MRI-guided Radiation Therapy Systems Market Forecast, Trend Analysis & Competition Tracking - Global Review 2018 - 2028

Published on : May-2019 | List of Tables : 21 | List of Figures : 83 | No. of Pages : 170 | Report Code : FACT2572MR |

In Brief

  • 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.
global mri guided radio therapy systems market snapshot

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.
drivers restraints impact analysis

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.

Elekta AB

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.

mri guided radio therapy systems market competition canvas

MRI-Guided Radiation Therapy Systems Market – Additional Insight

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.

Research Scope

mri guided radio therapy systems market taxonomy

Research Methodology

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.

Fact.MR recently published a market study, “MRI-guided Radiation Therapy Systems Market: Global Industry Analysis and Opportunity Assessment, 2018-2028”. The market report presents thorough information and it elucidates how the MRI-guided radiation therapy systems market will expand during the assessment period 2018-2028 with the help of important market dynamics.

The report includes unique and accurate information on salient growth prospects of the MRI-guided radiation therapy systems market to help stakeholders to make value-based business decisions. Important indicators of the MRI-guided radiation therapy systems market growth, which include value chain analysis, Compound Annual Growth Rate (CAGR), Year-on-Year (Y-o-Y) growth, and supply chain analysis, are assessed thoroughly in the report to understand the growth prospects of the MRI-guided radiation therapy systems market for the assessment period.

On assessing industry-validated data, market-related facts, and important data about the global expansion of the MRI-guided radiation therapy systems market, unique and comprehensive information about the growth prospects of the MRI-guided radiation therapy systems market is presented in a seamless format in the report. The information featured in the report is segmented into chapters to offer a comprehensive structure to the MRI-guided radiation therapy systems market report. 

Chapter 1 – Executive Summary

This chapter provides the outlook of key growth prospects as a results of thorough analysis on the MRI-guided radiation therapy systems market. The chapter includes comprehensive information about demand side trends, supply side trends, and technology roadmap associated with the MRI-guided radiation therapy systems market. It also provides quick insights on the summary of global MRI-guided radiation therapy systems demand and supply across the world.

Chapter 2 – Market Overview

Definition of the market along with the market structure is included in this chapter to offer readers a detailed introduction to MRI-guided radiation therapy systems market. This chapter offers key pointers on prospects the MRI-guided radiation therapy systems market for the period 2018-2028 in terms of value (US$ million) and volume (units).

Chapter 3 – Key Market Trends

This chapter provides thorough information about key trends in the MRI-guided radiation therapy systems market and how these trends will influence prospects of the market in coming future.

Chapter 4 – Key Inclusions

This chapter includes important information global development indicators, such as installation base and regulatory scenario, which may impact growth of the MRI-guided radiation therapy systems market. The section focuses on regulations and standards imposed by governing bodies for approval of medical devices, including MRI-guided radiation therapy systems. The chapter also helps readers to understand the future of image-guided radiotherapy with the help of SWOT analysis and PESTLE analysis of the MRI-guided radiation therapy systems market.

Chapter 5 – Key Success Factors

This section highlights important parameters of the positive growth of MRI-guided radiation therapy systems market including key promotional strategies adopted by leading manufacturers in the market.

Chapter 6 – Global MRI-guided Radiation Therapy Systems Market Volume (Units) Analysis 2017 and Forecast, 2018-2028

This chapter processes information about historic growth parameters and future prospects of the MRI-guided radiation therapy systems market in terms of volume (units). The chapter also provides information about Y-o-Y growth trend analysis and global average pricing analysis benchmark for the forecast period 2018-2028.

Chapter 7 – Global MRI-guided Radiation Therapy Systems Market - Pricing Analysis

In this chapter, readers can find thorough analysis of the MRI-guided radiation therapy systems pricing depending on regional trends and pricing break-up through 2028, along with the information associated with factors that are affecting pricing of MRI-guided radiation therapy systems available across the world.

Chapter 8 - Global MRI-guided Radiation Therapy Systems   Market Value Analysis 2013-2017 and Forecast, 2018-2028

This chapter processes information about historic growth parameters and future prospects of the MRI-guided radiation therapy systems market in terms of value (US$ million). The chapter also provides information about Y-o-Y growth trend analysis and global average pricing analysis benchmark for the forecast period 2018-2028.

Chapter 9 – Market Background

The chapter also shed lights on macroeconomic factors and forecast factors to offer detailed analysis on adoption of MRI-guided radiation therapy systems across various end-users. This chapter can help readers in understanding various other factors, including market dynamics, which can influence growth of the MRI-guided radiation therapy systems market.

