The global Hyperthermia Cancer Treatment Market is estimated to be valued at US$ 187.05 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hyperthermia cancer treatment involves exposing the body or a specific part of the body to high temperatures above normal body temperature. The heat acts as a cytotoxic agent that selectively damages and kills cancer cells or improves the effects of other cancer treatments. There are several types of hyperthermia used in cancer treatment including local hyperthermia, regional hyperthermia, and whole body hyperthermia. Local hyperthermia is used to treat cancers in organs like breast, pelvis, lung, and limbs and involves applying heat to a small tumor site. Regional hyperthermia treats larger areas or palpable tumors by heating a body part like abdomen or limb using various techniques. Whole body hyperthermia exposes the entire body to heat to treat cancers that have metastasized. Hyperthermia cancer treatments are advantageous as they can directly kill cancer cells or improve the efficacy of chemotherapy and radiation therapy, provide localized treatment with minimal harm to healthy tissues, are noninvasive in nature, and have relatively fewer side effects compared to chemo or radiation.
Market Key Trends:
One of the key trends in the hyperthermia cancer treatment market is the increasing adoption of advanced technologies to optimize the delivery of hyperthermia. Manufacturers are focusing on developing innovative techniques like magnetic hyperthermia that utilizes magnetic nanoparticles to heat tumor tissue using an alternating magnetic field. Similarly, radiofrequency and ultrasound hyperthermia utilize electromagnetic waves at specific frequencies to heat tumor sites more precisely. The advanced techniques help ensure more effective localized heating of tumors with better control and monitoring. This is expected to boost the preference for technologically advanced hyperthermia systems over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as setting up hyperthermia cancer treatment manufacturing requires high capital investment and presence of established players makes market entry difficult.
Bargaining power of buyers: The bargaining power of buyers is high as the market has no significant differentiation and buyers can switch between alternative treatment options easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the manufacturing requires technical expertise however, presence of many component suppliers mitigates the supplier power.
Threat of new substitutes: The threat of substitutes is high with continuous innovations in drug therapies and radiation treatment posing a serious threat to hyperthermia systems.
Competitive rivalry: Intense competitive rivalry exists among existing players to gain market share.
Key Takeaways
The Global Hyperthermia Cancer Treatment Market Size is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period, due to increasing prevalence of cancer worldwide.
The market size for 2023 is US$ 187.05 Bn. The market is driven by factors such as rising geriatric population, growing awareness about alternative therapies, and advantages of hyperthermia over chemotherapy.
Regional analysis indicates that North America dominated the market in 2023 and is expected to continue its dominance during the forecast period. However, Asia Pacific is expected to witness the fastest growth owing to growing healthcare infrastructure and increasing investments by key players in the region.
Key players operating in the Hyperthermia Cancer Treatment market are MagForce AG, Andromedic, Xianke Medical Equipment, OncoTherm, Celsius42+, Oncotherm, Pyrexar Medical, Yamamoto Vinita, Nanoprobes, Alba Hyperthermia System, Nova Company, Perseon, Omron, Sunny Medical Equipment, OrienTech, BSD Medical, Sensius, Celsius42, Nanjing Greathope, Shanghai Huayuan.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
