Market key trends:
The expansion of applications of tumor treating fields therapy for various types of cancer is one of the major trends in the market. Originally approved for glioblastoma brain cancer treatment, research is ongoing to evaluate efficacy of tumor treating fields therapy for other solid tumors like lung cancer, pancreatic cancer, ovarian cancer and others. Recent clinical trial data has shown tumor treating fields improved progression-free and overall survival compared to chemotherapy in some cancer types. Its non-invasive nature and ability to be used alongside other treatment modalities is increasing acceptance globally.
SWOT Analysis
Strengths: TTFields have proven clinical efficacy as an alternative or add-on treatment for various cancers including glioblastoma. Being non-invasive makes it better tolerated than chemotherapy or radiation.
Weaknesses: Limited clinical evidence currently for use in cancers other than glioblastoma and mesothelioma. High costs involved for entire treatment duration.
Opportunities: Potential for use as an adjuvant therapy along with chemotherapy to enhance treatment outcomes. Ongoing research on use for other hard-to-treat cancers will expand market potential.
Threats: Reimbursement related challenges can impact market growth. High entry barriers limit new players.
Key Takeaways
Global Tumor Treating Fields Market Size is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing adoption of non-invasive cancer therapies. The market size for 2023 is estimated at US$ 333.8 Mn.
Regional analysis: North America dominates currently due to availability of advanced healthcare facilities and favorable reimbursement. Asia Pacific is expected to grow at the fastest pace owing to growing cancer incidence, increasing awareness and improving access to novel treatments.
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. Novocure dominates with its Optune device that has regulatory approvals for glioblastoma and mesothelioma. Competition is expected to intensify with ongoing research on expanding indications.Â
The expansion of applications of tumor treating fields therapy for various types of cancer is one of the major trends in the market. Originally approved for glioblastoma brain cancer treatment, research is ongoing to evaluate efficacy of tumor treating fields therapy for other solid tumors like lung cancer, pancreatic cancer, ovarian cancer and others. Recent clinical trial data has shown tumor treating fields improved progression-free and overall survival compared to chemotherapy in some cancer types. Its non-invasive nature and ability to be used alongside other treatment modalities is increasing acceptance globally.
SWOT Analysis
Strengths: TTFields have proven clinical efficacy as an alternative or add-on treatment for various cancers including glioblastoma. Being non-invasive makes it better tolerated than chemotherapy or radiation.
Weaknesses: Limited clinical evidence currently for use in cancers other than glioblastoma and mesothelioma. High costs involved for entire treatment duration.
Opportunities: Potential for use as an adjuvant therapy along with chemotherapy to enhance treatment outcomes. Ongoing research on use for other hard-to-treat cancers will expand market potential.
Threats: Reimbursement related challenges can impact market growth. High entry barriers limit new players.
Key Takeaways
Global Tumor Treating Fields Market Size is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing adoption of non-invasive cancer therapies. The market size for 2023 is estimated at US$ 333.8 Mn.
Regional analysis: North America dominates currently due to availability of advanced healthcare facilities and favorable reimbursement. Asia Pacific is expected to grow at the fastest pace owing to growing cancer incidence, increasing awareness and improving access to novel treatments.
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. Novocure dominates with its Optune device that has regulatory approvals for glioblastoma and mesothelioma. Competition is expected to intensify with ongoing research on expanding indications.Â
