Market Overview:
Hyperthermia is a type of cancer treatment in which body tissue is exposed to high temperatures (usually mild hyperthermia ranges from 40-45° C). Heat applied through various means can damage and kill cancer cells or sensitize them to lower doses of radiation or chemotherapy. This type of treatment is usually used with other cancer treatments as part of a multimodal therapy approach for cancers such as breast cancer, brain cancer, melanoma, etc. Hyperthermia treatment allows using heat to damage and kill cancer cells or to make cancer cells more sensitive to the effects of radiation and certain anticancer drugs. It can be used alone or as a combined therapy with other treatments.
Market key trends:
One of the key trends in the hyperthermia cancer treatment market is increasing adoption of magnetic nanoparticle hyperthermia. Magnetic nanoparticle hyperthermia uses magnetic nanoparticles such as iron oxide nanoparticles which are introduced locally into tumors and are heated using an alternating magnetic field. This localized heating allows the destruction of cancer cells while having minimal effect on surrounding healthy tissues. This technique enables targeting tumors more precisely. Leading players such as MagForce AG are offering Nanotherm therapy involving the injection of biocompatible magnetic nanoparticles and subsequent exposure to alternating magnetic fields to heat and destroy cancer cells. Increasing R&D in novel therapeutic applications of magnetic nanoparticle hyperthermia is expected to drive the market.
The global Hyperthermia Cancer Treatment Market Demand is estimated to be valued at US$ 187.05 Billion 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.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the hyperthermia cancer treatment market is moderate. High capital requirements for research and development present barriers for new companies.
Bargaining power of buyers: The bargaining power of buyers is medium. As the number of established players is less, buyers have lesser options to compare and switch.
Bargaining power of suppliers: The bargaining power of suppliers is low. The raw materials required are commoditized and switching costs for suppliers are low.
Threat of new substitutes: The threat of substitutes is low. There are limited substitute options for hyperthermia cancer treatment in the overall cancer treatment market.
Competitive rivalry: Intense competitive rivalry due to few large and medium players operating globally.
Key Takeaways
The global hyperthermia cancer treatment market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of cancer worldwide. The rising cases of cancer are driving the growth of the market.
The North America region dominates the hyperthermia cancer treatment market and is expected to continue its dominance over the forecast period. This is attributed to advanced healthcare infrastructure and increasing adoption of new technologies in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to improving healthcare scenarios, rising medical tourism, and growing incidence of cancer.
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, Person, Omron, Sunny Medical Equipment, OrienTech, BSD Medical, Sensius, Celsius42, Nanjing Greathope, Shanghai Huayuan. The major players are focusing on new product launches, expansions, and collaborations to increase their market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