Chapter 10 – Global MRI-guided Radiation Therapy Systems   Market Analysis 2013-2017 and Forecast 2018-2028, by Product

This chapter explains how growth prospects of the MRI-guided radiation therapy systems market change based on the product types, which include Linac MR-RT systems and software.

Chapter 11 – Global MRI-guided Radiation Therapy Systems   Market Analysis 2013-2017 and Forecast 2018-2028, by MR Dimensions

This chapter explains how growth prospects of the MRI-guided radiation therapy systems market change based on the MR dimensions of MRI-guided radiation therapy systems, such as 0.5 Tesla MR scanner and 1.5 Tesla MR scanner.

Chapter 12 – Global MRI-guided Radiation Therapy Systems   Market Analysis 2013-2017 and Forecast 2018-2028, by End User

This chapter explains how growth prospects of the MRI-guided radiation therapy systems market change based on end-users, which include hospitals, radiotherapy centers, and cancer research institutes.

Chapter 13 – Global MRI-guided Radiation Therapy Systems   Market Analysis 2013-2017 and Forecast 2018-2028, by Region

This chapter explains how growth prospects of the MRI-guided radiation therapy systems market change based on geographical regions, such as North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

Chapter 14 – North America MRI-guided Radiation Therapy Systems   Market Analysis 2013-2017 and Forecast 2018-2028

In this chapter, information on how MRI-guided radiation therapy systems market will grow in North American region during 2018-2028 is included. Readers can also find growth prospects of the North America MRI-guided radiation therapy systems market in the United States and Canada in terms of market value (US$ million) and volume (units) by 2028.

Chapter 15 – Latin America MRI-guided Radiation Therapy Systems   Market Analysis 2013-2017 and Forecast 2018-2028

Information about growth of the MRI-guided radiation therapy systems market in Latin American region during 2018-2028 is featured in this chapter. Growth prospects of the MRI-guided radiation therapy systems market in Latin America in terms of market value (US$ million) and volume (units) by 2028 are also included.

Chapter 16 – Europe MRI-Guided Radiation Therapy Systems Market Analysis 2013–2017 and Forecast 2018–2028

Readers can also find growth prospects of the MRI-guided radiation therapy systems market in Europe, based on the estimates on market value (US$ million) and volume (units) by 2028. Readers can find critical growth prospects of the MRI-guided radiation therapy systems market in the leading countries in Europe such as Germany, France, UK, Spain, Italy, Sweden, Netherlands, and Denmark.

Chapter 17 – Asia Pacific MRI-guided Radiation Therapy Systems   Market Analysis 2013-2017 and Forecast 2018-2028

Readers can also find growth prospects of the MRI-guided radiation therapy systems market in the Asia Pacific, based on the estimates on market value (US$ million) and volume (units) by 2028. Readers can find critical growth prospects of the MRI-guided radiation therapy systems market in the leading countries in te region, including China, Japan, South Korea, and Australia.

Chapter 18 – Middle East and Africa MRI-guided Radiation Therapy Systems   Market Analysis 2013-2017 and Forecast 2018-2028

This chapter focusses on growth prospects of the MRI-guided radiation therapy systems market in the Middle East and Africa region, based on the estimates on market value (US$ million) and volume (units) by 2028. This chapter provides readers with detailed information on growth of the MRI-guided radiation therapy systems market in major countries in MEA region, such as Turkey, UAE, and Israel, during the forecast period.

Chapter 19 – Market Structure Analysis

This chapter also provides critical information about MRI-guided radiation therapy systems market structure, financial share analysis key financials, and competitive developments of top players in the MRI-guided radiation therapy systems market. This can help them to comprehend insights about the competitive landscape in the MRI-guided radiation therapy systems market with information about leading and emerging stakeholders in the market.

Chapter 20 – Competition Analysis

Viewray Technologies, Inc. and Elekta AB are profiles in the MRI-guided radiation therapy systems market report.

Chapter 28 – Assumption and Acronyms Used

Important acronyms and assumptions are featured in the last chapter of the Fact.MR report on MRI-guided radiation therapy systems market, which can help readers to ensure to appropriate understanding of the information featured in the report.

Chapter 29 – Research Methodology

Important information about the research methodology is featured in this chapter.

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MRI-guided Radiation Therapy Systems Market Forecast, Trend Analysis & Competition Tracking - Global Review 2018 - 2028