The 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 using heat to damage and kill cancer cells or sensitize them to other treatments such as chemotherapy and radiation therapy. Heat deploys various mechanisms to kill cancer cells or damage their structures and functions. Hyperthermia has minimal invasiveness and few side effects compared to other treatment options. It is used for cancers such as breast cancer, melanoma, cervical cancer, soft tissue sarcomas, brain tumors, liver cancer, and lung cancer.

Market key trends:

The hyperthermia cancer treatment market is expected to witness significant growth over the forecast period, owing to the rising incidence of cancer across the globe. According to the World Health Organization (WHO), cancer was responsible for nearly 10 million deaths in 2020 and is expected to cause over 13 million deaths annually worldwide by 2030. With the increasing prevalence of cancer, demand for effective treatment options is rising. Hyperthermia is an effective treatment approach for a variety of cancers, either used alone or in combination with chemotherapy and radiation therapy. It damages cancer cells by heat-induced cytotoxicity and heat sensitivity enhancement. Additionally, hyperthermia improves the delivery and effectiveness of anticancer drugs by increasing blood flow and improving the permeability of blood vessels. These attributes are contributing to the growth of the hyperthermia cancer treatment market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as significant capital investment is required to enter the market due to high costs involved in research and development and customer acquisition.

Bargaining power of buyers: The bargaining power of buyers is low as hyperthermia cancer treatment provide few alternatives and differentiation in services.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers provide key components and technologies required for hyperthermia treatments.

Threat of new substitutes: Threat of new substitutes is high with advancements in new technologies such as immunotherapy, targeted drug therapy, and photodynamic therapy.

Competitive rivalry: Intense due to presence of global and local players.

SWOT Analysis

Strength: Presence of well-established players with strong product portfolio and global presence. Technological advancements resulting in improved treatment outcomes.

Weakness: High costs associated with procedures limits adoption. Lack of skilled professionals for operation of equipment.

Opportunity: Rising healthcare expenditure in emerging nations. Increasing prevalence of cancer providing potential for market growth.

Threats: Stringent regulatory framework for approval of devices. Reimbursement issues related to treatment procedures.

Key Takeaways

The Global Hyperthermia Cancer Treatment Market Size is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of cancer globally. As per WHO, cancer burden is expected to reach 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.

North America dominated the market with overall market share of over 35.0% in 2023. Asia Pacific region is expected to witness fastest growth over the forecast period owing to increasing healthcare expenditure, rising geriatric population, and growing incidences 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, Perseon, Omron, Sunny Medical Equipment, OrienTech, BSD Medical, Sensius, Celsius42, Nanjing Greathope, Shanghai Huayuan. Key players are engaged in new product launches, strategic collaborations and regional expansion to gain competitive edge in the market.

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https://www.ukwebwire.com/hyperthermia-cancer-treatment-market-size-share-growth-outlook-2023/