According to the most recent report by Insightace Analytics, the global market for photoacoustic imaging systems was worth $71.31 million in 2021. It is anticipated to reach $327.13 million by 2030, with a CAGR of 18.9% between 2022 and 2030.Photoacoustic Imaging has emerged as a modality of biomedical imaging that is non-invasive and non-ionizing in vivo with a relatively deep tissue imaging ability. Photoacoustic imaging systems provide multi-contrast, multi-scale imaging and biological features ranging from organelles to organs. Moreover, it offers multiple advantages such as high penetration depth, high image resolution, no harmful ionizing radiation, and molecular targeting at imaging depth, among others. Photoacoustic imaging uses light as a source of excitation and an ultrasonic image to detect sound waves produced by the targets that are optically excited and to form images of optical absorption. In the last two decades, photoacoustic imaging system has been rapidly gaining popularity and explored for biomedical imaging applications. The increasing number of non-communicable diseases and the rising demand for non-invasive imaging are the major factors driving the market growth. The non-communicable diseases such as cancers, diabetes, and chronic kidney disease are increasing rapidly, which is further expected to propel the market growth.
Moreover, rising awareness for early disease diagnosis is also anticipated to boost the adoption of photoacoustic imaging systems across the globe. However, high investment and installation costs are likely to hamper market growth. Conversely, the increasing support from the government and the launch of reimbursement schemes are projected expected to offer lucrative opportunities to the global market.
The Photoacoustic Imaging System Market is a segment based on product type, application, end-user, and geography. In terms of product type, the global market is segregated into imaging systems and components. The imaging systems category is estimated to grow significantly in the upcoming years. The imaging systems and components such as laser and transducer are used during the imaging process. Based on application includes pre-clinical, analytics, and clinical. The rapidly expanding clinical applications of photoacoustic imaging, including dermatologic imaging, breast imaging, carotid artery imaging, vascular imaging, gastrointestinal imaging, musculoskeletal imaging, and adipose tissue imaging, are expected to propel the global market growth. Photoacoustic imaging is also used to detect lipid, melanin, collagen, water, and contrast agents specifically designed to locate various biomarkers. Moreover, the demand for photoacoustic imaging systems is increasing in pre-clinical research, particularly for the early detection of cardiovascular diseases, cancer, and abnormalities in microcirculation.
Based on the end-user, the market is segmented into research institutions, hospitals, and specialty clinics. In 2019, the hospitals' segment was estimated to account for the largest share in the global market. The photoacoustic imaging system is used in clinical practices to screen and diagnose diseases as well as to monitor therapies. It is routinely used in many settings in hospitals for several clinical applications, such as radiology, cardiology, and interventional procedures.
Geographically, the Global Photoacoustic Imaging System Market has been segmented into North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. In terms of revenue, North America accounted for the largest share of the global photoacoustic imaging system market in 2019. Owing to the introduction of innovative devices with advanced technology, these regions are dominating. Additionally, the presence of key companies and increasing focus to ensure better outcomes in the treatment procedures is projected to boost the market within the regions. Moreover, Europe photoacoustic imaging system market is the second largest market owing to the enhancement of healthcare facilities and growing investments in the research institutes. Furthermore, the Asia Pacific is expected to grow at the fastest pace with the rising geriatric population in the region.
Some of the market players leading the Global Photoacoustic Imaging System Market include OPOTEK LLC, InnoLas Laser GmbH, FUJIFILM VisualSonics, Inc., iThera Medical GmbH, Kibero, PhotoSound Technologies Inc., EKSPLA, Seno Medical Instruments Inc., Teem Photonics, Verasonics, Inc., PA Imaging R&D B.V., TomoWave Laboratories, Inc., Vibronix, Inc., and ENDRA Life Sciences Inc. among others.