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 study assesses macro and microeconomic factors that define the growth prospects of the MRI-guided radiation therapy systems market. It finds that leading players in the rapidly-growing healthcare sector are vying for new techniques in cancer treatment to compensate for involuntary patient movements and improve precision to a much higher degree. In addition, the paradigm shift in preference of cancer patients towards radiation therapies, from invasive to non-invasive procedures, is expected to remain instrumental in adoption of MRI-guided radiation therapy systems in cancer care.
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“Leading cancer research institutes are exploring the potential for MRI in radiation therapy in order to enhance the efficiency and precision of existing cancer treatments. However, integrating MRI technology, which uses magnetic field to produce images, with an all-metal linear accelerator in radiation therapy devices requires exceptional technological expertise and a strong international consortium. Currently, Elekta and Viewray are the only two companies that have a strong foothold in the MRI-guided radiation therapy systems market, and it may be a while until new entrants make foray into the market,” says Fact.MR.
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.
The study opines that the increasing healthcare expenditure in the United States (U.S.) will remain a key growth determinant of the MRI-guided radiation therapy systems market in North America. In 2017, the per capita health expenditure was over US$10,000 in the U.S., recording an increase of nearly 4% over 2016, according to studies. In addition, an alarming rise in the prevalence of cancer in the U.S. will reflect in a significant demand for MRI-guided radiation therapy systems in North America.
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According to the study, North America accounted for 45% sales of MRI-guided radiation therapy systems in 2018. Healthcare organizations in the region are investing heavily in tech-driven radiation treatments for cancer. While demand remains robust in developed markets, developing economies are also emerging as attractive markets for MRI-guided radiation therapy systems. Increasing government investments in healthcare infrastructure in the region, are expected to create new opportunities for the players in the MRI-guided radiation therapy systems market.
The study offers comprehensive outlook of the MRI-guided radiation therapy systems market for the period, 2018 to 2028. The MRI-guided radiation therapy systems market is projected to record a CAGR of approximately 20% through 2028.
Competitive Landscape
The only two MRI-guided radiation therapy systems manufacturers are Elekta AB, Viewray technologies, Inc. The market is still in its early days and thus there are not many market players. Their main focus is on developing MRI compatible modern radiation therapy system with no interference between two components. Development of such innovative products requires huge capital investment and extensive research. These two companies heavily rely on patenting and product licensing for revenue generation.
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Elekta AB is working towards building FDA approved products and capture maximum market shares in North America. Viweray technologies Inc made strategic collaboration with Minogue Medical Inc. and Device Technologies Australia Pvt Ltd to expand their market in Canada, Australia and New Zealand.
More Insights on the MRI-Guided Radiation Therapy Systems Market
In its latest report, Fact.MR offers unbiased analysis of MRI-guided radiation therapy systems market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (Linac MR-RT system, software), MR dimension (0.5 Tesla MR Scanner, 1.5 Tesla MR Scanner) and end user (hospital, Radiotherapy centers, Cancer research institutes) across six regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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