Raysearch Laboratories

What Raysearch Laboratories does

RaySearch Laboratories AB (publ) is a Swedish medical technology company founded in 2000 as a spin-off from the Karolinska Institute, headquartered in Stockholm and listed on Nasdaq Stockholm under RAY B since 2003. The company develops software for radiation oncology, organized around four core platforms: RayStation (treatment planning system), RayCare (oncology information system), RayCommand (treatment control system), and RayIntelligence (oncology analytics system). Its software supports photon, electron, proton, carbon ion, helium ion, and boron neutron capture therapy (BNCT), with advanced optimization algorithms (originating in the ORBIT code from Karolinska research since 1985), GPU-accelerated Monte Carlo dose computation, multi-criteria optimization, deformable image registration, and adaptive radiotherapy.

RaySearch's product portfolio is differentiated by a vendor-agnostic architecture that integrates with treatment machines from Varian, Elekta, Accuray, Mevion, IBA, Hitachi, Canon Medical, United Imaging Healthcare, and others, plus DICOM interoperability and the UniteRT consortium. The company pioneered the first machine learning applications inside a treatment planning system (RayStation 8B, 2018) and now embeds deep learning segmentation, knowledge-based automated planning (ECHO), and adaptive radiotherapy (ARTemis) across the suite. A complementary image-guided Liver Ablation Module was co-developed with MD Anderson Cancer Center, and the company entered chemotherapy quality assurance through the February 2024 acquisition of DrugLog from Pharmacolog.

The business model is enterprise software: primarily perpetual and subscription licenses for treatment planning and oncology information systems sold to hospitals, cancer centers, and proton/ion therapy facilities, supplemented by professional services (implementation, training, support). Distribution is direct via Regional Business Directors across all major geographies with local distribution partners in markets such as Vietnam, Russia, Italy, Poland, Thailand, Indonesia, and Brazil. Reported full-year 2025 net sales were SEK 1,340 million (~13% YoY growth) with Q4 2025 net sales of SEK 375 million (~16% YoY) and a 24% operating profit margin; installed base covers 1,200+ clinics in 51 countries.

Name

Raysearch Laboratories

Legal name

RaySearch Laboratories AB (publ)

Website

https://raysearchlabs.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

251–500 employees

Short description

RaySearch Laboratories is a Swedish medical software company that develops vendor-agnostic treatment planning, oncology information, treatment control, and analytics systems used by more than 1,200 cancer clinics across 51 countries.

Ownership category

akta.pro rank

Product category

Radiation Oncology Software

SIC

Services-Computer Programming Services (7371)

akta.pro primary industry

Radiation Therapy Planning & Simulation Imaging (CT Sim/MR Sim) (HLAHABAH)

akta.pro secondary industry

Radiation Dose Management & Analytics (HLACALAH)

Keywords

• Radiation oncology software
• Treatment planning systems
• Oncology information systems
• Particle therapy planning
• Adaptive radiotherapy software

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Software Licenses and Subscriptions: RaySearch generates revenue primarily through the sale of software licenses for RayStation treatment planning system, RayCare oncology information system, and related products. The software is sold to hospitals and cancer treatment centers globally.
2. Professional Services: Implementation, training, and support services provided alongside software deployments.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels8 records

Core offering

RaySearch Laboratories develops and sells vendor-neutral software for radiation therapy and oncology. Its portfolio includes RayStation, a flagship treatment planning system supporting photon, electron, proton, carbon ion, helium ion, and boron neutron capture therapy; RayCare, an oncology information system for workflow management; RayCommand, a treatment control system linking treatment machines with planning and information systems; and RayIntelligence, an oncology analytics system.

Product overview

RaySearch Laboratories is a medical technology company developing software solutions for cancer treatment. The product portfolio consists of four core platforms: RayStation (treatment planning system), RayCare (oncology information system), RayCommand (treatment control system), and RayIntelligence (oncology analytics system). RayStation is the flagship treatment planning system supporting photon, electron, proton, carbon ion, helium ion, and boron neutron capture therapy (BNCT), with advanced features including automated planning, machine learning, multi-criteria optimization, and adaptive therapy. RayCare manages oncology workflows including scheduling, patient charts, and treatment management across enterprise deployments. RayCommand links treatment machines with planning and information systems, while RayIntelligence provides data analytics capabilities. Additional offerings include the Liver Ablation Module for image-guided procedures, RayImaging radiology workstation, RayCare PACS, RayMigrate for data migration, and the acquired DrugLog product for chemotherapy quality assurance. Micro RayStation serves pre-clinical research needs. The company also offers specialized modules like ECHO for automated proton planning, ARTemis for online adaptive radiotherapy, and Plan Explorer for treatment plan comparison. RaySearch software has been sold to over 1,200 clinics in 51 countries.

