by The Tumor Treating Fields market is estimated to be valued at US$ 333.8 Mn in 2023 and is expected to exhibit a CAGR of 15. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tumor treating fields therapy systems or devices are novel anti-mitotic technology that uses alternating electric fields to disrupt cancer cell division. These devices use insulated arrays of transducer surfaces that transmit low-intensity, intermediate-frequency electric fields into the region of the tumor. This selective disruption of mitotic processes induces cancer cell death while sparing normal cells. These devices have shown promise in the treatment of glioblastoma.
Market key trends:
The tumor treating fields market is expected to experience significant growth due to increasing use of portable and wearable devices for cancer treatment. The emergence of portable devices that can be worn all day long helps in easy administration and improvement in quality of life of patients. These portable devices are less bulky, more convenient to use and helps in continuous application of tumor treating fields therapy. Major players are focusing on development of next generation lightweight, wearable and integrated tumor treating fields delivery systems to make treatment more accessible and patient friendly. Additionally, ongoing research to evaluate efficacy for other types of solid tumor cancers apart from glioblastoma is further expected to aid market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The tumor treating fields market requires high capital investment for R&D and product development which makes it difficult for new players to enter. Bargaining power of buyers: The presence of few major established players in the market limits the bargaining power of buyers to negotiate on prices. Bargaining power of suppliers: Suppliers have moderate bargaining power due to the specialized equipment and components required for TTF therapy. Threat of new substitutes: There are limited treatment options for recurrent glioblastoma, reducing the threat of substitutes. Competitive rivalry: Established players compete on the basis of technological innovations and advancements.
SWOT Analysis
Strengths: TTF therapy is non-invasive and has minimal side effects compared to other cancer treatments. Weaknesses: Low patient awareness and uptake of the treatment. High costs associated with TTF devices pose affordability challenges. Opportunities: Increasing research into expanding the application of TTF therapy into other types of cancers. Threats: Intense competition from other conventional cancer treatment options such as chemotherapy. Regulatory hurdles for new market approvals.
Key Takeaways
Global Tumor Treating Fields Market Size is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing incidences of cancer worldwide. North America dominates the tumor treating fields market currently due to presence of major players and favorable reimbursement scenario. Key regional markets include Europe and Asia Pacific.
The global tumor treating fields market size for 2023 is US$ 333.8 Mn. Factors such as rising geriatric population coupled with growing adoption of non-invasive cancer treatment modalities will boost market revenue. However, high costs associated with TTF therapy limit its widespread adoption.
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 dominates the market with its Optune device approved for various cancer types. Players compete based on technological innovations to expand approved indications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
