MRI-Guided Radiation Therapy Systems Market Is Projected To Record A CAGR Of Approximately 20% Through 2028

The relatively new technology for integrating magnetic resonance imaging (MRI) with radiation therapy is becoming increasingly prevalent, with revenues from the MRI-guided radiation therapy systems market exceeding US$ 220 Mn in 2018, according to a recent study by Fact.MR. This remarkable growth potential of the MRI-guided radiation therapy systems market can be attributed to burgeoning adoption of innovative technologies in the cancer diagnosis & treatment, alongside growing focus on patient-centric care.The report examines the current trends, growth opportunities, restraints, and market drivers that are projected to influence the overall dynamics of the MRI-guided Radiation Therapy Systems Market Insights in the assessment period.

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Hospitals Remain the Target Customers for Market Players

The study opines that hospital, with over 51% revenue share, will remain the target customer for players in the MRI-guided radiation therapy systems market in 2019. Opportunities abound for of MRI-guided radiation therapy system developers,, with ongoing clinical development of high-tech procedures exploiting Linac MR-RT (Linear accelerators integrated with magnetic resonance radiotherapy).

The study also finds that radiotherapy centers are adopting technologically-advanced MRI-compatible radiation models, to explore numerous possibilities to make radiotherapy treatment more effective. Market players are focusing on building a successful consortium with the help of physicians, clinicians, as well as Original Equipment Manufacturers (OEMs), to tap opportunities in the 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.

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Key Segments of MRI-guided Radiation Therapy Systems Market

Product Type

Linac MR-RT Systems
Software

MR Dimensions

0.5 Tesla MR Scanner
1.5 Tesla MR Scanner

End User

Hospitals
Radiotherapy Centers
Radiotherapy Centers

Regions

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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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.

Important queries related to the MRI-guided Radiation Therapy Systems Market Insights addressed in the report:

Who are the most prominent players in the MRI-guided Radiation Therapy Systems Market Insights?
What are the factors that are likely to hinder the growth of the MRI-guided Radiation Therapy Systems Market Insights during the forecast period (2021-2031)?
Why is the concentration of tier-1 companies high in specific region?
How are the soaring prices of raw materials impacting the demand for keyword?
Why are market players eyeing opportunities in particular region?

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