SAN FRANCISCO, Dec. 15, 2021 /PRNewswire/ -- The global photoacoustic imaging market size is expected to reach USD 235.9 million by 2028, registering a CAGR of 19% over the forecast period, according to a new report by Grand View Research, Inc. A rise in the number of cancer cases worldwide and a growing scope of applications are driving the market. In addition, increasing usage of the photoacoustic imaging(PAI) system in research studies in the field of non-ionizing radiation is expected to boost the market growth. When compared to other imaging modalities, PAI improves understanding, characterization, and monitoring of pathologies, allowing for earlier detection, more accurate diagnosis, and better disease management. PAI has grown significantly in the last two decades due to advantages like high resolution, high contrast, deep imaging, and the capacity to perform multiscale structural and functional imaging.
Key Insights & Findings from the report:
- The Photoacoustic Tomography (PAT) segment dominated the market in 2020 and is expected to continue its dominance throughout the forecast period
- The preclinical type segment dominated the market in 2020 owing to the widespread use of PAI in the research studies
- The clinical segment is estimated to grow at the fastest CAGR over the forecast period due to the expanding spectrum of applications in clinical studies
- The oncology application segment held the largest share in 2020. PAI system can detect tumors in radiologically dense breasts without causing painful breast compression, which drives their demand in this application segment
- North America dominated the market and accounted for the largest revenue share in 2020
- Asia Pacific is anticipated to be the fastest-growing regional market over the forecast period
- The growth is credited to the presence of untapped opportunities in the emerging economies, such as China and India
Read 120 page market research report, "Photoacoustic Imaging Market Size, Share & Trends Analysis Report By Product (PAT, PAM), By Type (Pre-clinical, Clinical), By Application (Oncology, Cardiology, Angiology), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
An increase in demand for PAI in research and development activities is likely to boost market growth over the forecast period. However, present imaging systems have some limitations in terms of cost, acquisition time, and limitations set by ANSI laser safety regulations, which may have a negative impact on the overall market. The growing number of applications in the field of oncology, cardiology, angiology, orthopedics, histology, and interventional radiology is likely to contribute to market expansion, such as diagnosis of cancer as well as conditions like fibrosis, perfusion, edema, hypoxia, and necrosis. Its ability to analyze functional data, such as hemoglobin concentration, oxygen saturation, and fat content, is also remarkable.
The prominent market players are taking different initiatives, such as the acquisition and funding of medium- and small-sized businesses, to expand their product portfolio and enhance their manufacturing capacity. For instance, in October 2021, iThera Medical, a medical device company, announced its funding for the Horizon Europe technology innovation project FRONTIER.iThera Medical will use this project to translate its patented optoacoustic imaging technology from the research facility to routine clinical imaging, giving clinicians throughout the world a powerful new diagnostic tool.
Grand View Research has segmented the global photoacoustic imaging market based on product, type, application, and region:
- Photoacoustic Imaging Product Outlook (Revenue, USD Million, 2016 - 2028)
- Photoacoustic Imaging Type Outlook (Revenue, USD Million, 2016 - 2028)
- Photoacoustic Imaging Application Outlook (Revenue, USD Million, 2016 - 2028)
- Interventional radiology
- Photoacoustic Imaging Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of Photoacoustic Imaging Market
- Advantest Corp.
- Kibero GmbH
- FUJIFILM VisualSonics, Inc.
- Seno Medical Instruments
- iThera Medical GmbH
- Aspectus GmbH
- Vibronix, Inc.
Check out more studies related to medical imaging devices and technologies, published by Grand View Research:
- Medical Imaging Market – The global medical imaging market size was valued at USD 15.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. Major factors driving the industry are the increasing demand for early-stage diagnosis of chronic disease and rising aging demographics, which is expected to boost the demand for diagnostic imaging across the globe.
- Medical Image Analysis Software Market – The global medical image analysis software market size was estimated at USD 2.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.15% from 2020 to 2027. Increase in demand for diagnostic imaging software in fields such as dental, orthopedics, urology, neurology, and oncology is likely to contribute toward market growth.
- Preclinical Imaging Market – The global preclinical imaging market is expected to reach around USD 3.6 billion by the year 2024. The rising number of investments in research and development coupled with the constant pace of technological advancement leading to the development of hybrid imaging systems is primarily driving the market growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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