MRI-guided Radiation Therapy Systems Market – Growth Assessment
The MRI-guided Radiation Therapy Systems Market is forecasted to witness a significant growth over the course of the forecast period according to a newly published report by Fact.MR. The study highlights the critical trends that are likely to mold the growth of the MRI-guided Radiation Therapy Systems Market in the forecast year 2018 – 2028. Further, the report introspects the various factors that are expected to influence the overall dynamics of the MRI-guided Radiation Therapy Systems Market.
The report is an essential tool for stakeholders, upcoming market players, established companies, and investors who are looking to establish a strong presence in the MRI-guided Radiation Therapy Systems Market landscape. A detailed understanding of the raw material suppliers, vendors, manufacturers, and other components of the supply chain is provided in report.
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Key Takeaways from the Report
- Current and future prospects of the MRI-guided Radiation Therapy Systems market in over the forecast period 2018 – 2028
- Opportunity analysis for investors and market players in various regional markets
- Regulatory and government policy framework relevant to the MRI-guided Radiation Therapy Systems Market
- Mergers, acquisitions, collaborations, and partnerships in the MRI-guided Radiation Therapy Systems Market
- Growth potential of the emerging market players in the MRI-guided Radiation Therapy Systems Market
The report caters to the following questions related to the MRI-guided Radiation Therapy Systems Market:
- What is the anticipated value of the MRI-guided Radiation Therapy Systems market in 2029?
- Who are the leading market players in the MRI-guided Radiation Therapy Systems Market in region 1 and region 2?
- Which region is expected to witness the highest growth in terms of value during the forecast period?
- How are market players in the MRI-guided Radiation Therapy Systems Market adjusting to the economic slowdown worldwide?
- Which country in region 3 is expected to have a majority of the market share during the assessment period?
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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.
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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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.
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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