April 14, 2024
Tumor Treating Fields Market

Tumor Treating Fields Market to Witness Robust Growth Owing to Growing Adoption of Novel Cancer Treatments

The tumor treating fields market has witnessed significant growth in the recent years due to the rising adoption of novel cancer treatment options such as tumor treating fields therapy. Tumor treating fields therapy involves delivering low-intensity electric fields tuned to specific frequencies to disrupt cancer cell division and stop tumor growth. This therapy is used for treatment of glioblastoma and shows advantages such as reduced risk of side effects compared to chemotherapy. Glioblastoma is one of the most common and aggressive malignant primary brain tumors in adults and tumor treating fields therapy has emerged as an effective treatment option for newly diagnosed and recurrent glioblastoma.

The global tumor treating fields market is estimated to be valued at US$ 384.54 million in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period of 2024-2030.

Key Takeaways

Key players operating in the Tumor Treating Fields Market Size are Tier 1 Companies (DS Smith PLC, Crown Holdings Inc., Ardagh Group, WestRock Co., Owens-Illinois Inc., International Paper Company Inc., Amcor PLC, Delta Global, GPA Global), and Tier 2 Companies (HH Deluxe Packaging, Prestige Packaging Industries, Pendragon Presentation Packaging, Stolzle Glass Group, Keenpac, Elegant Packaging, BC Boncor, Luxpac Ltd, McLaren Packaging Ltd, and B Smith Packaging Ltd). The key players are focusing on new product launches and regional expansion to gain more market share.

The growing prevalence of cancer globally presents significant growth opportunities in the tumor treating fields market. According to the World Health Organization, cancer is the second leading cause of death globally and about 10 million deaths in 2020 were due to cancer. Moreover, rising government support for effective cancer treatments also boosts the market growth.

Increasing adoption of tumor treating fields therapy in emerging countries of Asia Pacific, Latin America, and Middle East & Africa due to rising healthcare expenditure and growing awareness about advanced cancer treatments offers lucrative expansion opportunities for players in the global tumor treating fields market. In 2020, approximately 70% of new cancer cases and deaths occurred in Africa, Asia, and Central and South America.

Market Drivers

The major driver for the tumor treating fields market is the rising incidence of glioblastoma, the most common and aggressive malignant primary brain tumor in adults. According to the Central Brain Tumor Registry of the United States, the age-adjusted annual incidence rate of glioblastoma is approximately 3.19 per 100,000 persons. High unmet needs in glioblastoma treatment and effectiveness of tumor treating fields therapy in prolonging the survival of glioblastoma patients also boosts the adoption of this therapy, driving market growth.

PEST Analysis
Political: The government policies related to healthcare infrastructure expansion may boost the market demand for tumor treating fields equipment. Regulation changes in healthcare and medical device industry my impact the research and development activities of key players in this market.

Economic: Changes in disposable income and healthcare spending may affect demand for advanced cancer treatment equipment like tumor treating fields. Rising medical costs also impact the adoption rate of new treatment modalities in the market.

Social: Growing awareness about advanced cancer treatment options and its benefits can drive more patients to opt for tumor treating fields therapy. Increasing priority on health and wellness also supports the social acceptance of such novel treatment techniques.

Technological: Continuous innovations in tumor treating fields technology help generate more clinical evidences of its efficacy. Advancements that enhance the precision and portability of equipment also support the adoption in home care settings. Further research is ongoing to expand the applications of tumor treating fields to other types of cancers.

Geographical regions where market in terms of value is concentrated:

North America region currently holds the highest market share in terms of value owing to supportive reimbursement policies and establishment of key industry players in the US and Canada. Presence of advanced healthcare infrastructure and high adoption of premium cancer therapies also drive the regional market demand.

Fastest growing region for the Tumor Treating Fields market:
The Asia Pacific region is expected to witness the highest growth during the forecast period owing to rising healthcare expenditures, increasing cancer incidence, and growing medical tourism across developing countries like China and India. Favorable government initiatives to strengthen local healthcare systems additionally support the regional market expansion.

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