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MRI-guided Radiation Therapy Systems Market is anticipated to Expand Robustly at a CAGR of 20% by 2028

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MRI-guided Radiation Therapy Systems Market is anticipated to Expand Robustly at a CAGR of 20% by 2028

July 20
17:57 2021
MRI-guided Radiation Therapy Systems Market is anticipated to Expand Robustly at a CAGR of 20% by 2028

MRI-guided Radiation Therapy Systems Market

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

  • Worldwide sales of MRI-guided radiation therapy systems crossed the valuation of US $221 Mn by the end of 2018.
  • Rising percentage of patients treated by radiation therapy in US makes North America leading market for MRI-guided radiation therapy systems.
  • Growing expenditure on health care and rising number of cancer patients in United States of America is promoting market growth.
  • MRI-guided radiation therapy systems sales is expected to sky rocket in emerging economies like India and china owing to rising population growth and increased investment towards healthcare infrastructure development.
  • Europe follows the North America as second largest market and is expected to improve due to adoption of advance methods and increase in skilled professionals.

 

MRI-guided radiation therapy systems market – Key Driving Factors

  • Introduction of high precision and efficient MRI-guided radiation therapy systems with real time monitoring options leading to reduction in human error will accentuate the overall market growth.
  • Increasing investment from government for healthcare sector development in developing countries is forecast to increase the MRI-guided radiation therapy systems demand.
  • Growing incidences of cancer and efficient reimbursement policies providing easy access to radiation therapy will boost market sales.

 

MRI-guided radiation therapy systems market – Key Driving Factors

  • Introduction of high precision and efficient MRI-guided radiation therapy systems with real time monitoring options leading to reduction in human error will accentuate the overall market growth.
  • Increasing investment from government for healthcare sector development in developing countries is forecast to increase the MRI-guided radiation therapy systems demand.
  • Growing incidences of cancer and efficient reimbursement policies providing easy access to radiation therapy will boost market sales.

 

MRI-guided radiation therapy systems market – Key Restraints

  • Development in alternate cancer treatment options and advancement in technologies restrict the market growth.
  • Stringent government policies leading to delayed product deliver hampers the market growth.
  • Limited implementation of MRI-guided radiation therapy systems due to lack of skilled professionals negatively affects the market sales.

 

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).

 

Explore Fact.MR’s Coverage on the Biospace Domain

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