Rise In Expenditure For Cancer Care, Emergence Of Advanced Technologies In Healthcare And Medical Devices Industries Is Expected To Boost The Growth Of MRI-Guided Radiation Therapy Systems Market At A CAGR Of 20% Through 2028

05 Aug 2022
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Benefits Of MRI-Guided Radiation Therapy Systems Over Linear Accelerators & Growing Adoption Of Next-Generation Technologies Had Led To 31% Y-O-Y Growth In 2019 Fact.MR – A Market Research and Competitive Intelligence Provider: The global MRI-guided radiation therapy systems market was valued at nearly US $ 221Mn in 2018 and is expected to record a CAGR of approximately 20% through 2028. Surge in adoption of radiotherapy in cancer treatment is fuelling demand for MRI-guided radiation therapy systems. Significant rise in the national expenditures for cancer care in the US is expected to boost the growth of the market. Increasing capital expenditures on healthcare infrastructure and adoption of advanced medical technologies in developing countries is laying a strong foundation for manufacturers in the MRI-guided radiation therapy systems market. MRI-guided radiation therapy systems have become a crucial part of cancer treatment over linear accelerators. Favorable reimbursement policies pertaining to cancer care continue to drive adoption of the MRI-guided radiation therapy systems among hospitals and medical facilities. For More Insights on this Market, Get A Sample Report! Besides this, rising awareness about cancer and awareness about the advanced treatment procedures, are expected to offer lucrative opportunities for the growth of MRI- guided radiation therapy system market players. In addition to this, stringent government regulations and standards are likely to have an impact on strategies adopted by manufacturers and is likely to cause a delay in the launch of the product. Key Takeaways: MRI-guided radiation therapy systems market was valued at US $ 221 Mn in 2018. The market is expected to record a CAGR of approximately 20% through 2028. Top selling category of the device is Linac MR-RT Systems. North America is expected to dominate the market as the percentage of cancer patients treated with radiation therapy in the United States is witnessing a rise. Growth Drivers: Significant rise in the national expenditure for cancer care in developed economies such as US is expected to boost the growth of the market MRI-guided radiation therapy has become an essential part of cancer treatment. Leading market players are participating in various exhibitions, trade shows, and conferences to better position their products and boost profitable sales. High adoption of next-generation technologies is leading to real-time monitoring, while reducing the margin of error in cancer treatment Rising prevalence of cancer and awareness about the availability of advanced treatment procedures, are expected to provide lucrative growth in the market. Restraints: Recent advancements in technologies and the improved efficiency of alternate cancer treatments may negatively impact the demand for MRI-guided therapy systems Strict government regulations are likely to influence strategies of manufacturers in the market, causing a further delay for the product to reach the market. Lack of skilled professionals in the healthcare sector, will restrict the adoption of MRI-guided radiation therapy systems in medical institutes and research centers. To Gain In-Depth Insights on MRI-guided Radiation Therapy Systems Market, Request Methodology at Competitive Landscape: Currently the technology used in MRI-guided radiation systems is new and market is at its infancy. Key manufacturers rely on licensing and patenting their innovative technologies for revenues and sales. Currently, only two companies have a substantial presence in the market - Elekta AB and Viewray Technologies, Inc. In April 2019, Viewray Technologies, Inc. collaborated with Minogue Medical Inc., distributor of surgical devices, and Device Technologies Australia Pty Ltd, to boost the sales of its MRI-guided radiation therapy systems across Canada, Australia and New Zealand Elekta AB has been adopting strategies to receive FDA approvals for its MRI-guided radiation therapy systems in order to maintain its foothold in North America. Key Companies Profiled by Fact.MR Elekta AB Viewray Technologies, Inc. More Valuable Insights on MRI-guided Radiation Therapy Systems Market Segmentation of MRI-guided Radiation Therapy Systems Market By Product Type: Linac MR-RT Systems Software MR Dimensions 0.5 Tesla MR Scanner 1.5 Tesla MR Scanner End User Hospitals Radiotherapy Centers Radiotherapy Centers Regions North America Latin America Europe Asia Pacific Middle East & Africa Interested to Procure The Data? Inquire here More Valuable Insights on Offer Fact.MR, in its new offering, presents an unbiased analysis of the global MRI-guided Radiation Therapy Systems Market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027. Fact.MR’s Domain Knowledge in Healthcare Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions. 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