The Tumor Treating Fields Therapy Market is driven by Advancements in Cancer Treatment Modalities

 
Tumor Treating Fields Therapy Market

Tumor treating fields therapy, also known as tumor treating fields (TTFields), utilizes low intensity alternating electric fields to inhibit tumor growth and induce cell death in cancer cells. TTFields disrupt mitosis, the process of cell division, and have proven effective for glioblastoma, the most common and aggressive form of primary brain cancer. The therapy works through placement of transducer arrays on the skin of the patient, which deliver the low intensity electrical field to the targeted tumor region through the principle of dielectric polarization and force. Compared to chemotherapy which causes systemic toxicity, TTFields offer localized treatment with minimal side effects.

The global Tumor Treating Fields Market is estimated to be valued at US$ 333.8 million in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the tumor treating fields therapy market is growing adoption rates, especially for the treatment of glioblastoma. According to recent studies, TTFields adoption rates have increased from 25% of eligible glioblastoma patients in 2013 to over 50% in 2020 in the United States. This is attributed to clinical evidence demonstrating TTFields improves progression free and overall survival compared to chemotherapy. Additionally, the therapy has gained approvals for other cancer types including mesothelioma, brain metastasis from non-small cell lung cancer and pancreatic cancer. This wider label expansion is expected to further drive the revenues of tumor treating fields therapy market over the forecast period.


Porter's Analysis

Threat of new entrants: Low barrier to entry as manufacturing and distribution of tumor treating fields devices do not require large capital investment, however existing players have established brand names and distribution networks.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of treatment alternatives but the growing incidence of cancer is increasing demand for tumor treating fields devices.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials required are commodity chemicals however sustained relationships and contractual agreements lessen this power.

Threat of new substitutes: Threat of substitutes is low as other treatment options like chemotherapy, radiation therapy and surgery are used in combination with tumor treating fields for effective treatment but have limitations.

Competitive rivalry: High as the market is dominated by Tier 1 Company and few other global companies investing heavily in innovation and customer service to fight competition.

Key Takeaways

The Global Tumor Treating Fields Market Share is expected to witness high growth. The global Tumor Treating Fields Market is estimated to be valued at US$ 333.8 million in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.

The North America tumor treating fields market accounted for largest share in 2023 due to presence of advanced healthcare facilities, favorable reimbursement policies, increasing healthcare spending and growing cancer incidence in the US and Canada. The Asia Pacific market is estimated to grow at fastest CAGR from 2023 to 2030 owing to improving access to healthcare services, healthcare reforms to provide universal coverage and rising medical tourism in countries like China, India and Japan.

Key players operating in the tumor treating fields market are Tier 1 Company, Company 2 and Company 3. Key players operating in the (incorporate given market name) are Tier 1 Company, Company 2 and Company 3. Tier 1 Company leads the global market and has strong brand presence worldwide. It continues to launch innovative tumor treating fields devices like device name through extensive R&D. Company 2 holds second position in terms of revenue and has wide distribution network across Europe and Asia Pacific. Company 3 has strong foothold in the US market and is expanding its manufacturing facilities to cater rising demand from emerging countries.

For more insights, Read- https://www.insightprobing.com/tumor-treating-fields-market-size-and-share/

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