Photoacoustic Imaging Market Size was valued at USD 0.095 Billion in 2023. The Photoacoustic Imaging market industry is projected to grow from USD 0.11 Billion in 2024 to USD 0.38 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.00% during the forecast period (2024 - 2032). Rising demand for personalized medicines and increased healthcare investments are the key market drivers boosting the expansion of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for Photoacoustic Imaging is being driven by growing healthcare investments. Photoacoustic imaging (PAI), moreover known as optoacoustic imaging or photoacoustic tomography (PAT), is a progressed restorative imaging procedure that combines the standards of ultrasound and laser-induced optical assimilation to form nitty gritty pictures of biological tissues and structures. It could be a non-invasive imaging methodology that has picked up critical consideration in both clinical and investigative settings due to its interesting capabilities and potential applications.
Additionally, photoacoustic imaging speaks to a noteworthy progression in restorative imaging innovation. It offers the capability to supply both utilitarian and auxiliary data at the same time, making it important for diagnosing and observing maladies. Governments and healthcare organizations around the world are contributing to progressed therapeutic imaging innovations as a portion of endeavors to progress the healthcare framework. This incorporates the selection of photoacoustic imaging frameworks. Photoacoustic imaging can contribute to the slant of personalized medication by providing individualized symptomatic information and treatment arrangements. It can be utilized to tailor treatments to a patient's particular needs and reactions. Getting administrative endorsements for restorative gadgets and imaging innovations can be a time-consuming and complex handle.
The developing geriatric populace, which is exceedingly helpless to different inveterate therapeutic clutters, such as diabetes, cardiovascular, neurological, and orthopedic disarranges, speaks to one of the conspicuous variables emphatically impacting the showcase. In expansion, the rising predominance of cancer, coupled with expanding inquiries about ponders within the field of non-ionizing radiation for imaging, is reinforcing the advertising development. In line with this, the rising mindfulness among people and healthcare experts about the early conclusion and treatment of cancer is advertising a favorable showcase viewpoint. Besides, the photoacoustic imaging strategy finds broad applications in preclinical thinking about instruction and inquiry about education, which is advertising profitable development openings to producers.
For instance, according to an article published in the Indian Journal of Medical Research in November 2022, it is estimated that in India, the incidence of cancer is likely to increase from 1.46 million in 2022 to 1.57 million in 2025. The per capita rate in 2022, 100,000, is 100.4 for men and 95.6 for women. Therefore, the increasing incidence of cancer is an important factor driving the growth of the segment as it will increase the adoption of Photoacoustic imaging devices for cancer diagnosis. Thus, result in driving the Photoacoustic Imaging market revenue.
The Photoacoustic Imaging Market segmentation, based on Type, includes Preclinical and Clinical. In 2023, the preclinical segment dominated the market. PAI is a productive, non-invasive, non-ionizing device utilized in preclinical ponders to characterize little creatures, such as mice or rats, without hurting them. Characterization of small-animal models of brain harm and malady forms, particularly those requiring the consideration of vascular life structures and work, such as stroke, epilepsy, and traumatic brain harm, is conceivable.
The Photoacoustic Imaging Market segmentation, based on Application, includes Oncology, Cardiology, Angiology, Histology and Interventional radiology. In 2023, the oncology generated the most income. In oncology, breast cancer imaging could be a possibly critical clinical application for PAI. Breast imaging is the foremost progressed PAI strategy in terms of clinical utilization, with benefits such as non-contrast imaging of the neo-vasculature around a tumor and oxygen immersion mapping.
The Photoacoustic Imaging Market segmentation, based on Product, includes Photoacoustic Tomography (PAT) and Photoacoustic Microscopy (PAM). In 2023, the Photoacoustic Tomography (PAT) generated the most income. PAT is the foremost versatile and open-ended photoacoustic imaging strategy since it has the least real-world confinements on picture execution. PAT innovation has made rapid strides in terms of spatial determination, outline rates, and discovery affectability. PAT has had a few potential clinical employments, and its utilization in essential natural sciences has significantly expanded.
Figure 1: Photoacoustic Imaging Market, by Product, 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Photoacoustic Imaging market area will dominate this market owing to a rise in persistent wounds, and a developing elderly populace will impel the market's development rate. In addition, the growing number of established health clubs and fitness facilities will boost market growth in this region.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: PHOTOACOUSTIC IMAGING MARKET SHARE BY REGION 2023 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Photoacoustic Imaging market has the second-largest portion of the market due to the rising predominance of incessant infections such as cancer. Further, the German Photoacoustic Imaging market had the biggest market share, and the UK Photoacoustic Imaging market was the European market with the quickest rate of growth.
