Photoacoustic Tomography Market Analysis and Forecast to 2032: By Type (Photoacoustic Microscopy, Intravascular Photoacoustic Tomography, Others), Application (Functional Brain Imaging, Tumor Angiogenesis, Methemoglobin Measuring, Blood Oxygenation Mappin

Photoacoustic Tomography Market Analysis and Forecast to 2032: By Type (Photoacoustic Microscopy, Intravascular Photoacoustic Tomography, Others), Application (Functional Brain Imaging, Tumor Angiogenesis, Methemoglobin Measuring, Blood Oxygenation Mapping, Skin Melanoma Detection, Others), End User (Hospitals, Diagnostic Imaging Centers, Academic & Research Institutes, Others), and Region

The global photoacoustic tomography market was valued at USD 79.2 million in 2022 and it is anticipated to grow further till USD 320.9 million by 2032, at a CAGR of 15.0% during the forecast period.

A non-invasive biomedical hybrid imaging method called photoacoustic tomography combines acoustic detection and optical excitation to identify biological tissues with high resolution, high contrast, and deep penetration. This method takes pictures of biological tissues without cutting them out or utilising radiation. The photoacoustic effect, which converts absorbed optical light into acoustic energy, is the basis for photoacoustic tomography. According to reports, this is what is fueling the demand for photoacoustic tomography.

Global Photoacoustic Tomography Market Scope and Report Structure

Market Trends and Drivers

The rise in non-ionizing radiation for imaging research and the rising incidence of cancer, particularly breast cancer, are driving the market's expansion. For instance, the WHO estimates that 2.3 million women will be diagnosed with breast cancer worldwide in 2020, and 685,000 people will pass away from the disease. Additionally, the expanding range of applications also plays a role in the market's growth. Since it uses non-ionizing radiation to analyse tissues in real-time with high resolution and contrast, at long penetration depths, and while providing morphological, functional, and molecular imaging of living people, photoacoustic imaging (PAI) is superior to conventional diagnostic imaging techniques.

Market Restraints and Challenges

During the forecast period, a rise in the incidence of non-transmissible diseases, rising demand for advanced imaging techniques, an increase in the number of cases of skin and eye conditions, rising demand from various oncology departments, and rising awareness of early diagnosis techniques are some of the key drivers of photoacoustic tomography market growth. Government funding is also likely to create further prospects for the market expansion of photoacoustic tomography in the future. But the cost of photoacoustic imaging is high. This aspect is predicted to limit the market's revenue growth throughout the forecast period, along with stringent laws governing laser usage.

Global Photoacoustic Tomography Market Segmental Overview

The global photoacoustic tomography market is segmented into type, application, end user, and region.

Global Photoacoustic Tomography Market by Type

Based on the type, it is segmented into photoacoustic microscopy, intravascular photoacoustic tomography, and others. The photoacoustic microscopy segment is anticipated to dominate the market during the forecast period. A more popular biomedical approach is photoacoustic microscopy (PAM), which gives anatomical, functional, and molecular information. Contrary to pure optical microscopic techniques, PAM overcomes the optical diffusion limit by taking advantage of the mild sonic scattering of tissue. PAM can provide high-resolution images at defined maximum imaging depths of a few millimeters thanks to its scalability. Even though PAM has already been commercialized for preclinical uses, the commercialization of clinical uses in the future will hasten the transition of PAM from a laboratory technology to a common imaging modality.

Global Photoacoustic Tomography Market by Application

Based on the application, it is segmented into functional brain imaging, tumor angiogenesis, methemoglobin measuring, blood oxygenation mapping, skin melanoma detection, and others. The functional brain imaging segment is anticipated to dominate the market during the forecast period. Key improvements in medical and technological systems have been prompted by rising awareness and the necessity for early cancer identification. The demand for photoacoustic tomography will also be significantly increased by improvements in non-invasive diagnosis technologies and a rise in the use of non-ionizing radiation in healthcare science.

Global Photoacoustic Tomography Market by End User

Based on the end user, it is segmented into hospitals, diagnostic imagine centers, academic & research institutes, and others. The hospitals end user segment is anticipated to dominate the market during the forecast period. One of the main reasons anticipated to support the growth of the photoacoustic tomography market in the future is the increase in pre-clinical studies about the technology at various research and academic institutions. Additionally, it is anticipated that during the projected period, the growing imaging technology of photoacoustic imaging will fuel market expansion.

Geographical Analysis of the Global Photoacoustic Tomography Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Due to the increasing number of pre-clinical studies being conducted on photoacoustic tomography at various academic and research institutes, North America is now dominating the global market. The North American photoacoustic tomography market is primarily driven by the rising senior population and the rise in cancer incidence.

Major Players in the Global Photoacoustic Tomography Market

The key players studied in the report are Advantest Corporation, Fujifilm VisualSonics Inc., Seno Medical, PreXion, iThera Medical GmbH, InnoLas Laser GmbH, OPOTEK LLC, CYBERDYNE INC., TomoWave Laboratories, Inc., Aspectus GmbH, and Endra, Inc. among others.

COVID-19 Impact

The COVID-19 pandemic had caused the healthcare sector to encounter a great deal of difficulty. The pandemic had an effect on the world's healthcare supply chain. Raw material shortages led to a decline in the production of imaging devices as well as transportation problems, which significantly disrupted corporate operations. However, as gas lockup restrictions have been eased globally, the market is steadily expanding.

Recent Developments

• February 2022, FUJIFILM VisualSonics Inc and PIUR IMAGING, the European giant in tomographic ultrasound imaging, partnered to introduce UHF, which is a three-dimensional (3D) ultrasound imaging technology to researchers and clinicians.
• June 2020, FUJIFILM VisualSonics Inc, a subsidiary of FUJIFILM SonoSite, Inc, launched Vevo F2, the world’s first ultra-high-to-low-frequency ultrasound imaging system with a frequency range of 71-1 MHz.

Frequently Asked Questions

Q1.

How big is the Photoacoustic Tomography market?

Ans.

The global Photoacoustic Tomography market size was USD 79.2 million in 2022 and it is anticipated to grow further till USD 320.9 million by 2032, at a CAGR of 15.0% from 2023 to 2032.

Q2.

What is the Photoacoustic Tomography market growth rate?

Ans.

The growth rate of the Photoacoustic Tomography market is 15.0%.

Q3.

Which region holds a major market share for the Photoacoustic Tomography market?

Ans.

North America holds a major market share of the Photoacoustic Tomography market in 2021.

Q4.

Which segment accounted for the largest Photoacoustic Tomography market share?

Ans.

By application, the hospitals segment accounted for the largest Photoacoustic Tomography market share.

Q5.

Who are the key players in the Photoacoustic Tomography market?
Ans. The global Photoacoustic Tomography market report includes players such as Advantest Corporation, Fujifilm VisualSonics Inc., Seno Medical, PreXion, iThera Medical GmbH, InnoLas Laser GmbH, OPOTEK LLC, CYBERDYNE INC., TomoWave Laboratories, Inc., Aspectus GmbH, and Endra, Inc. among others.

Q6.

What are the factors driving the Photoacoustic Tomography market growth?

Ans.

The major factors driving the growth of the market are the growing healthcare market in emerging countries.

Q7.

What are the key growth strategies of Photoacoustic Tomography market players?

Ans.

The key growth strategies of Photoacoustic Tomography market players are product launch and product approval.

Q8.

Which region will provide more business opportunities for the Photoacoustic Tomography market during the forecast period?

Ans.

The Asia-Pacific region will provide more business opportunities for the Photoacoustic Tomography market during the forecast period.

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