Award-winning consulting firm Fact.MR has recently published an extensive report on the global market demand for hyperthermia cancer treatment for the forecast period of 2021-2031. According to the study, the market is anticipated to accrue impressive gains, expanding at a CAGR of around 6% to surpass a valuation of US$ 250 million by 2031. Rising cancer prevalence is attributed as the chief growth driver for this market.
The International Agency for Research on Cancer (IARC) estimates that, globally, 1 in 5 people develop cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from the disease, respectively. These new estimates suggest that more than 50 million people are living within five years of a past cancer diagnosis. Also, according to the World Health Organization, breast cancer is the most commonly occurring cancer in women and the second-most common cancer overall. Over 2 million new cases of breast cancer were diagnosed across the world in 2018. Hence, the scope for incorporating sophisticated treatments is increasing, paving way for enhanced adoption of hyperthermia cancer treatment.
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Furthermore, various governmental initiatives to fund extensive cancer research programs are proving to be a boon for market growth. For instance, in April 2016, the U.S. Government allotted US$ 5.2 billion to the National Cancer Institute (NCI) for cancer research and training. This has enabled the U.S. healthcare system to deploy a host of advanced cancer treatment and diagnosis solutions.
Key Take aways from Market Study
- Microwave hyperthermia cancer treatment devices to account for over 40% revenue share through 2031
- By application, treatment for breast cancer to remain key revenue generator
- Prospects for deep tissue ®ional perfusion appear highly promising, expected to post significant gains
- By enduser, hospitals to yield over two-fifth of the global revenue share through 2031
- High cancer incidence and prevalence rates to stimulate demand across the U.S.
- The U.K. to stimulate high demand amid growing preference for minimally invasive cancer treatment
- Rapid advancements in medical technology to bolster uptake across France and Germany
“Rising demand for improving clinical outcomes and inflicting minimal patient discomfort is prompting healthcare providers to deploy a broad range of advanced surgical and therapeutic options, including high intensity focused ultrasound (HIFU), widening the growth prospects of market players,” says a Fact.MR analyst.
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- Rising prevalence of cancers such as breast and prostate cancers will fuel the demand for hyperthermia cancer treatment.
- Increasing demand for non-invasive diagnostic treatment will spur the growth of the market.
- Growing awareness about the diagnostics and treatment for cancers will thrust the demand for hyperthermia cancer treatment.
- Lack of adequate skills and experience to conduct hyperthermia cancer treatment surgeries is negatively affecting growth.
- High costs of hyperthermia cancer treatment are a factor hampering the market growth.
Prominent players operating in the hyperthermia cancer treatment market profiled by Fact.MR includes PYREXAR Medical, Celsius42 GmbH, Hydrosun GmbH, Oncotherm Kft., Andromedic S.r.l., Yamamoto Vinita Co. Ltd, Chongqing Haifu Medical, Technology Co. Ltd., innoMedicus Ltd., Gamida-Cell Ltd., and RanD. Key market players are focusing on new approaches to treat and diagnose potential cancers and strengthen their distribution networks to maintain their leading in the market.
- innoMedicus Ltd. published a study in JAMA Oncology, establishing that non-contrast MRI yields better diagnosis of prostate cancer in 2021.
- Gamida Cell announced a collaboration with Highbridge Capital Management to further its Omidubicel and GDA-201 clinical development.
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Research Insight: https://www.factmr.com/report/hyperthermia-cancer-treatment-market
Press Release: https://www.factmr.com/media-release/1969/global-hyperthermia-cancer-treatment-market