- The Magnetic Resonance Imaging (MRI)-guided radiation therapy systems market was valued at nearly US$ 221 Mn in 2018, and is expected to register 31% y-o-y growth in 2019. The MRI-guided radiation therapy systems industry has been underpinned by the emergence of advanced technologies in healthcare and medical devices industries.
- Increasing adoption of radiotherapy in cancer treatment is fuelling demand for MRI-guided radiation therapy systems. The MRI-guided radiation therapy systems market is projected to record a CAGR of approximately 20% through 2028.
- North America remains the leading market for MRI-guided radiation therapy systems, as the percentage of cancer patients treated with radiation therapy in the United States (U.S.) is witnessing a rapid rise.
- With a significant rise in the national expenditures for cancer care in the U.S., which is primarily triggered by the alarming rise in cancer prevalence, North America is expected to remain the high-growth market for MRI-guided radiation therapy systems.
What are the Key Growth Drivers of MRI-Guided Radiation Therapy Systems Market?
- MRI-guided radiation therapy systems are becoming an integral part of cancer treatment, in light of their relatively greater benefits over linear accelerators (Linac). Leading market players are participating in conferences, exhibitions, and trade shows, to better position their products, and boost profitable sales.
- Favorable reimbursement policies pertaining to cancer care that facilitate patients with better access to highly efficient radiation therapy systems, continue to drive adoption of the MRI-guided radiation therapy systems among hospitals and radiotherapy centers.
- Growing adoption of next-generation technologies is leading to product developments with advanced features, such as real-time monitoring, which offer enhanced efficiency and precision, while reducing the margin of error in cancer treatment.
- Increasing capital expenditure on healthcare infrastructure, and advanced medical devices in developing countries, is laying the groundwork for manufacturers in the MRI-guided radiation therapy systems market.
- Rising prevalence of cancer, and awareness about the availability of advanced treatment procedures, are expected to pave lucrative avenues of growth for MRI-guided radiation therapy system market players.
What are the Key Challenges in the MRI-guided Radiation Therapy Systems Market?
- Recent advancements in technologies and the improved efficiency of alternate cancer treatments may negatively impact the demand for MRI-guided radiation therapy systems.
- Strict government regulations and standards are likely to influence salient strategies of manufacturers in the MRI-guided radiation therapy systems market, causing a delay for the product to reach the market.
- Dearth of skilled professionals in the healthcare sector, especially in developing nations, will restrict the adoption of MRI-guided radiation therapy systems in hospitals, research centers, and radiation therapy centers.
MRI-guided Radiation Therapy Systems Market – Competitive Landscape
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.
Viewray Technologies, Inc.
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.
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Software Upgrades in Linac MR-RT Systems Complement Gains
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.
An Adaptive Approach to Modern-day Research Needs
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.
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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