Surface-Guided Breakthroughs: Why RaySearch and Vision RT Are Redefining Radiation Therapy

The radiation oncology sector is undergoing a quiet revolution, and ESTRO 2025 in Vienna marked a pivotal moment. At the conference, RaySearch Laboratories and Vision RT unveiled innovations in surface-guided treatment planning that could transform how cancers are treated—and investors should take note. These advancements, which blend AI-driven precision with real-time data analytics, are poised to reshape markets worth over $10 billion annually in radiation therapy systems alone.

The Innovation Playbook: AI Meets Adaptive Radiotherapy

RaySearch’s RayStation®, the workhorse of its software suite, now features high-speed adaptive replanning, enabling clinicians to dynamically adjust treatment plans as tumors shrink or shift. Paired with AI-driven image segmentation, which automates organ contouring using deep learning models, this reduces planning time by up to 50% and minimizes human error. The ECHO algorithm—developed by Memorial Sloan Kettering—further streamlines complex cases like prostate cancer by generating high-quality plans in minutes.

The MapRT integration with Vision RT, meanwhile, is a game-changer for non-coplanar beam planning. By using surface scanning to create “clearance maps,” clinicians can avoid collisions between patients and treatment machines, enabling safer and more precise radiation delivery. Clinics like Raigmore Hospital report reduced setup times and fewer errors, directly lowering costs while improving outcomes for cancers such as lung and breast.

Clinical Impact: Precision and Efficiency at Scale

The benefits are measurable. For example:
- Lung cancer patients treated with MapRT-enabled plans saw a 22% reduction in heart dose in trials.
- RaySearch’s RayIntelligence® cloud platform aggregates clinical data across 1,100+ global clinics, enabling real-time dashboards that track metrics like treatment toxicity and machine uptime.

These tools aren’t just incremental upgrades—they’re foundational to adaptive radiotherapy becoming standard practice. By automating workflows and integrating AI, RaySearch and Vision RT are tackling two of oncology’s biggest pain points: time-consuming planning and inter-patient variability.

Market Momentum: Partnerships Power Growth

RaySearch’s partnerships are critical to its expansion. Collaborations with industry giants like GE Healthcare and IBA ensure interoperability with treatment machines, while the UniteRT initiative promotes vendor-neutral systems. This ecosystem approach is key: clinics want flexibility, not proprietary silos.

The $visual>RAYI stock price and revenue growth since 2020 reflects this momentum. RaySearch’s revenue has surged from $44 million in 2020 to $87 million in 2023, with a 35% compound annual growth rate (CAGR). Its Nasdaq listing and 23-year track record provide credibility, but the U.S. market—currently off-limits due to pending FDA clearances for tools like RayCommand®—remains a major untapped opportunity.

Risks and Regulatory Hurdles

Not all challenges are technical. Regulatory delays in the U.S. and Canada could slow adoption. For instance, RayCommand®’s lack of clearance in North America means clinics there must rely on older systems, limiting near-term revenue. Additionally, integrating AI tools into legacy workflows requires training, which may slow uptake in smaller clinics.

The Investment Thesis: A Growing Market, A先行者Position

The global radiation therapy software market is projected to hit $1.8 billion by 2030, growing at a 10.5% CAGR. RaySearch’s dominance in adaptive planning and its partnerships position it to capture a significant slice of this growth.

• Competitive Edge: RaySearch’s AI-driven planning (ECHO, deep learning models) and Vision RT’s MapRT/AlignRT are not easily replicated. Competitors like Varian (now part of Siemens Healthineers) lack the same level of AI integration in adaptive workflows.
• Data as a Moat: RayIntelligence®’s ability to unify fragmented clinical data creates a network effect. The more clinics use it, the richer its insights—and the harder competitors find it to unseat RaySearch.

Conclusion: Betting on the Future of Precision Oncology

RaySearch and Vision RT are not just innovators—they’re architects of a new paradigm in radiation therapy. With 1,100+ clinics in 47 countries already using their software, a growing pipeline of AI-driven tools, and strategic partnerships, they’re well-positioned to capitalize on a market hungry for efficiency and precision.

While regulatory hurdles and integration costs pose risks, the $visual>RAYI’s valuation multiples vs. industry peers suggest the stock isn’t yet fully priced for this upside. At a forward P/S ratio of ~5x versus Varian’s 6x, there’s room to grow. For investors, this is a play on a $10 billion market’s shift toward smarter, faster, and more personalized care—led by two companies at the forefront.

In a sector where every second counts and every millimeter matters, RaySearch and Vision RT are rewriting the rules. The question isn’t whether they’ll succeed—it’s how quickly the world catches up.