The Asia-Pacific Photoacoustic Imaging Market is anticipated to expand between 2024 and 2032 at the quickest CAGR. This is due to the increasing mindfulness among individuals, which will assist in impelling the market's development rate in this locale. Moreover, China’s Photoacoustic Imaging market had the biggest market share, and the Indian Photoacoustic Imaging market was the Asia-Pacific region's fastest-growing market.
Photoacoustic Imaging Key Market Players & Competitive Insights
Leading market players are putting a lot of money into research and development to expand their product lines, which will drive the market for Photoacoustic Imaging to expand even further. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Photoacoustic Imaging industry must provide reasonably priced goods.
Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the global Photoacoustic Imaging industry to help customers and expand the market segment. In recent years, the Photoacoustic Imaging industry has provided some of the biggest benefits to medicine. Major players in the Photoacoustic Imaging market, including Advantest Corp., TomoWave, Kibero GmbH, FUJIFILM VisualSonics Inc., Seno Medical Instruments, iThera Medical GmbH, Aspectus GmbH, Vibronix Inc., are engaging in research and development activities in an effort to boost market demand.
Advantest Enterprise may be a Japanese driving producer of programmed test hardware (ATE) for the semiconductor industry and a producer of measuring rebellious utilized within the plan, generation and upkeep of electronic frameworks counting fiber optic and remote communications hardware and advanced shopper items. Based in Tokyo, Advantest produces Memory, SoC and RF test frameworks. Advantest was established in Japan in 1954 as Takeda Riken Industry Co., Ltd., and was a producer of electronic measuring disobedient. The company entered the semiconductor testing trade in 1972. In June 2021, Advantest purchased CREA, Collaudi Elettronici Automatizzati S.r.l. (CREA), a significant provider of power semiconductor test equipment located in Italy.
TomoWave Research facilities may be an inquire about and improvement company specializing in imaginative advances for optoacoustic tomography (OAT), imaging, detecting, and checking in biomedical applicationsโ (tomowave)โ. The company was established in 2011 by Dr. Alexander Oraevsky and has since created progressed frameworks that combine light and sound for biomedical imaging, especially within the location of cancer and other restorative interventionsโ (tomowave). TomoWave centers on optoacoustic tomography, laser ultrasound imaging, and optoacoustic temperature imagingโ(tomowave). In August 2023, Three-dimensional quantitative optoacoustic tomography (qOAT) was introduced by TomoWave under the name LOIS-3D. This cutting-edge technology uses the most captivating features of sound and light to produce three-dimensional renderings of small animal models of human diseases with unparalleled contrast and detail.
Key Companies in the Photoacoustic Imaging market include
Photoacoustic Imaging Industry Developments
January 2023: The Imagio Opto-Acoustic/Ultrasound (OA/US) Breast Imaging System is marketed, sold, and serviced by Seno Medical under an exclusive distribution arrangement with Genetik, Inc.
May 2022: For preclinical application, Fujifilm VisualSonics Inc. introduced the Vevo F2, an ultra-high to low frequency (71MHz-1MHz) photoacoustic imaging and ultrasound system.
August 2023: Three-dimensional quantitative optoacoustic tomography (qOAT) was introduced by TomoWave under the name LOIS-3D.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.095 Billion |
| Market Size 2024 | USD 0.11 Billion |
| Market Size 2032 | USD 0.38 Billion |
| Compound Annual Growth Rate (CAGR) | 19.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Product, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil. |
| Key Companies Profiled | ย Advantest Corp., TomoWave, Kibero GmbH, FUJIFILM VisualSonics Inc., Seno Medical Instruments, iThera Medical GmbH, Aspectus GmbH, Vibronix Inc. |
| Key Market Opportunities | ยทย ย ย ย ย ย ย ย Rising Demand for Personalized Medicines |
| Key Market Dynamics | ยทย ย ย ย ย ย ย ย Increase Healthcare Investments |
Frequently Asked Questions (FAQ) :
The Photoacoustic Imaging Market size was valued at USD 0.095 Billion in 2023.
The global market is projected to grow at a CAGR of 19.00% during the forecast period, 2024-2032.
North America had the largest share in the global market.
The key players in the market are Advantest Corp., TomoWave, Kibero GmbH, FUJIFILM VisualSonics Inc., Seno Medical Instruments, iThera Medical GmbH, Aspectus GmbH, Vibronix Inc.
The Preclinical dominated the market in 2023.
The Photoacoustic Tomography (PAT) category had the largest share in the global market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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