices used for the ablation of thyroid nodules, including both benign and malignant nodules.
c. Thyroid Cancer: This segment includes devices used for the ablation of thyroid cancerous tissue, either as a primary treatment or as an adjunct to other therapies.
By Product Type:
a. Disposable Devices: This segment includes single-use devices for thyroid ablation procedures.
b. Reusable Devices: This segment includes devices that can be reused after appropriate sterilization and cleaning.
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Competitive Landscape:
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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