MRI-guided Radiation Therapy Systems Market to Reach USD 2.89 Billion by 2033, Growing at 18.1% CAGR

The global MRI-guided radiation therapy systems market, valued at USD 545.1 million in 2023, is projected to reach USD 2.89 billion by 2033, expanding at a robust compound annual growth rate (CAGR) of 18.1%, according to a Fact.MR study. This growth is driven by the increasing prevalence of cancer, advancements in imaging technologies, and rising healthcare investments, particularly in developing economies. MRI-guided radiation therapy (MRgRT) systems, which combine real-time MRI imaging with precise radiation delivery, are transforming cancer treatment by enhancing accuracy and minimizing damage to healthy tissues.

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Key Drivers of Market Growth

The rising global cancer burden, with over 10 million deaths in 2020 (WHO), is a primary driver, as MRgRT systems are extensively used for treating various cancers, including prostate, breast, lung, and brain tumors. The aging population, particularly in Japan (over 1/3 geriatric) and the U.S. (1.9 million new cases in 2022), increases demand for advanced therapies. Technological advancements, such as AI and machine learning integration in systems like Elekta Unity and ViewRay's MRIdian, improve treatment precision and efficacy. Growing healthcare infrastructure investments in developing regions, coupled with government initiatives like the U.S. Cancer Moonshot, further propel market expansion. The shift toward non-invasive, patient-centric treatments also supports adoption.

Regional Trends

North America dominates, holding a significant share (estimated at USD 218 million in 2023), driven by advanced healthcare infrastructure, high cancer incidence, and favorable reimbursement policies in the U.S. The region is expected to grow at a CAGR of 17.5%, reaching USD 1.15 billion by 2033, supported by key players like Elekta AB and ViewRay Technologies.

Europe follows, with a projected CAGR of 16.8%, driven by rising cancer mortality (4.6 million new cases in 2020, ECIS) and investments in medical R&D in countries like Germany, France, and the UK. The market is expected to grow from USD 163 million in 2023 to USD 810 million by 2033.

Asia-Pacific (APAC) is the fastest-growing region, with a CAGR of 19.5%, fueled by increasing cancer prevalence, improving healthcare facilities, and government support in China, India, and Japan. The region's market is projected to rise from USD 109 million to USD 690 million by 2033. Japan's high geriatric population (378,356 cancer deaths in 2020) and China's NMPA approval for MRIdian systems (September 2022) are key contributors.

Latin America and Middle East & Africa (MEA) show moderate growth, with CAGRs of 15.2% and 14.8%, respectively, driven by gradual healthcare infrastructure development and rising cancer awareness.

Challenges and Restraints

High installation and maintenance costs of MRgRT systems, often exceeding USD 10 million per unit, limit adoption in low- and middle-income countries. Stringent regulatory requirements, such as FDA and NMPA standards, ensure patient safety but increase compliance costs. A shortage of skilled medical professionals to operate these complex systems poses a long-term challenge. Competition from alternative treatments, like peptide-based therapeutics and proton therapy, may also hinder growth. The COVID-19 pandemic temporarily disrupted supply chains and reduced patient visits, though recovery is underway.

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Country-Specific Insights

United States: High cancer incidence (1.9 million cases in 2022) and robust healthcare spending (USD 4.8 trillion projected by 2023) drive demand. Partnerships like ViewRay's MRIdian installations at MD Anderson (September 2022) enhance market growth.

Japan: A geriatric population (over 33%) and high cancer mortality (378,356 deaths in 2020) fuel demand. Government healthcare initiatives and R&D investments support adoption.

Germany: Rising cancer cases and advanced healthcare infrastructure drive a steady CAGR of 16%. Collaborations like Siemens Healthineers' program with MD Anderson (September 2021) bolster growth.

China: Rapid healthcare infrastructure expansion and NMPA approval for MRIdian systems (September 2022) make it a high-growth market, with an estimated CAGR of 20%.

India: Increasing cancer burden (800,000 patients needing radiotherapy annually) and government initiatives like the National Cancer Grid drive demand for affordable systems.

Category-Wise Analysis

Product Type: Software holds the largest share (over 60% in 2023), driven by innovations in AI-integrated platforms like Elekta Harmony and ViewRay's MRIdian. Linac MR-RT systems are growing at a 17.8% CAGR due to their precision in tumor targeting.

MR Dimension: 1.5 Tesla MR scanners dominate (55% share), offering a balance of imaging quality and cost. The 0.5 Tesla segment grows steadily for smaller facilities.

End User: Hospitals lead with a 65% share, driven by high hospitalization rates for cancer treatment and increased spending on advanced systems. Cancer research institutes show the fastest growth (20% CAGR), fueled by R&D investments.

Competitive Landscape

Elekta AB and ViewRay Technologies Inc. dominate, holding ~80% of the market share in 2023. Elekta's Unity MR-Linac, with FDA-approved motion management (February 2023), and ViewRay's MRIdian, installed at GenesisCare UK (September 2022), lead innovations. Other players, including Koninklijke Philips N.V., Varian Medical Systems, and Accuray Incorporated, focus on hybrid systems (e.g., PET/MRI integration) and compact designs. Strategic partnerships, like ViewRay's collaboration with RefleXion Medical (December 2023), enhance technological capabilities. Companies are also pursuing regulatory approvals and cost-effective solutions to penetrate emerging markets.

Market Segmentation

The market is segmented by product (Linac MR-RT systems, software), MR dimension (0.5 Tesla, 1.5 Tesla MR scanners), end user (hospitals, radiotherapy centers, cancer research institutes), and region (North America, Latin America, Europe, APAC, MEA). Hospitals and software segments lead, while APAC shows the highest growth potential.

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