The Global 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%

Tumor Treating Fields Market

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 are electric fields that can inhibit or slow cancer cell division. The tumor treating field device consists of transducer arrays placed on the scalp which delivers low intensity intermediate frequency alternating electric fields to the brain. These electric fields interfere with cancer cell division and slow tumor growth resulting in improved progression free and overall survival rates. The tumor treating fields therapy provides non-invasive treatment option to patients suffering from brain cancer with minimal side effects.

Market key trends:

The increased usage rate of tumor treating fields therapy for the treatment of recurrent glioblastoma has been a key trend witnessed in the market. According to a recent study published in Frontiers in Oncology, the usage rate of tumor treating fields therapy for the treatment of recurrent glioblastoma multiforme has increased from 47.5% in 2014 to 56.9% in 2019 in the United States. The improved progression free and overall survival outcomes along with non-invasive nature of tumor treating fields therapy has boosted its adoption rate among physicians and patients over the past few years.

Porter's Analysis

Threat of new entrants: The presence of large established players in the Tumor Treating Fields Market poses high entry barriers for new entrants such as high R&D and capital investments.  Bargaining power of buyers: The tumor treating fields market has large number of buyers with specialized medical needs, so their bargaining power is moderate.  Bargaining power of suppliers: The suppliers have low bargaining power due to fragmented nature and availability of substitutes.

Threat of new substitutes: The threat is low as tumor treating fields technology does not have close substitutes for effective tumor treatment.

Competitive rivalry: High due to presence of large global players.

SWOT Analysis

Strength: Tumor treating fields offers non-invasive local therapy with minimal side effects. Growing adoption rates of Optune for glioblastoma treatment.

Weakness: High costs associated with tumor treating fields devices limiting access in low income countries. Lack of clinical evidence for other oncological applications.

Opportunity: Expanding application scope in treatment of solid tumors presents new growth prospects. Increasing investments in R&D of advanced tumor treating fields technologies.

Threats: Stringent regulatory approvals and reimbursement policies delay product commercialization. Threat from alternative brain cancer treatment technologies.

Key Takeaways

The global tumor treating fields market is expected to witness high growth at a CAGR of 15.5% during 2023 - 2030, driven by rising prevalence of cancer globally. The market was valued at US$ 333.8 Million In 2023.

The US dominates the global tumor treating fields market currently owing to developed healthcare infrastructure, rising healthcare expenditure, and presence of major players. Asia Pacific is anticipated to exhibit fastest growth over the forecast period supported by increasing healthcare spending, large patient base, and growing adoption of advanced oncology treatment modalities across China, India and Japan.

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. Major players are focusing on expanding their product portfolios through partnerships and acquisitions to consolidate their market positions.

Read More : https://www.rapidwebwire.com/tumor-treating-fields-market-trends-analysis-opportunities/