The global photoacoustic tomography market is projected to reach USD 79.2 million in 2022. Based on the report, sales of photoacoustic tomography are likely to soar at a CAGR of 13.60% to reach an evaluation of USD 320.9 million by 2032.
Demand for photoacoustic tomography is on the rise owing to awareness about cancer diagnosis in its early stages and the prevalence of cancer.
Photoacoustic tomography is a non-invasive biomedical hybrid imaging technique that merges acoustic detection and optical excitation to recognize high resolution, high contrast, and deep penetration in biological tissues. This technique acquires images of biological tissues without using excising tissue or ionizing radiation. Photoacoustic tomography functions on the photoacoustic effect that transforms absorbed optical energy into acoustic energy. This is said to drive the growth of the photoacoustic tomography market.
| Report Attribute | Details |
|---|---|
| Photoacoustic Tomography Market Value (2022) | USD 79.2 Million |
| Photoacoustic Tomography Market Anticipated Value (2032) | USD 320.9 Million |
| Photoacoustic Tomography Projected Growth Rate (2022 to 2032) | 13.60% |
The growth of the global photoacoustic tomography market is said to surge during the forecast period owing to the fact that this technique can be utilized in detecting physiological properties such as hemoglobin concentration and oxygen saturation. Furthermore, the functioning of the brain, tumor mapping, methemoglobin measuring, skin melanoma detection, and various others can be monitored with the assistance of the photoacoustic tomography technique. Also, with the help of photoacoustic tomography, 2D and 3D images can be formed.
The rising prevalence of breast cancer across the world, combined with a greater number of research studies in the fields of non-ionizing radiation for imaging, is propelling the growth of the photoacoustic tomography market.
For example, WHO stated that in 2020 there were nearly 2.3 million women diagnosed with breast cancer and approximately 685,000 deaths across the world. Furthermore, the rising extent of applications is equally impacting the expansion of the global market. Photoacoustic tomography is much enhanced as compared to any other diagnostic imaging system.
Photoacoustic tomography has faster imaging speed and sensitivity along with diagnostic accuracy and better handling. One of the key advantages of this technique is that it can be applied clinically on ultrasound machines, enabling molecular and cellular imaging to be added to the spectrum of traditional ultrasound imaging.
Several studies have shown the use of photoacoustic tomography imaging techniques for numerous applications. Also, multiple research activities have been conducted over the last ten years, and positive results on various diseases are studied with this technique, such as wound healing, cancer, brain disorders, etc.
Photoacoustic tomography delivers both functional as well as structural, optical information for deep tissues with scalable ultrasound resolution. Additional application of this technique in pre-clinical studies, as well as potential application in disease diagnosis and monitoring, is resulting in the lucrative growth of the global photoacoustic tomography market.
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Recent developments by medical equipment manufacturers and various research groups in the past few years have resulted in increased adoption of photoacoustic tomography imaging technology in the medical segment, which boosts the market's growth during the forecast period.
Growth in pre-clinical studies about photoacoustic tomography in various research and academic institutes are some of the key factors predicted to promote the growth of the photoacoustic tomography market in the future. Moreover, the expanding imaging technique of photoacoustic imaging is predicted to fuel the market growth during the forecast period.
The increasing prevalence of chronic diseases such as cardiovascular and cancer are grave concern in the healthcare industry. Still, these factors are said to support the lucrative growth of the photoacoustic tomography market. WHO says that in 2020, one of the leading causes of death was cancer across the world. This accounted for nearly 10 million deaths, with the most common type of cancer being lung and breast cancers.
Increasing awareness and the need for cancer detection at early stages have been driving key enhancements in medical and technology systems. In addition, advanced technology in non-invasive diagnosis and an increase in the application of non-ionizing radiation in healthcare science will encourage the demand for photoacoustic tomography to a substantial degree.
Several technologies, such as intravascular photoacoustic tomography, intravascular ultrasound (IVUS), and angiography, are used to detect cardiovascular diseases. The combined IVPA and IVUS imaging is utilized to characterize and detect atherosclerotic plaques. The demand for photoacoustic tomography is surging as it offers several advantages in atherosclerotic plaque imaging as compared to other techniques.
