by The 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 uses alternating electric fields to disrupt cancer cell division and slow tumor growth rates. It is used alone or along with chemotherapy to treat glioblastoma, the most common type of brain cancer in adults.
Market Dynamics:
Rising prevalence of cancer globally is a major factor driving growth of the tumor treating fields market. According to the World Health Organization, cancer is among the leading causes of death worldwide, accounting for nearly 10 million deaths in 2020. Furthermore, favorable reimbursement policies for tumor treating fields therapy in developed regions are also expected to boost its adoption. For instance, in the U.S., Medicare provides coverage for Optune, Novocure’s tumor treating fields therapy system used to treat glioblastoma.
Market Key Trends:
The tumor treating fields market has been witnessing high growth owing to the rising prevalence of cancer globally. Tumor treating fields therapy has emerged as an effective modality in the treatment of glioblastoma and other solid tumor types. Ongoing clinical trials evaluating the efficacy of tumor treating fields in new cancer indications are also expected to support the market growth over the coming years. Increasing adoption rates of tumor treating fields devices along with favorable reimbursement scenario in developed countries are few other factors anticipated to drive the Tumor Treating Fields Market during the forecast period.
SWOT Analysis
Strength: Tumor treating fields therapy provides non-invasive treatment option with minimal side effects compared to chemotherapy and radiation therapy.
Weakness: High upfront costs associated with tumor treating fields devices limit their adoption in price sensitive areas.
Opportunity: Rising clinical trials evaluating the role of tumor treating fields in new cancer types will expand the eligible patient pool. Favorable reimbursement policies in various countries also present an opportunity.
Threats: Limited clinical evidence for tumor treating fields therapy in many cancer types increase reluctancy among healthcare professionals and patients to adopt it. Stringent regulatory approvals also pose a threat.
Key Takeaways
The global tumor treating fields market size was valued at US$ 333.8 Million In 2023 and is expected to reach over US$ 2 Billion By 2030, expanding at an exponential CAGR of 15.5% during the forecast period. The rise can be attributed to the increasing prevalence of cancer worldwide coupled with tumor treating fields emerging as an effective modality for the treatment of various solid tumors.
Regional analysis: The North American region currently dominates the global tumor treating fields market owing to supportive reimbursement policies and high adoption rates of novel cancer therapies. Asia Pacific is anticipated to witness the highest growth over the coming years led by countries like China, India and Japan on account of rising healthcare expenditures and rapidly evolving healthcare infrastructure in the region.
Key players: The major players operating in the tumor treating fields market are Novocure which holds the highest market share globally. Other prominent players include Magstim, Brainsway, Boston Scientific Corporation, OTTO Bock, Wandong Medical, Yiruide Medical Equipment, MagVenture, Biomobie, and Cerbomed. Novocure has a robust geographical presence across major markets with multiple tumor treating fields devices approved for various cancer indications.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
