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MRI-guided Radiation Therapy Systems Market Revenue and Forecast to 2028 | VIEWRAY TECHNOLOGIES, INC. and Elekta AB
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Rising Incorporation of MRI-Guided Radiation Therapy Systems for Cancer Treatment
According to this Fact.MR report, MRI-guided radiation therapy systems are steadily becoming an integral part of cancer treatment. This development has been supported due to their relatively greater benefits as compared to linear accelerators (Linac). Furthermore, leading market players are taking part in conferences, trade shows and exhibitions, to improve their products, and thereby enhance profitable sales.
In addition, the adoption of MRI-guided radiation therapy systems among hospitals and radiotherapy centers has been reinforced by favorable reimbursement policies relating to cancer care which facilitates patients with restored access to highly effectual radiation therapy systems.
North America Sustains Its Position as the Leading Regional Marketplace
Considering the regional bifurcation, North America retains its position as the leading market for MRI-guided radiation therapy systems, since the ratio of cancer patients treated with radiation therapy in the U.S. is experiencing a rapid rise. There has been a momentous rise in the national expenditures concerning cancer care in the U.S., which is mainly triggered by the shocking rise in cancer prevalence. As per this report, North America is estimated to be listed as the high-growth market for MRI-guided radiation therapy systems.
Based on the statistical data, North America accounted 45% sales of MRI-guided radiation therapy systems in the year 2018. It has been noted that, healthcare organizations in the target region are profoundly investing in tech-driven radiation treatments for cancer. Although demand remains vigorous in developed markets, developing economies have showcased the emergence of attractive markets for MRI-guided radiation therapy systems.
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Hospitals Listed as Target Customers for Market Participants
The study discourses that hospital acquire revenue share exceeding 51%, and will retain its status as the target customer for players operating in the MRI-guided radiation therapy systems market during 2019. For MRI-guided radiation therapy system developers, opportunities thrive due to ongoing clinical expansion of high-tech procedures using Linac MR-RT (Linear accelerators integrated with magnetic resonance radiotherapy).
For enlightening the readers further, magnetic Resonance Imaging (MRI)-guided radiation therapy systems market was evaluated at close to US$ 221 Mn in 2018, and is likely to register 31% y-o-y growth in 2019. In addition, the target market is projected to record growth at 20% CAGR through 2028, primarily driven by arrival of advanced technologies in healthcare and medical devices industries.
The final section of the report is dedicated to feature the major market participants from the MRI-guided radiation therapy systems market. The leading players mentioned in the report are VIEWRAY TECHNOLOGIES, INC. and Elekta AB. Each of these companies are examined in terms of key financials, SWOT analysis, sales footprint and recent developments.
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