Photoacoustic Imaging Market Size, Regional Outlook, Survey Report 2028

Photoacoustic Imaging Industry Overview

The global photoacoustic imaging market size was valued at USD 61.6 million in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 19% over the forecast period.

The increasing incidence of cancer, primarily breast cancer, and rising research studies in the fields of non-ionizing radiation for imaging are boosting the market growth. For instance, according to the WHO, in 2020, there were about 2.3 million women diagnosed with breast cancer and 685,000 deaths worldwide. In addition, the growing scope of applications is equally contributing to the market expansion. Photoacoustic Imaging (PAI) is superior to other diagnostic imaging systems as it uses non-ionizing radiation to examine tissues in real-time with high resolution and contrast, at long penetration depths, and allowing morphological, functional, and molecular imaging of living subjects.

Gather more insights about the market drivers, restrains and growth of the Global Photoacoustic Imaging Market

France photoacoustic imaging market size, by product, 2018 - 2028 (USD Million)

Also, it has faster imaging speed and sensitivity, as well as better handling and diagnostic accuracy. One of the major advantages of PAI is that it can be simply implemented on clinical ultrasound machines, allowing cellular and molecular imaging to be added to the spectrum of traditional ultrasound imaging. However, constraints, such as the high cost of these systems, limited bandwidth causing an inability to detect signals outside of the sensor's frequency range, acquisition time, and the limitations set by ANSI laser safety regulations, may hinder the market growth over the projected period.

The growing application in research and development activities is expected to increase product demand over the forecast period. Many researchers have recently concentrated their efforts on studying deep tissues to utilize PAI in clinical diagnosis and treatment. For instance, Prof. Chulhong Kim of Creative IT Engineering from POSTECH and his students presented a new contrast agent for deep tissue PAI. As a contrast agent, they used a nickel-based nanoparticle that absorbs light at a wavelength of 1,064 nm. In comparison to previous studies, they obtained images of tissues penetrated to a maximum depth of 3.4 cm in live animals, which is the deepest image obtained using this wavelength.

Photoacoustic imaging has been extensively used in preclinical studies, particularly on cancer models, and has allowed for a reduction in the number of animals sacrificed over time. The healthcare system had faced enormous difficulties as a result of the COVID-19 pandemic. The global healthcare supply chain had been impacted by the pandemic. Shortages of raw materials resulted in a drop in imaging device manufacturing, as well as disruptions in transportation, creating widespread business disruption. However, the market is gradually growing gas lockdown restrictions have been lifted across the globe.

Browse through Grand View Research's Medical Imaging Industry Research Reports.

  • Medical Imaging Market - The global medical imaging market size was valued at USD 28.02 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030.
  • Artificial Intelligence Market - The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030.

Market Share Insights

  • September 2021: A group of researchers from South Korea’s Pohang University of Science and Technology (POSTECH) developed a handheld photoacoustic detector that can be used to assess lymph node status without exposing patients to radiation.
  • October 2020: Advantest Corp. developed a dual-wavelength laser for the company’s HadatomoZ photoacoustic microscope. This enables 3D imaging of melanin and vascular networks in the skin.

Key Companies profiled:

Some prominent players in the global photoacoustic imaging market include

  • Advantest Corp.
  • TomoWave
  • Kibero GmbH
  • FUJIFILM VisualSonics Inc.
  • Seno Medical Instruments
  • iThera Medical GmbH
  • Aspectus GmbH
  • Vibronix Inc.

Order a free sample PDF of the Photoacoustic Imaging Market Intelligence Study, published by Grand View Research.

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