RaySearch Laboratories
Swedish medical technology company developing software for radiation therapy and cancer treatment planning.
Last updated August 31, 2026
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Overview
RaySearch Laboratories is a Swedish medical technology company specializing in software for radiation therapy and oncology care. Established in Stockholm in 2000 as a spin-off from research at Karolinska Institutet, the company built its early business around algorithms for improving the planning and optimization of radiation treatments. Its founder, Johan Löf, developed the underlying expertise during doctoral research concerning the treatment of moving tumors. The company initially commercialized its technology through partnerships with established medical technology suppliers. A development agreement with Philips Medical Systems soon after RaySearch was founded led to the P3 IMRT module for Philips’ Pinnacle treatment-planning system. During the following years, RaySearch entered additional partnership or licensing relationships involving companies such as Nucletron, IBA Dosimetry, TomoTherapy and Varian Medical Systems. These arrangements allowed RaySearch algorithms to be incorporated into several established radiation-therapy planning platforms and gave the company an international route to market. RaySearch also participated in clinical research collaborations, including work associated with Princess Margaret Hospital and Massachusetts General Hospital. The company’s research interests included adaptive radiation therapy and multi-criteria optimization, both of which aim to help clinicians account for changes in patient anatomy and balance competing treatment objectives. These activities supported a transition from being primarily an algorithm developer and licensing partner to becoming a supplier of complete clinical software systems. In 2008, RaySearch decided to develop and market its own treatment-planning product. RayStation was launched in 2009, with the West German Proton Therapy Center Essen placing the first reported order. The system subsequently obtained United States Food and Drug Administration 510(k) clearance in 2010, and Massachusetts General Hospital became the first reported U.S. customer. The first patient treatment using RayStation took place there in 2011. A complete version was released in 2012, followed by approval for sale in China in 2013. RaySearch’s principal offering is RayStation, a treatment-planning system supporting multiple radiation modalities and techniques, including three-dimensional conformal radiation therapy, electron therapy, intensity-modulated radiation therapy, helical tomotherapy, volumetric-modulated arc therapy, proton therapy, carbon-ion therapy and adaptive radiation therapy. The company also markets RayCare, an oncology information system intended to support the coordination and management of cancer treatment workflows. Distribution and technology relationships have included Accuray, Mevion, Philips, Nucletron, IBA, Varian and Brainlab. RaySearch markets its products internationally and has maintained subsidiaries in the United States, Singapore, Belgium, France, Germany and the United Kingdom. It is listed on Nasdaq Stockholm under the B share ticker RAY B. The company’s position is that of a specialized oncology-software provider: rather than manufacturing radiation-treatment machines, it develops planning, optimization and information-management tools designed to help hospitals use a range of treatment technologies. Its continuing relevance depends on clinical validation, regulatory clearances, interoperability with treatment equipment and the ability to support increasingly complex and adaptive forms of radiation therapy.
History
RaySearch Laboratories originated in academic research at Karolinska Institutet in Stockholm. Johan Löf founded the company in 2000 as a spin-off built around knowledge from his doctoral work on radiation treatment for moving tumors. This research orientation shaped RaySearch’s early focus on computational algorithms rather than radiation-treatment hardware. Within months of its establishment, RaySearch formed a development partnership with Philips Medical Systems. The relationship produced the P3 intensity-modulated radiation therapy module for Philips’ Pinnacle treatment-planning system in 2001. This gave RaySearch an early commercial role within the established medical-device industry and demonstrated how its algorithms could be integrated into third-party clinical platforms. RaySearch became a listed company in 2003 through admission to the O-list of the Stockholm Stock Exchange. Between 2004 and 2007, it expanded its partnership network through agreements involving Nucletron, IBA Dosimetry, TomoTherapy and Varian Medical Systems. The company’s algorithms were consequently used in several prominent radiation-therapy planning environments. Alongside these commercial arrangements, RaySearch participated in clinical research collaborations, including work with Princess Margaret Hospital and Massachusetts General Hospital. The research agenda included adaptive therapy and multi-criteria optimization, areas concerned with responding to anatomical changes and balancing different clinical objectives during treatment planning. A strategic turning point came in 2008, when RaySearch chose to develop and market its own complete treatment-planning system. RayStation was launched in 2009, and the first reported order came from the West German Proton Therapy Center Essen. The product’s regulatory and clinical adoption then progressed in the United States: RayStation received FDA 510(k) clearance in 2010, Massachusetts General Hospital placed the first reported U.S. order, and the first patient treatment with the system took place there in 2011. RaySearch released the first complete version of RayStation in 2012 and obtained approval to sell it in China in 2013. RayStation broadened the company’s role from algorithm supplier and licensing partner to direct provider of a multi-modality treatment-planning platform. Its supported applications include conventional photon techniques, electron therapy, intensity-modulated and arc therapy, helical tomotherapy, proton therapy, carbon-ion therapy and adaptive radiation therapy. RaySearch has also developed RayCare, an oncology information system intended to organize and connect cancer-care workflows. The company sells internationally and has had subsidiaries in the United States, Singapore, Belgium, France, Germany and the United Kingdom. Its products have also been distributed or integrated through licensing and commercial relationships with medical technology companies including Accuray, Mevion, Philips, Nucletron, IBA, Varian and Brainlab. RaySearch remains a public company on Nasdaq Stockholm. In January 2016, its Series B share moved from the Small Cap segment to the Mid Cap segment. The company’s history therefore reflects a progression from university-derived treatment algorithms, through embedded technology partnerships, to an international software portfolio centered on radiation-treatment planning and oncology information management.
