According to Emergen Research, the global photoacoustic imaging market size was USD 65.31 million in 2020 and is expected to reach USD 202.52 million in 2028 and register a revenue CAGR of 15.2% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Photoacoustic Imaging Market, By Product (Imaging Systems, Lasers, Transducers, Contrast Agents, Software), By Application (Oncology, Cardiology, Neurology, Hematology, Others), By End-use (Hospitals and Clinics, Research Institutions), and By Region Forecast to 2028”
According to Emergen Research, the global photoacoustic imaging market size was USD 65.31 million in 2020 and is expected to reach USD 202.52 million in 2028 and register a revenue CAGR of 15.2% during the forecast period, 2021-2028.
Market Dynamics:
Key factors contributing to revenue growth of the global photoacoustic imaging market include rising prevalence of cancer and various cardiac and neurological disorders, increasing geriatric population worldwide, increasing research & development activities in the field of non-ionizing radiation (NIR), and rapid adoption of cutting-edge diagnostic imaging technologies, especially to detect cancers such as breast cancer. Also referred to as optoacoustic imaging, photoacoustic imaging (PAI) is a hybrid imaging technique that offers high image resolution and depth, with improved optical spectroscopic contrast. The technique is ideal for real-time structural and molecular imaging of tissue.
Increasing applications of the photoacoustic imaging technique in cardiovascular diagnostics, cancer screening, therapy monitoring, brain imaging, dermatology, drug development, and pre-clinical studies are expected to drive the global photoacoustic imaging market revenue growth significantly over the upcoming years. Furthermore, rapid adoption of PAI due to several advantages over other biomedical imaging technologies, such as higher imaging speed and enhanced diagnostic accuracy, is another major factor driving market revenue growth.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Oncology Segment Accounted for Largest Revenue Share in 2020:
The oncology segment dominated other application segments in terms of revenue share in the global market in 2020. Factors contributing to revenue growth of this segment are increasing prevalence of cancer across the globe, rising awareness of early cancer detection and treatment, and increasing applications of photoacoustic imaging technology in cancer imaging due to several advantages of PAI over x-ray imaging techniques.
Hospitals and Clinics Segment Accounted for Largest Revenue Share in 2020:
The hospitals and clinics segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Rising prevalence of cancer, cardiovascular, neurological, and blood-related disorders, increasing rate of hospital visits, rising volumes of biomedical imaging procedures, and rapid adoption of photoacoustic imaging technology in healthcare institutions are major factors driving this segment’s revenue growth.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America photoacoustic imaging market accounted for the largest revenue share in the global market in 2020. Key factors prompting revenue growth of the regional market are rise in geriatric population, growing prevalence of cardiovascular, neurological, and oncological diseases, emergence of state-of-the-art diagnostic imaging technologies, and presence of advanced healthcare infrastructure and key market players in the region, including IllumiSonics Inc. and Seno Medical Instruments Inc.
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Major Companies in the Global Photoacoustic Imaging Market Include:
- IllumiSonics Inc.
- Seno Medical Instruments Inc.
- InnoLas Laser GmbH
- FUJIFILM VisualSonics Inc.
- Kibero GmbH
- iThera Medical GmbH
- PhotoSound Technologies Inc.
- PA Imaging
- Teem Photonics
- Advantest Corporation
- TomoWave Laboratories, Inc.
- Aspectus GmbH
- Vibronix Inc.
- Opotek LLC
- Hübner Photonics GmbH
- Daylight Solutions
- NanoHybrids
For the purpose of this report, Emergen Research has segmented the global photoacoustic imaging market based on product, application, end-use, and region:
Product Outlook (Revenue, USD Million; 2018-2028)
- Imaging Systems
- Lasers
- Transducers
- Contrast Agents
- Software
Application Outlook (Revenue, USD Million; 2018-2028)
- Oncology
- Cardiology
- Neurology
- Hematology
- Others
End-use Outlook (Revenue, USD Million; 2018-2028)
- Hospitals and Clinics
- Research Institutions
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Region Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
Reasons to buy the report:
- This study segments the Photoacoustic Imaging market and derives the precise valuation of the overall, as well as segment-based, market across different industry verticals, geographies, and products.
- The report will help participants understand the trajectory of the progress of the market and provide information on key drivers, restraints, challenges, threats, and opportunities for the growth of the Photoacoustic Imaging sectors.
- This Photoacoustic Imaging report would allow readers to be well-versed with the existing competition and gain more insights to improve their standing in the worldwide business. The competitive landscape considers the dominant competitors, along with product launches and technological advancements, strategic expansions, mergers and acquisitions, and procurement strategies implemented by key players in the Photoacoustic Imaging market.
Key features of the report:
- To study the key aspects impacting the Photoacoustic Imaging market size.
- To identify growth prospects in the Photoacoustic Imaging market.
- To analyze the Photoacoustic Imaging market segments and deduce the dominant trends observed in the industry.
- To examine the Photoacoustic Imaging market by investigating the available products, market share, and value proposition of the products.
- To analyze the industry by assessing the scope and application of the Photoacoustic Imaging market and highlight the growth of each application.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2030
Chapter 3. Key Insights
Chapter 4. Photoacoustic Imaging Market Segmentation & Impact Analysis
4.1. Photoacoustic Imaging Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Continued…
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