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Accuray develops systems for radiation therapy to treat solid tumors. Its lead product is the CyberKnife® Robotic Radiosurgery System, the system has been used for the head and neck, outside of the brain for tumors on or near the spine and in the lung, liver, prostate and pancreasas, an alternative to traditional surgery. It is an intelligent robotic surgery system combining continuous image-guidance technology with a compact linear accelerator. The system uses a compact radiation treatment device to create high-energy X-ray beams to destroy tumors. The company has installed systems in the Americas, Asia, and Europe.
In March 2011, Accuray announced the acquisition of TomoTherapy Incorporated (TOMO). TOMO develops advanced radiation therapy solutions for oncology care. Accuray and Tomotherapy serve complementary populations ranging from high-precision radiosurgery for early-stage and localized disease to image-guided, intensity-modulated radiation therapy for more advanced disease sites throughout the body.
The acquisition of TOMO will broaden Accuray's global presence to include 32 countries and more than 550 units. Combination of the two companies 2010 revenues exceeded $400 million.
The World Health Organization estimates that over 11 million people each year have new cases of cancer globally and predicted the annual number of new cancer patients to rise to 15.5 million by 2030. Approximately 50% of cancer patients in the United States receive radiation therapy , and some doctors believe that this percentage will increase since the most precise, targeted radiation therapy in some case can replace surgery.  To prevent unreasonably long wait times for patients, more hospitals and clinics will need to install radiation treatment facilities. However, growing demand for radiotherapy equipment is also contingent on the availability (or lack thereof) of more effective technologies.
Accuray's Cyberknife System alone is over $4 million with treatments ranging from $11,000 to $30,000. Equipment used for particle physics research varies from customer to customer, since most is highly specialized, but has costs starting in the billions of dollars. During years of low interest rates, US hospitals used auction-rate securities to raise capital, but these markets dried up when the credit crunch hit the global economy.
Accuray competes directly with large companies such as Varian Medical Systems (VAR), Siemens and Philips, and with smaller, more specialized radiation therapy equipment companies such as [[Elekta]. Indirectly, Accuray competes with all other cancer treatment equipment makers, since different cancer treatments are sometimes interchangeable or used in conjunction.