European MedTech: Radiotherapy revolution: New platforms, but also new competitors

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European MedTech: Radiotherapy revolution: New platforms, but also new competitors

Global Research

14 July 2026ab

European MedTech Equities

Europe including UKRadiotherapy revolution: New platforms, but

also new competitors Healthcare

Kavya Deshpande

Analyst

kavya.deshpande@ubs.com

Key debate in radiotherapy is no longer simply Varian vs. Elekta +44-20-7567 8515

In this note, we assess the new platforms being launched by radiotherapy's incumbents, Graham Doyle

Varian (Siemens Healthineers [SHL], Neutral) and Elekta (Sell). Combined with our work Analyst

on US reimbursement changes and market dynamics in Europe, we believe Varian is graham.doyle@ubs.com

well-positioned to extend its lead over Elekta. However, our analysis also highlights a +44-20-7568 2587

deeper shift in the R&D landscape, with innovation moving from hardware to software Thyra Lee

and workflow automation. This appears to be lowering barriers to entry and creating Analyst

opportunities for challengers such as RaySearch, United Imaging, Brainlab and VisionRT. thyra.lee@ubs.com

From a stock perspective, we see United Imaging (Buy) as the most underappreciated +44-20-7568 0083

winner, while SHL (Neutral) also benefits, but within a more diversified investment case. Jun Deng

By contrast, Elekta (Sell) appears increasingly squeezed, facing both continued share Analyst

losses to Varian and growing competition from outside the traditional duopoly. jun.deng@ubs.com

+852-3712 2103

#1 vs. #2: Varian likely extends lead in battle of the launches

Elekta's long-awaited Evo platform has finally launched in the US, while Varian prepares

to unveil its next-generation TrueBeam later this year. Although adaptive radiotherapy is

Evo's key point of differentiation, our analysis suggests Varian's existing TrueBeam