MRI-guided Radiation Therapy Systems Revenue to Top US$2.89 Billion by 2033; Hospital Segment to Lead Sales; Fact.MR Report
MRI-guided Radiation Therapy Systems Market is expected to grow at a CAGR of 18.1% during the forecast period. United States to Account for Commanding Regional Market Share.
Rockville, March 27, 2023 (GLOBE NEWSWIRE) -- The market for MRI-guided radiation therapy systems is currently valued at US$ 545.1 million and is anticipated to generate US$ 2.89 billion in sales by the end of 2033. According to Fact.MR study, sales of MRI-guided radiation therapy systems will significantly increase at a 18.1% CAGR over the next 10 years.
Since MRI-guided radiation therapy systems are widely used in the treatment of cancer, the rising incidence of various malignancies is anticipated to significantly boost market growth over the course of the forecast period. It is also projected that rising capital spending on establishing healthcare infrastructure in developing economies would increase shipments of MRI-guided radiation therapy equipment in the future.
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MRI-guided Radiation Therapy Systems Market Report Scope & Strategic Insights: | |
Report Coverage | Details |
Market Size Value in | US$ 545.1 Million in 2023 |
Market Size Value by | US$ 2.89 Billion by 2033 |
Growth rate | CAGR of 18.1% from 2023-2033 |
Forecast Period | 2023-2033 |
Base Year | 2022 |
No. of Pages | 170 |
No. Tables | 21 |
No. of Charts & Figures | 83 |
Historical data available | Yes |
Segments covered | Type ; By Product; MR Dimension; End User and Geography |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Drivers
The rising prevalence of cancer across the globe is driving the demand for advanced radiation therapy systems, including MRI-guided radiation therapy systems.
The development of new and advanced radiation therapy systems, such as MRI-guided radiation therapy systems, is driving the market growth.
The growing investments in research and development activities aimed at developing innovative radiation therapy systems are expected to drive market growth.
Governments across the globe are investing in the development of advanced radiation therapy systems, which is driving market growth.
MRI-guided radiation therapy systems offer non-invasive treatment options, which are increasingly preferred by patients, thereby supporting the growth of the market.
The rising awareness among patients and healthcare providers about the benefits of MRI-guided radiation therapy is boosting the market growth.
Restraints
The high cost of these systems is a major restraint for market growth, as it limits the adoption of these systems in developing countries and smaller healthcare facilities.
The effective use of MRI-guided radiation therapy systems requires highly skilled professionals, which is a major challenge for market growth.
Trends
Hybrid systems that combine MRI-guided radiation therapy with other imaging modalities, such as PET or CT, are gaining popularity, as they provide improved accuracy and efficiency in cancer treatment.
AI and ML algorithms are being developed to optimize radiation therapy planning and improve treatment outcomes.
Compact and mobile systems are being developed, which can be used in smaller healthcare facilities and in rural areas, where access to advanced medical equipment is limited.
The focus is shifting towards patient-centric care, with personalized treatment planning and delivery based on individual patient characteristics and needs.
Proton therapy is an advanced form of radiation therapy that is gaining popularity due to its improved precision and reduced side effects, and MRI-guided proton therapy systems are being developed.
Key players in the market are entering into collaborations and partnerships to develop innovative and advanced MRI-guided radiation therapy systems and expand their market presence.
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Regional Landscape:
United States is expected to account for a substantial share in the market. Various factors such as developed healthcare infrastructure and the significant presence of reimbursement policies in the United States are expected to boost the adoption of MRI-guided radiation therapy systems.
Moreover, as per American Cancer Society website, nearly 1.9 million new cases of cancer were recorded in year 2022. The rising senescent population and the presence of key radiation therapy providers is expected to support the growth of the market.
In European countries, mortality rate of cancer has been increasing for the past few years and this trend is expected to boost the adoption of MRI-guided Radiation therapy systems.
Competitive Landscape
MRI-guided Radiation therapy systems market is highly consolidated. Companies such as Elekta AB and ViewRay are dominating the global market and currently, account for around 80% of the global market share.
Launched in 2021, the Elekta Harmony system combines advanced MRI imaging with linear accelerator radiation therapy for improved treatment accuracy and precision.
MRIdian Linac system was launched in 2021. And this combines MRI-guided radiation therapy with a linear accelerator for improved treatment precision and reduced treatment times.
Moreover, ViewRay and RaySearch announced a collaboration in 2021 to develop new treatment planning and delivery software for the MRIdian Linac system.
In addition to this, companies are receiving FDA approvals to expand their sales potential across various countries.
C-RAD received FDA clearance for its SIGRT system in 2021, which provides real-time monitoring and motion management for radiation therapy.
Key Companies Profiled
Elekta AB
ViewRay Technologies Inc.
Koninklijke Philips N.V
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Key Questions Covered in the MRI-guided Radiation Therapy Systems Market Report
What will be the estimated size of the Market in 2023?
At what rate will the global MRI-guided Radiation Therapy Systems sales grow until 2033?
Which are the factors hampering the MRI-guided Radiation Therapy Systems demand?
Which region will spearhead the growth in the global industry during 2023-2033?
Which are the factors driving sales in the MRI-guided Radiation Therapy Systems Market during the forecast period?
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