July 25, 2024
Tumor Treating Fields Market

The Tumor Treating Fields Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Brain Cancer

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:
The tumor treating fields market comprises medical devices that use alternating electric fields to treat cancer. Tumor treating fields use low intensity, intermediate frequency electric fields to disrupt cancer cell division, inhibiting tumor growth. The devices work by delivering these electric fields via transducer arrays placed directly on the skin of the patient. The systems are effective in treating cancers like glioblastoma multiforme (brain tumor) and non-small cell lung cancer.

Market Dynamics:
The tumor treating fields market is primarily driven by the increasing prevalence of cancer worldwide, especially brain cancer. According to the World Health Organization, over 18 million new cancer cases were reported globally in 2018. Further, around 228,000 new cases of brain and nervous system cancers were diagnosed in 2018. Additionally, rising funds and awareness regarding cancer research and treatments is also fueling the adoption of novel therapies like tumor treating fields across the world. However, high costs associated with tumor treating fields devices and therapies, and limited clinical evidence are some of the factors hindering the market growth.

SWOT Analysis
Strength: The Tumor Treating Fields technology is non-invasive and does not require surgery, reducing risks and recovery time for patients. It provides an alternative treatment option for cancer patients who cannot undergo chemotherapy or radiation. Novocure’s Optune device received FDA approval for various cancer treatment, expanding the market.

Weakness: The Tumor Treating Fields therapy is very expensive to use which limits its adoption. There still remains doubts over its long term effectiveness as clinical evidence and research is still underway.

Opportunity: Growing incidence of brain cancer and other solid tumors worldwide presents an opportunity for TTF technology to gain wider acceptance. Continued clinical research can help expand approved treatment areas and provide more evidence to support this non-invasive treatment method.

Threats: Established treatment methods such as chemotherapy, radiation and surgery continue to dominate the oncology space threatening new technology adoption. New drug development by pharma companies can emerge as alternative non-invasive treatment options.

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 incidence of cancer worldwide. Rising healthcare spending and improved access to advanced cancer care in developed markets is also propelling the adoption of new treatment technologies.

North America currently dominates the global tumor treating fields market accounting for majority share exceeding 35% in 2023. Presence of advanced healthcare infrastructure, favorable reimbursement policies, and high clinical adoption of Optune therapy drives the regional market. Asia Pacific is projected to be the fastest growing market registering a CAGR of over 18% during the forecast period due to improving access to healthcare services, rising cancer burden and increasing healthcare expenditure.

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’s Optune TTFields device dominates the commercial adoption of tumor treating field therapy worldwide. Other players are largely focused on research and clinical development to expand approved cancer treatment areas.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it