by The global Tumor Treating Fields Market is estimated to be valued at US$ 333.8 Million In 2023 and is expected to exhibit a CAGR of 15.5% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tumor Treating Fields therapy is an anti-mitotic treatment approved for glioblastoma. It uses low intensity, intermediate frequency electric fields to disrupt cancer cell division. The electric fields interfere with normal mitotic spindle formation and function, thereby inhibiting cell proliferation. This non-invasive therapy is delivered through transducer arrays placed on the scalp. Compared to chemotherapy, it offers fewer side effects and allows normal cell division. The therapy finds application in recurrent and newly diagnosed glioblastoma multiforme.
Market Key Trends:
An increasing preference for non-invasive cancer treatment modalities is contributing significantly to the tumor treating fields market growth. Traditional therapies like chemotherapy and radiation involve breaking down the body and cause undesirable side effects. Tumor treating fields therapy effectively targets cancer cells while sparing normal cells. It offers an improved quality of life for patients. Moreover, clinical studies show tumor treating fields as an effective treatment for glioblastoma when used with temozolomide chemotherapy. A growing body of evidence supporting its clinical benefits is enhancing its adoption rate among healthcare professionals and cancer patients. This is a major Tumor Treating Fields Market trend fueling the industry expansion.
Porter’s Analysis
Threat of new entrants: Low as there are high initial costs for R&D, manufacturing and obtaining regulatory approvals.
Bargaining power of buyers: Moderate as several key players operate in the market providing alternatives to buyers.
Bargaining power of suppliers: Low as raw materials required are commodity products and available from numerous suppliers.
Threat of new substitutes: Low as tumor treating fields is a novel treatment option with no close substitutes currently available.
Competitive rivalry: High as the market is dominated by few major players investing heavily in R&D and marketing to gain market share.
Key Takeaways
The global tumor treating fields market is expected to witness high growth, exhibiting a CAGR of 15.5% over the forecast period 2023 – 2030, due to increasing prevalence of cancer globally. The market was valued at US$ 333.8 Million In 2023.
The US region currently dominates the tumor treating fields market owing to rising approval and adoption of new treatment devices in the country. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period owing to improving healthcare infrastructure and rising disposable incomes in the region.
Key players operating in the tumor treating fields market are Novocure, Magstim, Brainsway, Boston Scientific Corporation, OTTO Bock, Wandong Medical, Yiruide Medical Equipment, MagVenture, Biomobie, Cerbomed. Novocure continues to dominate the market with its Optune device approved for treating glioblastoma. The company is also actively conducting clinical trials evaluating tumor treating fields for additional cancer indications.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
