June 6, 2019 — Revenues from the magnetic resonance imaging (MRI)-guided radiation therapy systems market exceeded $220 million in 2018, according to a recent study, suggesting increasing prevalence for the integrated technologies. According to the study from Fact.MR, the growth potential — projected at approximately a 20 percent compound annual growth rate (CAGR) through 2028 — can be attributed to burgeoning adoption of innovative technologies in cancer diagnosis and 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 shifts 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.
“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 a magnetic field to produce images, with an all-metal linear accelerator [linac] 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,” the study authors said.
The study opines that hospitals, with more than 51 percent revenue share, will remain the target customer for players in the MRI-guided radiation therapy systems market in 2019. Opportunities abound for MRI-guided radiation therapy system developers, with ongoing clinical development of high-tech procedures exploiting Linac MR-RT.
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, and original equipment manufacturers (OEMs), to tap into opportunities in radiation therapy centers.
The study opines that the increasing healthcare expenditure in the 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 more than $10,000 in the U.S., recording an increase of nearly 4 percent over 2016, according to studies. In addition, what the Fact.MR study calls an alarming rise in the prevalence of cancer in the U.S. will be reflected in a significant demand for MRI-guided radiation therapy systems in North America.
According to the study, North America accounted for 45 percent of 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 market players.
Download the full report here.
For more information: www.factmr.com
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