by Tumor treating fields (TTFields), also known as electric fields therapy, is a non-invasive anticancer treatment approved by the US FDA for the treatment of some types of brain cancer and mesothelioma. TTFields work by disrupting cell division, which leads to eventual cancer cell death. They use alternating electric fields to interfere with tumor cell division during specific phases of mitosis. This inhibits their ability to multiply and tumors cannot grow or spread further. The global TTFields therapy devices market is vast, with products designed for the treatment of various solid tumors.
The global Tumor Treating Fields Market is estimated to be valued at US$ 333.8 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising prevalence of various solid tumors is a key driver bolstering growth of the tumor treating fields market. According to statistics by the WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The occurrence of solid tumors is also increasing rapidly globally, which presents lucrative opportunities for tumor treating fields devices. Further, the growing emphasis on non-invasive treatment options by healthcare providers and patients alike is adding to demand for TTFields therapy due to its safety and localized delivery of therapy. Moreover, rising awareness about advanced cancer treatment options and increased adoption of these devices are expected to propel market expansion over the forecast period.
SWOT Analysis
Strength:
– Tumor Treating Fields therapy offers a non-invasive treatment option with minimal side effects for glioblastoma patients. It is a patient-compliant treatment modality that can be administered at home which improves patient quality of life.
– Clinical trials have demonstrated that Tumor Treating Fields therapy extends both progression-free and overall survival of glioblastoma patients when used as a standalone or adjuvant treatment with chemotherapy. This establishes its efficacy as a safe and effective treatment modality.
– Optune is the only FDA-approved device for delivering Tumor Treating Fields therapy. The exclusivity of the technology is a competitive strength for Novocure, the manufacturer of Optune, in the market.
Weakness:
– The upfront costs of purchasing the Optune device and recurring costs of therapy supplies place a significant economic burden on patients. This negatively impacts treatment compliance.
– Long-term efficacy data is limited as glioblastoma remains an incurable disease. Continued research is required to demonstrate survival benefits with Tumor Treating Fields therapy over multiple lines of treatment.
Opportunity:
– The glioblastoma patient pool continues to grow due to increasing incidence and limited treatment options prolonging survival. This represents an expanding market opportunity for Tumor Treating Fields therapy.
– Novocure is exploring expanded indications of Tumor Treating Fields therapy for other solid tumor types like lung, pancreatic and ovarian cancer. Successful clinical trials could widen the applicability and market potential.
Threats:
– Competition from emerging targeted drug therapies and other non-invasive treatment modalities poses a challenge. Established generic chemotherapeutics also exert pricing pressure.
– Stringent regulatory standards and lengthy review timelines associated with expanding Tumor Treating Fields therapy to new indications delays market growth opportunities.
Key Takeaways
The global Tumor Treating Fields market is expected to witness steady growth over the forecast period of 2023 to 2030 supported by a growing glioblastoma patient population and clinical evidence establishing the efficacy of Tumor Treating Fields as an effective treatment option. The global Tumor Treating Fields Market is estimated to be valued at US$ 333.8 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Regionally, North America currently dominates the market owing to the presence of major market players and higher adoption rates driven by favorable reimbursement policies and healthcare infrastructure to support home-based therapy delivery. Europe and key Asian markets are also growing through increasing patient access programs.
Key players operating in the Tumor Treating Fields market are Novocure, Pingtan Marine Enterprise, Ortho Clinical Diagnostics, Abbisko Therapeutics, and Oncosec Medical. Novocure holds a lion’s share of the market with its proprietary Optune device approved for glioblastoma treatment. It is actively engaged in clinical research to expand the use of Tumor Treating Fields to additional solid tumor indications that could unlock significant growth opportunities over the coming years. Competition is intens
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