- 2016
Series B share moved to Nasdaq Stockholm Mid Cap
[1]RaySearch’s Series B share moved from the Small Cap to the Mid Cap segment of Nasdaq Stockholm.
- 2013
Approval for sale in China
[1]RayStation received approval for commercial sale in China.
- 2012
First complete RayStation version
[1]RaySearch released the first complete version of its RayStation treatment-planning system.
- 2011
First reported RayStation patient treatment
[1]The first reported patient treatment using RayStation took place at Massachusetts General Hospital.
- 2010
U.S. regulatory clearance
[1]RayStation received United States FDA 510(k) clearance.
- 2009
RayStation launched
[1]RaySearch launched RayStation, with the West German Proton Therapy Center Essen placing the first reported order.
- 2008
Decision to develop an in-house treatment-planning system
[1]RaySearch shifted toward developing and marketing its own complete treatment-planning product.
- 2004
Expansion of technology partnerships
[1]The company entered additional relationships involving Nucletron, IBA Dosimetry, TomoTherapy and Varian Medical Systems.
- 2003
Stock-market listing
[1]RaySearch was listed on the O-list of the Stockholm Stock Exchange, later incorporated into Nasdaq.
- 2001
Philips development partnership
[1]RaySearch worked with Philips Medical Systems on the P3 IMRT module for the Pinnacle treatment-planning system.
Products and positioning
Innovation-led specialist in software that supports the planning, optimization, coordination and delivery of cancer radiation therapy.
Radiation therapy treatment-planning system · 2009
RayStation
RayStation is RaySearch’s principal treatment-planning platform for cancer radiation therapy. It supports a broad set of clinical techniques and modalities, including three-dimensional conformal radiation therapy, electron therapy, intensity-modulated radiation therapy, volumetric-modulated arc therapy, helical tomotherapy, proton therapy, carbon-ion therapy and adaptive radiation therapy. The product was launched in 2009, received U.S. FDA 510(k) clearance in 2010, and was approved for sale in China in 2013.
Oncology information system
RayCare
RayCare is an oncology information system associated with RaySearch’s broader effort to support the coordination and management of cancer-treatment workflows. It complements treatment-planning capabilities by addressing information and process management across oncology care. The available reference material identifies RayCare as a flagship offering but does not provide a specific launch year or a detailed list of current modules.
Brand decisions
2016
Series B share moved to the Nasdaq Stockholm Mid Cap segmentOtherBackground
RaySearch was already listed on Nasdaq Stockholm following its earlier listing on the Stockholm Stock Exchange.
Action taken
The company’s Series B share, traded under RAY B, was transferred from the Small Cap segment to the Mid Cap segment.
Aftermath
The move placed the share in the exchange segment intended for companies with market values between the Small Cap and Large Cap ranges described by Nasdaq Stockholm.
2008
Move from algorithm licensing toward an own-brand treatment-planning systemStrategyBackground
RaySearch had built its early business through research collaborations and partnerships that embedded its algorithms in third-party treatment-planning products.
Action taken
The company decided to develop and market its own complete treatment-planning system, later launched as RayStation.
Aftermath
RayStation became the company’s central commercial platform and expanded RaySearch’s role from technology partner to direct supplier of clinical radiation-therapy software.
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