Differentiator

Problem solved

Functional benefit

Brands

• RayStation: Treatment planning system (TPS) supporting photon, electron, proton, carbon ion, and other radiation therapy techniques with advanced optimization and machine learning capabilities.
• RayCare
• RayIntelligence
• RayCommand
• RayPlan
• Micro-RayStation
• DrugLog

Products and services

• RayStation Flagship treatment planning system (TPS) supporting photon, electron, proton, carbon ion, and boron neutron capture therapy (BNCT) with automated planning, machine learning, multi-criteria optimization, robust optimization, adaptive therapy, and integration with treatment delivery systems from multiple vendors. Sold to hospitals and cancer treatment centers globally.
• RayCare Oncology information system (OIS) designed to coordinate and manage radiation oncology workflows across multiple clinics, providing scheduling, patient chart management, treatment planning efficiency tools, treatment management, PACS integration, and enterprise-wide connectivity.
• RayCommand Treatment control system (TCS) designed to link the treatment machine with treatment planning and oncology information systems, enabling coordinated treatment delivery.
• RayIntelligence Oncology analytics system (OAS) enabling cancer clinics to collect, structure, and analyze data for insights into treatment outcomes and operational efficiency.
• RayPlan Legacy treatment planning system offering within the RaySearch product portfolio.
• Micro RayStation Version of the RayStation treatment planning system designed for pre-clinical research applications.
• DrugLog Chemotherapy quality assurance product acquired from Pharmacolog, supporting verification of chemotherapy drug preparation.
• RayMigrate Standalone data migration tool enabling transfer of patient and treatment data between different treatment planning systems.
• Liver Ablation Module Image-guided liver ablation module developed in collaboration with MD Anderson Cancer Center, supporting pre-ablation planning, real-time needle guidance, and post-treatment verification using AI tools.

Quantifiable outcome

• Simulation to treatment planning time reduced from seven days to seven minutes with GE HealthCare iRT integration
• +2 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

AI capability8 records

Feature9 records

Partnerships

14 partnerships are on record, tiered core.

• Iridium NetworkcoreStrategic or Co-development Partner · 29 October 2021Iridium Network invested in RayCare, becoming their primary oncology information system and actively contributing to its development. The partnership aims to standardize and automate radiation oncology workflows across multiple hospital clinics in Antwerp, Belgium, with plans for machine learning-powered automation.
• TD Tech Company (Vietnam)coreChannel Partner/ Reseller/ DistributorTD Tech Company is RaySearch's distributor in Vietnam, facilitating the introduction of advanced proton therapy at Tam Anh General Hospital.
• GE HealthCarecoreTechnology or IntegrationCollaboration to improve radiation oncology treatment planning. GE HealthCare integrated RayStation into its Intelligent Radiation Therapy (iRT) workflow solution, reducing simulation to treatment planning time significantly.
• Varian Medical SystemscoreTechnology or IntegrationLong-term collaboration agreement signed in 2007 to develop advanced radiotherapy treatment planning. Multiple products launched through the partnership including VMAT and IMRT solutions.
• IBA (Ion Beam Applications)coreStrategic or Co-development PartnerStrategic alliance to offer integrated comprehensive solution for adaptive proton radiation therapy, including development of online adaptive proton workflow demonstrated at ESTRO.
• Mevion Medical SystemscoreTechnology or IntegrationExtended collaboration to support RayCare oncology information system and HYPERSCAN adaptive aperture IMPT capabilities. Joint development of next-generation treatment planning techniques for FLASH proton radiotherapy.
• Canon Medical SystemscoreTechnology or IntegrationCollaboration agreement for integrated solutions in radiation oncology. Expanded partnership in 2021 for Canon Medical Systems USA.
• MD Anderson Cancer CentercoreStrategic or Co-development PartnerClinical collaboration on image-guided liver ablation module development. MD Anderson provided clinical expertise for the AI-powered module supporting the entire treatment workflow.
• Philips Radiation Oncology SystemscoreTechnology or IntegrationLong-standing partnership for treatment planning software development. Products like P3IMRT and RayBiology integrated into Philips Pinnacle3 system.
• Hitachi High-Tech CorporationcoreTechnology or IntegrationHealthcare business group partner in Japan. Annual RaySearch-Hitachi User Meeting hosted. RayStation integrated with Hitachi proton therapy systems.
• Vision RTcoreTechnology or IntegrationStrategic partnership announced for surface guided treatment planning integration.
• Eckert & Ziegler BEBIGcoreTechnology or IntegrationPartnership regarding brachytherapy planning integration.
• Leo Cancer CarecoreTechnology or IntegrationPartnership to enable upright radiotherapy solutions.
• Princess Margaret Cancer Centre (Canada)coreStrategic or Co-development PartnerStrategic partnership to shape the future of cancer treatment. First patients treated with machine learning generated plans as part of evaluation study.

