Tumor Treating Fields Market Is Estimated To Witness High Growth

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 therapy, also known as TTFields, uses alternating electric fields to disrupt cell division or mitosis in cancer cells. TTFields interfere with the normal functioning of dividing cancer cell microtubules during mitosis which leads to improper formation of the mitotic spindle and apoptosis. Tumor treating fields therapy system includes wearable or portable medical device that delivers low-intensity, intermediate-frequency electric fields through insulated electrode arrays.

Market Dynamics:
Rising prevalence and incidence rate of cancer globally is the key factor fueling growth of the tumor treating fields market. According to World Health Organization, cancer burden rose to 19.3 million new cases and led to nearly 10 million deaths in 2020. Increasing adoption of tumor treating fields as an alternative and adjuvant cancer treatment approach is another major factor boosting market growth. Tumor treating fields therapy has gained significant acceptance for treatment of glioblastoma and is being evaluated for other cancer types such as lung cancer, gastric cancer and brain metastases. Moreover, ongoing product approvals and commercialization of tumor treating fields therapy devices by leading players is further propelling the Tumor Treating Fields Market growth over the forecast period.

SWOT Analysis
Strength:
– Effective treatment for various types of cancer such as glioblastoma.
– High survival rates achieved compared to chemotherapy.
– Non-invasive procedure reduces side effects and risk of complications.

Weakness:
– Expensive upfront costs of purchasing Tumor Treating Fields equipment.
– Long treatment duration needed to achieve maximum results.

Opportunity:
– Large untapped market potential in developing countries.
– Growing geriatric population prone to cancer increases demand.

Threats:
– Limited clinical evidence for some cancer types reduces insurance coverage and reimbursement.
– Stiff competition from conventional cancer treatment therapies.

Key Takeaways

The global Tumor Treating Fields market is expected to witness high growth, exhibiting a CAGR of 15.5% over the forecast period 2023 – 2030, due to increasing incidence of cancer worldwide. The market was valued at US$ 333.8 Million In 2023.

Regional analysis
The US dominates the global market currently. However, the Asia Pacific region is expected to grow at the fastest pace due to rising healthcare spending and growing awareness. Countries like China and India are emerging as high potential markets.

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, and Biomobie. Novocure dominates with its Optune device approved for glioblastoma treatment.

Read More : https://www.ukwebwire.com/rising-adoption-of-tumor-treating-fields-market-opportunities-forecast-size-share/

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