Analysis of MRI-guided Radiation Therapy Systems Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global MRI-guided radiation therapy systems market stands at a valuation of US$ 545.1 million in 2023 and is expected to secure a revenue of US$ 2.89 billion by the end of 2033. This Fact.MR study predicts that worldwide sales of MRI-guided radiation therapy systems will rise at a prolific 18.1% CAGR over the next ten years.
MRI-guided radiation therapy systems are extensively utilized in the treatment of cancer and the increasing prevalence of different types of cancers is projected to primarily bolster market growth across the forecast period. Surging capital expenditure on healthcare infrastructure development in developing economies is also anticipated to uplift MRI-guided radiation therapy equipment shipments in the future.
Increasing geriatric population, surging prevalence of chronic diseases, rising investments in healthcare infrastructure development, advancements in image-guided radiation therapy technologies, expanding application scope of MRI (magnetic resonance imaging) technology in the medical industry, and growing focus on research and development of novel medical treatments for cancer are other aspects that could boost demand for MRI-guided radiation therapy systems through 2033.
On the flip side, the high costs associated with the installation and maintenance of MRI-guided radiation therapy systems are projected to foil market development across the forecast period. The implementation of stringent government norms to regulate product standards to ensure patient safety around the world is also anticipated to hurt MRI-guided radiation therapy system sales going forward.
The dearth of skilled medical professionals is another challenge that MRI-guided radiation therapy system manufacturers will have to overcome in the long run to maximize their business potential around the world. The growing popularity of alternate cancer treatments such as peptide-base cancer therapeutics is also an obstruction for MRI-guided radiation therapy device shipments over the coming years.
Aspiring MRI-guided radiation therapy system providers have a chance at penetrating this industry through the development and launch of innovative yet affordable image-guided radiation therapies that are increasing in demand around the world.
An exhaustive analysis of industry-augmenting factors such as global demand, supply chain management, safety regulations, local supply, and opportunities has been mentioned in this latest MRI-guided radiation therapy systems market research study by Fact.MR, a market research and competitive intelligence provider.
Market Size (2023)
US$ 545.1 Million
Projected Market Value (2033F)
US$ 2.89 Billion
Global Market Growth Rate (2023 to 2033)
Market Share of Top 2 Companies (2023)
Leading Regional Market (2023)
Key Companies Profiled
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“Elekta AB & ViewRay Technologies Inc. Dominating Global Market”
Image-guided radiation therapy is a relatively new approach in cancer treatment and the healthcare industry as well, which makes it a market that is still in its nascent stages. Although there are many companies engaged in the manufacturing and distribution of image-guided radiation therapy systems, there are only a few focusing on MRI-guided radiation therapy equipment such as Elekta AB and ViewRay Technologies.
These companies are currently dominating the global market and account for over 80% of the global market share at present. ViewRay is the leading company in the marketplace that has been continually expanding its reach and business potential through its novel MRIdian radiation therapy systems.
Companies are also focusing on obtaining new approvals to expand their sales potential across various countries throughout the forecast period.
This latest Fact.MR MRI-guided radiation therapy systems market research analysis provides a complete overview of how new developments are changing product standards and pricing trends on a global and local level.
“High Senescent Population to Bolster Product Demand”
The geriatric population accounts for more than 1/3 of the total population in Japan and this is projected to be a prime factor that will bolster demand for MRI-guided radiation therapy systems across the forecast period. The high incidence of cancer among the aging population is anticipated to augment sales of MRI-guided radiation therapy systems and other types of radiation therapies for cancer treatment.
Government initiatives to promote healthcare infrastructure development, rising focus on healthcare, and surging investments in medical R&D are other prospects that could benefit overall market development through 2033.
“Rising Capital Expenditure on Healthcare Infrastructure Development”
Mortality rates of cancer have been increasing in European countries over the past few years and this trend is projected to primarily promulgate MRI-guided radiation therapy system sales in Europe across the forecast period. France, Germany, Italy, Poland, and Spain are estimated to be the most lucrative markets for MRI-guided radiation therapy equipment companies in the long run, owing to the rising number of cancer patients.
Government initiatives to promote medical research and increasing spending on medical R&D from the public sector are also anticipated to favor shipments of guided radiation therapy devices in European countries over the next ten years.
Poor lifestyle choices, an increasing senescent population, a high incidence of chronic diseases, growing demand for new cancer treatments, and the rising focus on healthcare infrastructure development are other aspects that could alter the demand outlook for MRI-guided radiation therapy devices in Europe going forward.
“United States to Account for Commanding Regional Market Share”
Developed healthcare infrastructure and the presence of favorable reimbursement policies in the United States are anticipated to crucially augment the demand for MRI-guided radiation therapy systems over the coming years. High incidence of different types of cancers and rapid adoption of advanced cancer treatment and therapies are also projected to boost sales of MRI-guided radiation therapy equipment in the country throughout the forecast period.
Rising senescent population, the presence of key radiation therapy providers, increasing advancements in cancer treatment, and high spending on healthcare are other prospects that could benefit shipments of novel radiation therapy devices in the United States over the next ten years.
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“Software to Amass Authoritative Share in Marketplace”
Based on product, the MRI-guided radiation therapy systems market is segmented into Linac MR-RT systems and software.
MRI-guided radiation therapy system providers are focusing on designing novel intelligent software that is compatible with new and existing linear accelerator (Linac) systems. Companies are also focusing on integrating advanced technologies such as artificial intelligence, machine learning, etc. to improve the capability of MR-RT systems.
“Hospitals to Lead Global MRI-guided Radiation Therapy System Sales”
Based on end user, the MRI-guided radiation therapy systems market is segmented into hospitals, radiotherapy centers, and cancer research institutes.
A majority of MRI-guided radiation therapy systems are deployed in hospitals since they require a clinical setting and several medical professionals to keep them functional. The rising rate of hospitalization for cancer treatment procedures and increased hospital spending on advanced treatment systems are other factors that are estimated to bolster shipments of MRI-guided radiation therapy systems for hospitals over the next ten years.
Rising investments in cancer treatment research are also expected to augment MRI-guided radiation therapy system sales in cancer research institutes across the forecast period.
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The global MRI-guided radiation therapy systems market is valued at US$ 7.3 billion in 2023.
Demand for MRI-guided radiation therapy systems is set to reach US$ 12.25 billion by 2033-end.
Worldwide sales of MRI-guided radiation therapy systems are forecasted to rise at a stellar 18.1% CAGR over the next ten years.
Demand for MRI-guided radiation therapy systems in North America is estimated to account for an authoritative share of the global market.
Elekta AB and ViewRay Technologies Inc. are key companies accounting for more than 80% of the global market share at present.
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