Scale indicators9 records

Recent moves6 records

Expansion highlights8 records

Direct peers

• Elekta: Elekta is RaySearch's closest direct competitor, offering Monaco treatment planning system and MOSAIQ oncology information system, alongside its own linear accelerators. Both companies compete head-to-head for radiation oncology software deals at hospitals and proton therapy centers globally.
• Brainlab: Brainlab provides radiation oncology treatment planning software (iPlan, Elements) and supports multiple linac vendors. Its surgical and radiotherapy software portfolio overlaps directly with RaySearch's planning and image-guided offerings for cancer treatment centers.
• Accuray: Accuray manufactures CyberKnife and Radixact (TomoTherapy) treatment delivery systems, and historically bundled its own Precision treatment planning software. Accuray competes with RaySearch both as a TPS vendor and as an integrated hardware/software player in radiosurgery and hypofractionated RT.

Broad incumbents

• Varian Medical Systems (Siemens Healthineers): Varian, now part of Siemens Healthineers, offers Eclipse (TPS), ARIA (OIS), and the leading TrueBeam linac franchise. While Varian is a hardware OEM, its software portfolio directly competes with RayStation and RayCare, and its scale (combined with Siemens) gives it bundling power RaySearch must navigate around.
• Philips (Radiation Oncology): Philips historically partnered with RaySearch to integrate ORBIT-derived algorithms into its Pinnacle3 TPS and has a broader healthcare imaging portfolio. Philips remains a partial competitor in radiation oncology software while also being a historical technology partner through RayBiology and P3IMRT.
• GE HealthCare: GE HealthCare's Intelligent Radiation Therapy (iRT) solution integrates with RayStation and competes in adjacent imaging and simulation workflows. As a broader imaging OEM, GE HealthCare is both a partner (enabling 7-day-to-7-minute workflow gains) and an adjacent incumbent in the radiotherapy ecosystem.

Emerging players

• MIM Software: MIM Software offers medical imaging informatics solutions including MIM Symphony for radiation oncology, with overlap to RaySearch's RayCare PACS and RayIntelligence analytics offerings. MIM is a smaller, specialty competitor focused on imaging workflow and AI-based contouring.
• ViewRay (MRIdian): ViewRay pioneered MR-guided radiation therapy with its MRIdian system and integrated treatment planning. It represents a niche competitor in adaptive RT, an area where RaySearch's ARTemis and RayStation are also competing for share of MR-guided and conventional online adaptive workflows.
• C-Rad: C-Rad provides surface-guided radiation therapy (SGRT) solutions and Catalyst/BeamCT products. While not a direct TPS competitor, C-Rad's SGRT systems intersect with RaySearch's adaptive RT and surface-guided integration (Vision RT partnership), making it a partial competitor in the advanced RT workflow stack.
• Mirada Medical: Mirada Medical offers radiation treatment planning and medical imaging software with a focus on AI-driven auto-contouring and multimodality image registration. It competes with RaySearch's deep learning segmentation and RayStation adaptive workflow capabilities, particularly in the UK and European markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/raysearchlabs
• LinkedInlinkedin.com/company/raysearch-laboratories
• Xx.com/raysearch

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Raysearch Laboratories