Global MRI-guided Radiation Therapy System Market Leading Manufacturers Expected to Motivate Growth during 2018-2026 // Major ViewRay Inc, Elekta, and Philips Healthcare
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ViewRay was the first to enter the MRI-guided radiation therapy system market, with MRIdian. One of the emerging applications of MRI-guided radiation therapy is stereotactic body radiation therapy that offers more precise targeted treatment at higher dosages and in fewer fractions. The company also plans to launch a linac version the MRIdian soon. The first preclinical system has been installed in the Siteman Cancer Center at the Barnes-Jewish Hospital and the Washington University in St. Louis. Philips, and Elekta has entered the market through collaborative efforts. The two companies (Philips & Elekta) have been working together since 2012, by gathering eight leading institutions for the development and testing of an MRI-guided radiation therapy systems. The MRI-guided radiation therapy system developed by the two companies is a Linac based MRI-guided Radiation Therapy System Market.
A number of investments are also driving the growth of the MRI-guided radiation therapy system market. For instance, Henry Ford spent US$ 10 million for advanced MRI-guided radiation therapy system programs in Grosse Point Farms. The MRIdian Linac is the first Linac-based MRI-guided radiation therapy system installed in the world. These MRI-guided radiation systems are said to offer precision medicine with real-time view of the target.
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Growing incidences of cancer is one of the major driving factors for the growth of the MRI-guided radiation therapy system market. Additionally, other factors such as increasing awareness towards cancer and its treatment options, as well as the advancements in technology also drive the growth of the MRI-guided radiation therapy system market. However, due to the high cost of an MRI-guided radiation therapy system, the growth of the MRI-guided radiation therapy system market may be hindered during the forecast period.
The global MRI-guided radiation therapy system market is expected to witness moderate growth over the forecast period. There are very few products in the market for MRI-guided radiation therapy systems. However, the competition seems to slowly growing with the introduction of new MRI-guided radiation therapy systems, as well as a number of them being under development with more advanced technologies.
MRI-guided Radiation Therapy System Market: Regional Outlook
Geographically, the global MRI-guided radiation therapy system market is segmented into North America, Latin America, Europe, Asia Pacific excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). North America is expected to be a dominant region in the global MRI-guided radiation therapy system market, owing to various technological advancements, high awareness of the general public, and ever-increasing healthcare spending, and substantial reimbursement facilities. The MRI-guided radiation therapy system market in Asia Pacific excluding Japan is expected to grow at a significant CAGR, due to increased R&D spending and advancements in technology.
MRI-guided Radiation Therapy System Market: Key Players
The global MRI-guided radiation therapy system market is highly fragmented. Examples of some of the key players operating in the global MRI-guided radiation therapy system market are ViewRay Inc, Elekta, and Philips Healthcare.
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