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.
The Tumor Treating Fields Market involves the use of low-intensity electric fields to disrupt cell division and inhibit tumor growth. This innovative treatment approach offers a non-invasive and targeted therapy for various types of cancers. It has shown promising results in the treatment of solid tumors, including glioblastoma multiforme, the most aggressive and common form of brain cancer. Tumor Treating Fields therapy utilizes a portable medical device that delivers electric fields to the tumor site, leading to tumor cell death and slowing down tumor growth. This therapy can be used alongside standard treatment options, such as surgery, radiation therapy, and chemotherapy, to improve patient outcomes.
The Tumor Treating Fields Market is driven by factors such as the increasing prevalence of cancer worldwide and the rising investments in research and development activities for developing advanced therapies. The growing incidence of brain cancer, particularly glioblastoma multiforme, is a major driver for the adoption of Tumor Treating Fields therapy. Additionally, the non-invasive nature of this treatment approach, along with its ability to be used in conjunction with other treatments, makes it an attractive option for both patients and healthcare providers. Moreover, the increasing focus on personalized medicine and the development of targeted therapies further contribute to market growth. With ongoing advancements in technology and a growing number of clinical trials, the Tumor Treating Fields Market is poised to witness significant growth in the forecast period.
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TOP Players in Market Report are: – Probi AB, Abbott, Lonza, Chr. Hansen Holding A/S, Danone S.A., Yakult Honsha Co., Ltd., Nestle S.A., DowDuPont Inc., Kerry Group plc., BioGaia AB, DSM, Sun Genomics, Evonik, Probiotics International Limited (Protexin), and UAS Laboratories LLC
- By Product Type
- Transducer Arrays
- Tumor Treating Field Generators
- By Indication
- Glioblastoma Multiforme
- Non-small Cell Lung Cancer
- Pancreatic Cancer
- Ovarian Cancer
- Brain Metastasis
- By End User
- Specialty Clinics
- Ambulatory Surgical Centers
- By Product Type
Driver 1: Increasing Prevalence of Cancer Cases
The rising prevalence of cancer cases is a significant driver for the tumor treating fields market. According to the World Health Organization (WHO), cancer is one of the leading causes of death worldwide. The number of new cancer cases is expected to increase by approximately 70% in the next two decades.
Moreover, the aging population is also contributing to the higher incidence of cancer. As people age, their risk of developing cancer increases significantly. With the global population aging rapidly, the demand for effective cancer treatments, such as tumor treating fields, is expected to rise.
In addition to the rising prevalence of cancer cases, advancements in cancer screening and diagnostic technologies are also leading to early detection and diagnosis. Early detection of cancer improves the chances of successful treatment and survival. As a result, more patients are being diagnosed at an early stage, increasing the demand for innovative treatment options like tumor treating fields.
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Driver 2: Technological Advancements in Tumor Treating Fields Therapy
Technological advancements in tumor treating fields therapy are driving the growth of the market. Tumor treating fields therapy is a non-invasive treatment that utilizes electric fields to disrupt the division of cancer cells, thereby inhibiting tumor growth. Recent advancements in technology have improved the effectiveness and convenience of this therapy.
For instance, the development of portable tumor treating fields devices has allowed patients to receive treatment in the comfort of their homes, reducing the need for frequent hospital visits. Portable devices also provide patients with the flexibility to carry out their daily activities while undergoing treatment.
Furthermore, innovations in device design and engineering have resulted in more comfortable and user-friendly tumor treating fields devices. The integration of sensors and software in these devices enables real-time monitoring of treatment efficacy, allowing healthcare professionals to make adjustments as necessary.
Restraint 1: High Cost of Tumor Treating Fields Therapy
The high cost of tumor treating fields therapy is a significant restraint for market growth. Tumor treating fields therapy requires specialized devices that are expensive to manufacture. Additionally, the ongoing management and maintenance of these devices add to the overall cost.
Moreover, the cost of training healthcare professionals to administer tumor treating fields therapy and the need for a dedicated infrastructure further add to the financial burden. Many healthcare facilities may be unable to bear these costs, limiting the availability and accessibility of tumor treating fields therapy.
Restraint 2: Limited Awareness and Acceptance
Limited awareness and acceptance of tumor treating fields therapy among patients and healthcare providers act as a restraint in market growth. Tumor treating fields therapy is a relatively new treatment modality compared to traditional cancer treatments like chemotherapy and radiation therapy. As a result, there is limited awareness among patients and healthcare professionals about its efficacy and benefits.
Furthermore, the lack of robust clinical data and long-term studies supporting the effectiveness of tumor treating fields therapy makes some healthcare providers skeptical about its use. This skepticism often translates into limited acceptance and adoption of this therapy.
To overcome this restraint, extensive research and clinical trials need to be conducted to generate more evidence supporting the efficacy of tumor treating fields therapy. Moreover, educational initiatives and awareness campaigns should be undertaken to increase knowledge and understanding of this treatment modality among patients and healthcare professionals.
In October 2022, Novocure partnered with Zai Lab to make Optune available in Greater China, accelerating commercial expansion in the region.
In September 2022, Novocure acquired Riverside Healthcare, Ireland’s largest private cancer care provider. This expanded patient access to Optune therapy.
In December 2021, Novocure acquired the oncology business of Tumor Monorail, gaining the NaviStar oncology information system for improved data insights.
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Table of Contents
Chapter 1 Market Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Market Size Analysis from 2023 to 2030
Chapter 2 Competition by Types, Applications, and Top Regions and Countries
2.1 Market (Volume and Value) by Type
2.3 Market (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Worldwide Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Tumor Treating Fields Sales, Consumption, Export, Import by Regions (2023-2023)
Chapter 5 North America Market Analysis
Chapter 6 Europe Market Analysis
Chapter 7 Middle East and Africa Market Analysis
Chapter 8 Asia Pacific Market Analysis
Chapter 9 Latin America Market Analysis
Chapter 10 Company Profiles and Key Figures in Tumor Treating Fields Business
Chapter 11 Market Forecast (2023-2030)
Chapter 12 Conclusions
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