September 20, 2019

MRI-guided Radiation Therapy Systems Market Growth Rate, Future Trends and Challenges, Major Drivers and Opportunities to 2028

The global demand for magnetic resonance-guided radiotherapy (MR-RT) devices integrated with linear accelerator (Linac) is increasing at a rapid pace, as more and more healthcare organizations make significant investment in next-generation medical devices for cancer treatment. Taking into consideration the potential rise in demand for cancer care treatments with better efficiency and higher precision, manufacturers are designing intelligent software to be integrated with the existing Linac MR-RT systems. Though its adoption at present remains relatively low—mainly due to its high-cost and low penetration of Linac MR-RT systems—the need for a quality upgrade that can deliver precisely targeted radiation will surge in the near future, complementing growth of the MRI-guided radiation therapy systems market.

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The technology used in MRI-guided radiation therapy systems is relatively new, and the market is yet at its infancy. Implementing a new technology to introduce an innovative radiation therapy system that is MRI-compatible, without the interference of one component with another, requires extensive R&D and significant capital investments. Manufacturers rely on licensing and patenting their innovative technologies for revenues and sales. Currently, only two companies have a substantial presence in the MRI-guided radiation therapy systems market—Elekta AB and Viewray Technologies, Inc.

Established in 1972, Elekta AB is headquartered in Stockholm, Sweden. The Swiss company provides radiation therapy equipment and clinical management systems, and it is gaining momentum in the cancer care segment with its Precision Radiation Medicine and other products. The company is adopting strategies to receive FDA approvals for its MRI-guided radiation therapy systems in order to establish a stronger position in North America.

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Viewray Technologies, Inc. was established in 2004 and is headquartered in California, U.S. Viewray is a leading manufacturer in the radiation therapy and imaging technologies landscape. With strong technological leadership in the radiation therapy segment, these companies identified the potential for the combination of MRI-guided systems and radiation in cancer treatment. In April 2019, Viewray Technologies, Inc. collaborated with Minogue Medical Inc., a Canadian distributor of surgical devices, and Device Technologies Australia Pty Ltd, a leading independent distributor in Australasia, to boost the sales of its MRI-guided radiation therapy systems throughout Canada and Australia & New Zealand, respectively.

Analysts have considered the most important aspects of the research methodology to assess growth of the MRI-guided radiation therapy systems market during the forecast period 2018-2028. Actionable insights obtained from industry experts in MRI-guided radiation therapy systems market have been extrapolated and industry-validated information about the competitive landscape of the market has enabled analysts to come up with this insightful study on MRI-guided radiation therapy systems market.

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A comprehensive list of sources for primary research and secondary research used to reach important insights on the growth prospects of MRI-guided radiation therapy systems market is provided in the study. The systematic approach towards MRI-guided radiation therapy systems market research is adopted to acquire important information about the market as well as the growth avenues for manufacturers, investors, distributors, and other stakeholders in MRI-guided radiation therapy systems market.

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