Dublin, April 12, 2023 (GLOBE NEWSWIRE) -- The "Photoacoustic Imaging Market By Product, By Type, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The photoacoustic imaging market was valued at $75.98 million in 2021, and is estimated to reach $132.3 million by 2031, growing at a CAGR of 5.7% from 2022 to 2031.
Photoacoustic imaging permits functional measurements like oxygen saturation, total hemoglobin, and the micro distribution of biomarkers, ultrasonic imaging provides a high-resolution frame-of-reference for detecting anatomy. An imaging technique develops photoacoustic pictures by detecting the acoustic wave, which offers excellent contrast, superior spatial resolution, great penetrability, and sensitivity to tissue functional features.
It is a rapidly evolving imaging technology that has a wide range of applications in the field of biologics and therapeutics. Imaging systems are used for diagnosis and evaluation of cardiovascular diseases, cancer, chronic respiratory diseases and diabetes.
Key factors driving the growth of the photoacoustic imaging market include rise in prevalence of cancer disease especially breast cancer led to increases the number of patients who needs a diagnosis and treatment which increased the adoption of photoacoustic imaging devices for diagnosis purpose and further supports the market growth.
For instance, Seno Medical company offers the Imagio Breast Imaging system to examine breast lesions. In addition, rise in adoption of lasers for photoacoustic imaging to examine the diseases drive the segment growth. For instance, Opolette 532 LD laser has advanced features such as light-weight, compact tunable laser system, computer controlled, and alignment verification.
Furthermore, increase in usage of safe non-ionizing radiation used in photoacoustic technology further boosts the market growth. Moreover, better advancement in the healthcare industry and research institutions generating advanced technology drive the market growth.
Numerous biomedical applications use the photoacoustic imaging, including deep tumor imaging, treatment responses monitoring, metabolic imaging, pH measurement, enzyme detection, reactive oxygen species (ROS) detection, and metal ions detection, among others. These are some of the primary drivers of photoacoustic imaging market growth.
Moreover, rise in prevalence of chronic disease such as Alzheimer disease, heart diseases and stroke drive the market growth. For instance, according to the World Health Organization (WHO, 2019), Europe accounts for 23.4% of global cancer cases. Thus, rise in prevalence of chronic diseases increases the adoption of photoacoustic imaging products which led to drive the market growth.
The market also offers growth opportunities to the key players in the market. Rise in technological advancements in imaging systems led to increases the adoption of imaging systems.
For instance, in May 2022, FUJIFILM VisualSonics Inc. a part of FUJIFILM Holdings Corporation leader in ultra-high frequency ultrasound and photoacoustic imaging systems, announced the launch of its product Vevo F2, the world's first ultra-high to low frequency (71MHz-1MHz) ultrasound and photoacoustic imaging system for preclinical use.
As the imaging tests are frequently used by medical professionals to screen for health issues, diagnose diseases and conditions, monitor patient conditions, and determine the efficacy of therapies. Such an advanced technological features in photoacoustic imaging systems thereby providing growth opportunities for the stakeholders in the coming years.
The key players profiled in the study include EKSPLA, FUJIFILM Holdings Corporation, illumiSonics Inc., InnoLas Laser GmbH, iTheraMedical, OPOTEK LLC, Photosound Technologies Inc., Seno Medical, TomoWave Laboratories, Inc., and Verasonics, Inc.
The players in the market have been actively engaged in the adoption various Strategies such as partnership, acquisition, product launch and expansion to remain competitive and gain advantage over the competitors in the market.
Key Market Insights
- By product, the imaging systems segment was the largest revenue contributor to the market in 2021 and is estimated to reach $57.27 million by 2031, with a CAGR of 7.0%.
- By type, the tomography segment dominated the global market in 2021.
- Based on end user, the diagnostic imaging centers segment was the largest revenue contributor to the market in 2021. However, hospitals segment is anticipated to grow at the highest CAGR during the forecast period.
- Based on region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Market dynamics
Drivers
- Increase in incidences of chronic diseases
- Rise in product approval and product launches
- Rise in demand for minimally invasive surgeries
Restraints
- High cost of photoacoustic imaging
Opportunities
- Rise in technological advancements
Key Market Players
- EKSPLA
- FUJIFILM Holdings Corporation
- InnoLas Laser GmbH
- iThera Medical GmbH
- Photosound Technologies Inc.
- Seno Medical Instruments, Inc.
- Verasonics, Inc.
- OPOTEK LLC
- TomoWave Laboratories, Inc.
- illumiSonics Inc.
Key Market Segments
By Product
- Imaging Systems
- Lasers
- Transducer
By Type
- Tomography
- Microscopy
By End User
- Hospitals
- Diagnostic Imaging Centers
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/z6mmtn
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