The global 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 is a non-invasive cancer treatment that uses alternating electric fields to treat cancer cells. It uses low intensity and intermediate frequency electromagnetic fields to impair cancer cell division by disrupting mitosis and cell growth, which leads to cancer cell death and slows tumor growth. Tumor treating fields device consists of four transducer arrays applied on the scalp that generate low-intensity, intermediate-frequency electric fields in the brain. The treatment eliminates tumor cells while causing minimal damage to normal cells. It is approved for use in the treatment of recurrent glioblastoma and mesothelioma and is also being investigated for other solid tumors.
Market key trends:
One of the key trends in the tumor treating fields market is growing adoption of medical technologies. Adoption of advanced technologies such as tumor treating fields therapy is increasing as it helps improve treatment outcomes while reducing side effects associated with traditional therapies such as chemotherapy and radiation. According to American Society of Clinical Oncology, around 57% of cancer centers in the U.S. have adopted tumor treating fields therapy for glioblastoma. Growing investment by major players in R&D of tumor treating fields therapy for additional cancer types is also expected to support market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the tumor treating fields market is low due to high capital requirements and technical expertise required for conducting R&D.
Bargaining power of buyers: The bargaining power of buyers is moderate as they have limited alternatives available for tumor treating option however the cost of the tumor treating equipment is high.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as they have few key players supplying the tumor treating equipment and hence face less pressure on prices from suppliers.
Threat of new substitutes: The threat of new substitutes is low as there are very limited substitutes available for tumor treating option for advanced cancer treatment.
Competitive rivalry: It is high among key players to gain higher market share.
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 prevalence of brain tumors and other types of cancers. Regional analysis
North America dominated the global tumor treating fields market in 2023 and is expected to grow at a highest CAGR during the forecast period owing to increasing R&D activities and healthcare expenditure in the region. Europe tumor treating fields market is also expected to grow significantly during the forecast period.
Key players
Key players operating in the tumor treating fields market are Novocure, Magstim, Brainsway, Boston Scientific Corporation. Novocure dominates the global tumor treating fields market with a market share of over 60% in 2023 owing to its established brand presence and wide distribution network across major markets. Other key players include OTTO Bock, Wandong Medical, Yiruide Medical Equipment, MagVenture, Biomobie, Cerbomed. These players are focusing on new product launches and geographical expansion to gain higher market shares.
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