Industry Overview
The Global Photoacoustic Imaging Market was valued at USD 0.042 billion in 2023 and is predicted to reach USD 0.28 billion by 2030, growing at a CAGR of 18.6% during the forecast period. The factors responsible for the growth of photoacoustic imaging across the globe are increasing number of cancer cases, growing adoption of advanced treatments, growing healthcare expenditure, and growing aging population. The photoacoustic imaging market is a growing field in medical imaging that combines ultrasound and laser-induced photoacoustic signals to create high-resolution images of tissue structures and functions.
Market Segmentation
Insight by Product
Based on product, the global photoacoustic imaging market is categorized into imaging systems, and software and other accessories. During the forecast period, software and other accessories category is expected to grow at the faster rate. This is owing to the advancement in technology that would allow for the launch of new and improved components for photoacoustic imaging systems.
Insight by Application
On the basis of application, the global photoacoustic imaging market is categorized into pre-clinical, and clinical. During the forecast period, the pre-clinical category is expected to be larger market. The major factor driving the growth of the pre-clinical market are advancement in technology in the area of photoacoustic imaging, growing demand for non-invasive imaging techniques for small animals that are used in pre-clinical studies, and increasing number of initiatives by public and private organizations to enhance pre-clinical research.
Insight by Indication
On the basis of indication, the global photoacoustic imaging market is categorized into oncology, cardiology, and others. During the forecast period, the oncology category is expected to be the faster growing category. The major factor driving the growth of this category is growing usage of photoacoustic imaging systems for cancer diagnosis, mainly breast cancer.
Global Photoacoustic Imaging Market Report Coverage
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Report Metric
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Details
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Historical Period
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2018 - 2023
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Base Year Considered
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2024
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Forecast Period
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2025 - 2030
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Market Size in 2023
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U.S.D. 0.042 Billion
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Revenue Forecast in 2030
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U.S.D. 0.28 Billion
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Growth Rate
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18.6%
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Segments Covered in the Report
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By Product, By Application and By Indication
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Report Scope
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Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
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Regions Covered in the Report
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North America, Europe, Asia-Pacific, Middle East, South America and Rest of the World
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Industry Dynamics
Growth Drivers
The primary factors driving the growth of the global photoacoustic imaging market are:
- growing aging population
- Increasing Incidence of Chronic Diseases
- Growing healthcare expenditure
Growing life expectancy results in the falling death rate is the major factor driving the growth in the geriatric population. According to the World Population Ageing 2019, the world’s population aged 65 years and above is expected to grow from 703 million in 2019 to 1.5 billion by 2050. Older people need extensive care, as they are more susceptible to illnesses owing to their low immunity level and longer recovery time. Thus, the older population hugely contributes to the growth of the photoacoustic imaging market.
Challenges
Despite the growth opportunities, the photoacoustic imaging market faces certain challenges. These include the high cost of imaging systems, lack of reimbursement policies for photoacoustic procedures, and limited awareness among healthcare professionals about the technology.
Opportunities
Several factors contribute to the growth of the photoacoustic imaging market. These include increasing research and development activities in the field, rising prevalence of chronic diseases such as cancer and cardiovascular disorders, technological advancements in imaging modalities, and growing demand for non-invasive diagnostic procedures. Photoacoustic imaging has a wide range of applications across various medical fields. It is used in oncology, dermatology, neurology, cardiology, and other areas of clinical research. The ability of photoacoustic imaging to provide both anatomical and functional information makes it valuable in diagnosing and monitoring diseases.
Geographic Overview
Geographically, North America is the largest revenue contributor in the photoacoustic imaging market. The growing aging population, increasing healthcare expenditure and growing incidence of chronic diseases in the region are the key factors responsible for its growth.
Competitive Insight
Verasonics's real-time, software-based, programmable ultrasound systems accelerate research by providing unsurpassed speed and control to simplify the data collection and analysis process. Verasonics has established a new paradigm in ultrasound system architecture by providing extreme flexibility to expedite development of new techniques and products.
Vibronix is devoted to developing advanced imaging and sensing technologies for disease diagnosis and treatment. Vibronix provides innovative integrated solutions for fast and precision surgery with interwoven ideas in vibrational spectroscopy, augmented reality, optical & acoustic imaging and machine learning.
Key players operating in the global photoacoustic imaging market include Verasonics Inc., Vibronix Inc., FUJIFILM VisualSonics Inc., illumiSonics Inc., EKSPLA, InnoLas Laser GmbH, PhotoSound Technologies Inc., Teem Photonics, TomoWave Laboratories Inc., and Seno Medical Instruments Inc.
Recent Developments by Key Players
April 2, 2024 - EKSPLA (a leading provider of laser systems and solutions) has announced the appointment of Elite Alliance Corp., Ltd. as its new representative in Taiwan. The company shall undertake sales, promotion and service arrangements for all EKSPLA products taht will cater to the diverse needs of customers across Taiwan.
Recent Developments by Key Players
Verasonics's real-time, software-based, programmable ultrasound systems accelerate research by providing unsurpassed speed and control to simplify the data collection and analysis process. Verasonics has established a new paradigm in ultrasound system architecture by providing extreme flexibility to expedite development of new techniques and products.
Vibronix is devoted to developing advanced imaging and sensing technologies for disease diagnosis and treatment. Vibronix provides innovative integrated solutions for fast and precision surgery with interwoven ideas in vibrational spectroscopy, augmented reality, optical & acoustic imaging and machine learning.
Key players operating in the global photoacoustic imaging market include Verasonics Inc., Vibronix Inc., FUJIFILM VisualSonics Inc., illumiSonics Inc., EKSPLA, InnoLas Laser GmbH, PhotoSound Technologies Inc., Teem Photonics, TomoWave Laboratories Inc., and Seno Medical Instruments Inc.
Recent Developments by Key Players
EKSPLA (a leading provider of laser systems and solutions) has announced the appointment of Elite Alliance Corp., Ltd. as its new representative in Taiwan. The company shall undertake sales, promotion and service arrangements for all EKSPLA products taht will cater to the diverse needs of customers across Taiwan.
Photonics team develops high-performance ultrafast lasers that fit on a fingertip.
Forecast Parameters
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
- Understanding adoption, development, distribution and regulatory framework.
Data Validation
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
- Demand as well as supply side surveys were conducted in order to understand the industry dynamics and data validation.
Research Phases
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Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
The Photoacoustic Imaging Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Product
- Imaging Systems
- Software and Other Accessories
- By Application
- By Indication
- Oncology
- Cardiology
- Others
Region Covered in the Report
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
