by 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 15.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
Tumor treating fields (TTFields) are low-intensity electric fields that disrupt cell division through physical forces. They use alternating electric fields to disrupt cancer cell proliferation and have gained significant traction as an effective treatment modality for Glioblastoma (GBM). TTF systems are comprised of insulated electrode arrays which are placed on the shaved scalp to produce low-intensity, intermediate-frequency electric fields that penetrate the scalp and skull.
Market Dynamics:
The tumor treating fields market is expected to grow owing to increasing prevalence of cancer across the globe. According to WHO, Cancer remains one of the leading causes of death worldwide, accounting for nearly 10 million deaths in 2020. The technological advancements in tumor treating fields therapy is another key factor fueling the market growth. For instance, in May 2022 Novocure received FDA approval for its Optune Lua device, an advanced system designed to enhance TTFields delivery. This provided clinicians enhanced options to optimize TTFields treatment for brain tumor patients. Furthermore, increasing research collaborations for development of advanced tumor treating fields devices is also driving the market growth. For instance, in June 2022 Novocure entered into a research collaboration with NeuroOne Medical Technologies Corporation and Mayo Clinic to develop minimally invasive electrode technology to broaden the clinical application of tumor treating fields.
The tumor treating fields market dynamics also include increasing rate of reimbursement for tumor treating fields therapy as a major driver. Some of the key players operating in the tumor treating fields market include Novoc.
Segment Analysis
The Tumor Treating Fields Market is segmented into glioblastoma, glioma, melanoma, and others. The glioblastoma segment currently dominates the market and accounts for the largest revenue share. This is due to the high prevalence of glioblastoma as it is one of the most common and aggressive types of primary brain tumors. Factors such as advancements in treatment options and rising adoption of tumor treating fields therapy for glioblastoma are expected to contribute significantly to the segment’s large market share over the forecast period.
PEST Analysis
Political: Regulations related to approvals of tumor treating fields devices and clinical trial requirements have a significant impact on market growth. Favorable regulations regarding reimbursement for tumor treating fields therapy will boost adoption.
Economic: Increase in disposable income levels coupled with rising healthcare expenditure is expected to propel the market growth. However, high cost of devices and therapy may hinder widespread adoption.
Social: Rising awareness about brain cancer and availability of advanced treatment options is positively impacting the market. Support from cancer foundations and associations shapes social sentiment towards tumor treating fields therapy.
Technological: Continuous innovations in tumor treating fields devices and therapy delivery mechanisms are expanding medical applications. Advancements in treatment planning systems and software will further drive the market.
Key Takeaways
The global tumor treating fields market size is expected to reach US$ 333.8 Million In 2023 and exhibit a CAGR of 15.5% during the forecast period.
Regional analysis: The U.S. region currently dominates the market and is expected to continue its dominance over the forecast period. This is owing to increasing adoption of tumor treating fields therapy for various cancer types, presence of major players, and availability of advanced healthcare facilities.
Key players: 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, and Cerbomed. Novocure holds the largest market share owing to its product Optune which has extensive regulatory approvals for treating glioblastoma.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
