Photoacoustic Imaging Market Overview

The global photoacoustic imaging market attained a valuation of $39.8 million in 2019. And is predicted to generate a revenue of $279.3 million by 2030. The market is also predicted to progress at a CAGR of 20.3% between 2020 and 2030. The rising prevalence of chronic diseases, soaring geriatric population, and rapid technological advancements are the main factors driving the sales of photoacoustic imaging software and systems, which is, in turn, fueling the progress of the market across the globe. As per the data published by the World Health Organization (WHO), 1.28 million people, 2.08 million people, and 2.09 million people were diagnosed with prostate cancer, breast cancer, and lung cancer, respectively, in 2018.

Depending on product, the photoacoustic imaging market is divided into imaging systems and software and other accessories. Out of these, the imaging systems category recorded higher growth in the market in the past years. This was credited to the huge efforts made by the prominent industry players for launching advanced photoacoustic imaging systems for the diagnosis of various chronic diseases such as cancer.

This study covers

• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings

Photoacoustic Imaging Market Applicatins

Based on application, the photoacoustic imaging market is categorized into clinical and pre-clinical. Between these, the clinical category is predicted to exhibit faster growth in the market in the forthcoming years, mainly because of the rising prevalence of cancer, the surging population of geriatric people, the growing usage of technologically advanced and innovative products in medical facilities, and the mushrooming healthcare expenditure around the world.

Geographically, the photoacoustic imaging market recorded the highest growth in North America in the last few years. This was because of the existence of huge companies, high healthcare expenditure, the presence of a well-developed healthcare infrastructure, the high incidence of cancer, and the various strategic developments made by governments, players, and other stakeholders in the region.

Photoacoustic Imaging Market Covid Impact Analysis

The COVID-19 pandemic has massively augmented the burden on healthcare facilities, with the mortality and morbidity rates soaring rapidly across the world. This is causing severe disruptions in the social, economic, and other aspects of life. Moreover, because of the pandemic, several research programs have either been postponed or terminated, including those focused on technologically advanced products such as photoacoustic imaging systems for pre-clinical and clinical applications. Due to this factor, the market is predicted to demonstrate slow progress in 2020.

The major photoacoustic imaging market players have taken numerous strategic measures in the last few years such as partnerships and product launches for gaining a competitive edge in the market. For instance, Sonic Concepts Inc. and Verasonics Inc. announced in January 2019 that they have signed a research funding agreement with Focused Ultrasound Foundation. This collaboration enabled the expansion of Verasonics Inc.’s HIFUPlex portfolio into a complete pre-clinical imaging portfolio called USgFUS pre-clinical research systems for large and small animals.

Photoacoustic Imaging Market Key Players

PA Imaging R&D B.V., OPOTEK LLC, kibero GmbH, iThera Medical GmbH, Vibronix Inc., Verasonics Inc., TomoWave Laboratories Inc., Teem Photonics, Seno Medical Instruments Inc., PhotoSound Technologies Inc., InnoLas Laser GmbH, illumiSonics Inc., FUJIFILM VisualSonics Inc., and EKSPLA are some of the leading global photoacoustic imaging market players.

Photoacoustic imaging is used to look at the internal human anatomy. Wherein the pictures are formed based on how much laser radiation is being absorbed by tissues or the contrast agent injected. In this regard, the photoacoustic imaging market is also being driven by the increasing prevalence of respiratory and cardiovascular diseases (CVDs). The WHO estimates the annual death count of CVDs at 17.9 million and that of respiratory diseases at 7 million.

The photoacoustic imaging market is witnessing the ill-effects of the COVID-pandemic, as medical centers around the world have postponed non-COVID-related procedures, such as testing for chronic diseases. Moreover, research studies on the clinical and pre-clinical applications of this imaging technology have been either suspended or terminated entirely. Additionally, the curtailed manufacturing and trade activities have led to the low supply of photoacoustic imaging systems.

Photoacoustic Imaging Market Segmentation Analysis

The photoacoustic imaging market is predicted to be dominated by the imaging systems bifurcation throughout the next decade, on the basis of product. A number of photoacoustic imaging systems are being launched by the key medical device companies to make the diagnosis of chronic diseases, especially cancer, easier and more effective.

In the coming years, the highest CAGR in the photoacoustic imaging market. of 21.9%, will be experienced by the clinical bifurcation, under segmentation by application. The healthcare expenditure, cases of cancer, and population of the elderly are increasing, which are leading to the high demand for photoacoustic imaging studies for disease diagnosis and treatment monitoring.

Photoacoustic Imaging Market Share

The oncology category held the largest share in the photoacoustic imaging market in the past, based on indication. Such equipment is being rapidly utilized for the screening, diagnosing, and staging of cancer, especially breast cancer, and tracking the effect of therapy.

North America is the highest revenue generator in the photoacoustic imaging market. Mainly on account of its rising cancer incidence, advanced healthcare infrastructure, surging healthcare spending. And efforts by governments and public and private companies to enhance the technology. In the years to come, the rising number of cancer cases. Increasing public and private spending on healthcare, and enhancing healthcare infrastructure would make APAC the fastest-growing region in the market.

Key Findings of Global Photoacoustic Imaging Market Report

• Mergers and acquisitions are most-significant market trend
• Market is growing with increasing prevalence of chronic diseases
• Market is witnessing mass-scale technological advancements
• Photoacoustic imaging systems are subject to stringent safety regulations
• North America will continue being the largest market till 2030
• Photoacoustic imaging systems majorly being used in oncology departments