Global Photoacoustic Imaging Market 2023-2030

Global Photoacoustic Imaging Market 2023-2030

Global Photoacoustic Imaging Market Size, Share & Trends Analysis Report by Product (Imaging Systems, Lasers and Transducers), by Type (Tomography and Microscopy), by Application (Oncology, Cardiology, Neurology, Hematology and Others),and by End-Users(Hospitals and Diagnostic Imaging Centers), Forecast Period (2023-2030)

The global photoacoustic imaging market is anticipated to grow at a significant CAGR of 10.9% during the forecast period (2023-2030). Photoacoustic imaging offers greater penetration than pure optical imaging and better resolution than pure ultrasonic imaging. The growing adoption of advancing diagnostic imaging for biological tissues is the key factor supporting the growth of the market globally. According to Duke University, photoacoustic imaging has a 100.0% relative sensitivity to small optical absorption variations, that means a given percentage change in the optical absorption coefficient yields the same percentage change in the PA signal amplitude. Hence, the market players are also focusing on introducing small optical absorption variations based photoacoustic imaging solutions to further bolster the market growth. For instance, in April 2021, Scintica Instrumentation Inc. announced its distribution agreement with PhotoSound Technologies, Inc., manufacturer of the TriTom, a small animal whole body in vivo imaging system based on PhotoAcoustic Fluorescence Tomography (PAFT). The development of technologies associated with biomedical optics and photoacoustic.

Segmental Outlook

The global photoacoustic imaging market is segmented on the product, type, application, and end-users. Based on the product, the market is sub-segmented into imaging systems, lasers and transducers. Based on the type, the market is sub-segmented into tomography and microscopy. Based on the application, the market is sub-segmented into oncology, cardiology, neurology, hematology and others. Further, on the basis of end users, the market is sub-segmented into hospitals and diagnostic imaging centers. Among the products, the imaging systems sub-segment is anticipated to hold a considerable share of the market owing to the rise in the development of optoacoustic imaging, an emerging radiological technology that generates high-definition volumetric images of tissue by measuring light-induced sound waves from its optically absorbing structures.

The Oncology Sub-Segment is Anticipated to Hold a Considerable Share of the Global Photoacoustic Imaging Market

Among the applications, the oncology sub-segment is expected to hold a considerable share of the global photoacoustic imaging market. The segmental growth is attributed to the growing applications of the photoacoustic imaging technique in cancer screening. Photoacoustic imaging is an emerging modality for molecular imaging of cancer, enabling non-invasive assessment of endogenous tissue chromophores with optical contrast at unprecedented spatiotemporal resolution. Various new applications enhance the foundation in in-vitro diagnostics, image-guided therapy, in-vivo diagnostics, and innovative cancer care. In October 2021, Siemens Healthineers announced the FDA 510 (k) clearance of the Naeotom Alpha, the first photon-counting computer tomograph. With a novel system concept and pioneering new detector technology, it ushers in a new era in computed tomography, a technology that determines the course of many medical decisions. Such developments are further contributing to the growth of this market segment.

Regional Outlook

The global photoacoustic imaging market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the increasing number of cancer cases and high expenditure on healthcare. The improved funding has boosted the region’s research activities which is further driving the growth of the regional market. The presence of key players such as Advantest Corp. illumiSonics Inc., PST Inc., and Verasonics, Inc. across the region is further driving the growth of the regional market.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Photoacoustic Imaging Market

Among all regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the presence of medical device manufacturing companies in the region as well as growth in the purchasing power of populated countries, such as China and India. Moreover, the rise in cancer cases drives the growth of the market. According to the National Institute of Health (NIH), in June 2022, the cancer incidence in Asia was 169.1 per 1 00 000, accounting for 49.3% of the global cancer incidence. The most common cancers included lung (13.8%), breast (10.8%) and colorectal (10.6%) cancers. Its mortality was 101.6 per 1 00 000 (58.3% of the global cancer death) with lung (19.2%), liver (10.5%) and stomach (9.9%) cancers being the most common causes of cancer death in 2020.

An increased demand for better imaging devices and the rising frequency of research activities drive market growth. For instance, in September 2021, a group of researchers from South Korea’s Pohang University of Science and Technology (POSTECH) developed a handheld photoacoustic detector that can be used to assess lymph node status without exposing patients to radiation. The key market players include PreXion, PST Inc., Litron Lasers, FUJIFILM Visualsonics, Inc., kibero, InnoLas Laser GmbH, BK Medical Holding Company, Inc., EKSPLA, Aspectus GmbH, Advantest Corp., and Vibronix, Inc. and others.

Market Players Outlook

The major companies serving the photoacoustic imaging market include FUJIFILM Holdings Corp., Advantest Corp., CYBERDYNE, Inc., Siemens Healthineers, PA Imagining R&D B.V. and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2021, CYBERDYNE Inc. the Japan agency adopted the company’s proposal on photoacoustic imaging technology For Medical Research and Development (“AMED”) for its Medical and industrial collaboration innovation promotion project.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global photoacoustic imaging market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.