The MRI-guided Radiation Therapy Systems Market is forecast to expand at 20% CAGR throughout the period 2018-2028. As per a study by Fact MR, soaring cancer rate among geriatric population and rising preference among patients towards non invasive radiation therapies are leading factors influencing the market growth. Availability of robust health care infrastructure and spike in healthcare expenditure is also promoting the market demand.
According to a report published by World health Organization, About 50% of cancer patients require radiation therapy. Government is investing in advance treatment option which includes MRI-guided radiation therapy systems. Rising government support towards cancer awareness campaign will provide favorable environment for MRI-guided radiation therapy systems market growth.
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MRI-guided radiation therapy systems market: Key Findings
MRI-guided radiation therapy systems market – Key Driving Factors
MRI-guided radiation therapy systems market – Key Restraints
MRI-guided radiation therapy systems market – COVID-19 Impact
COVID-19 pandemic disrupted the world healthcare economy. It negatively affected the MRI-guided radiation therapy systems market. Sluggish economic growth restricted the market sales of MRI-guided radiation therapy systems. Disruption of supply chain due to lockdown was a key deterrent in market growth. With gradual relaxation in lockdown the market is expected to recover steadily.
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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.
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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