An upsurge in non-transmissible diseases cases, increasing demand for enhanced imaging methods, more cases of skin and eye-related diseases, surging demand by various oncology departments, and escalating awareness pertaining to early diagnosis procedures are some of the primary factors which promote the growth of photoacoustic tomography during the forecast period.
Additionally, support from the government is likely to further render prospective opportunities for the market growth of photoacoustic tomography in the future. However, photoacoustic imaging is expensive. This factor, coupled with strict regulations pertaining to laser usage, is anticipated to restrict the revenue growth of the market during the forecast period.
Lasers are known to be extremely precise and have high accuracy. However, they are cost-intensive systems that need high investments and funds. Therefore, new players find it challenging to penetrate and sustain in the market. Moreover, in the flow of research and development, surveillance in the case of pre-clinical applications on animals for research acts as a barrier. Lastly, the lack of skilled labor for the smooth operation of photoacoustic tomography is also said to hamper the growth of this market during the forecast period.
North America is dominating the global photoacoustic tomography market owing to rising pre-clinical studies related to this technique in several research and academic institutions. North America is responsible for holding a market share of 29.20% of the global market. The growing geriatric population and increasing cancer cases are among the key driving factors in the North American photoacoustic tomography market.
Safe non-ionizing radiation used in photoacoustic technology and the growing healthcare industry are key factors that are driving the market in this region. The initial cost of photoacoustic tomography is very high. This, along with the developing technology, can pose a challenge for the North American photoacoustic tomography market.
There is a constant upgradation in technology and features, which results in vendors attracting new consumers and growing their footprints in the upcoming markets. This factor is said to promote the growth of the photoacoustic tomography market in North America.
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The increasing aged population coupled with the growing prevalence of cancer is the major driving factor of the Europe photoacoustic tomography market. Europe is responsible for holding a market share of 37.40% of the global market. Government support in developing innovative equipment, the trend of adoption of technology, and investment in research activities are accountable for the growth of the market in this region.
Increasing cases of fungal disease and infection are anticipated to promote market growth during the forecast period. In Europe, a country like Germany is anticipated to lead the market owing to constant research and the primary manufacturer being a major player in the industry.
The photoacoustic tomography industry opens numerous opportunities for new participants who concentrate on segments such as 3D imaging. For instance, in 2021, Luxonus, a Japanese start-up, produced a remarkable picture of the medial side of the lower leg. In practice, the colorized 3D showed the complex latticework of large and small vessels inside the leg and the blood flow through it. In comparison to any other type of medical imaging, the detail is unmatched. Luxonus used its novel devices, a game-altering photoacoustic 3D scanner that employs the novel science of photoacoustic imaging.
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Some of the key players in the photoacoustic tomography market are Advantest Corporation; Fujifilm VisualSonics Inc., Seno Medical, PreXion, iThera Medical GmbH, InnoLas Laser GmbH, OPOTEK LLC, CYBERDYNE INC., TomoWave Laboratories, Inc., Aspectus GmbH, Endra, Inc., and others.
Market players have adopted strategies such as product approvals, product launches, market initiatives, and mergers and acquisitions. For example, in June 2020, FUJIFILM VisualSonics Inc, a subsidiary of FUJIFILM SonoSite, Inc, launched Vevo F2, the world’s first ultra-high-to-low-frequency ultrasound imaging system with a frequency range of 71-1 MHz.
In February 2022, FUJIFILM VisualSonics Inc and PIUR IMAGING, the European giant in tomographic ultrasound imaging, partnered to introduce UHF, which is a three-dimensional (3D) ultrasound imaging technology to researchers and clinicians.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 13.60% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Application, End User, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC Countries, South Africa |
| Key Companies Profiled | Advantest Corporation; Fujifilm VisualSonics Inc.; Seno Medical; PreXion; I Thera Medical GmbH; InnoLas Laser GmbH; OPOTEK LLC; CYBERDYNE INC.; TomoWave Laboratories, Inc.; Aspectus GmbH; Endra, Inc. |
| Customization | Available Upon Request |
The growth outlook for the photoacoustic tomography market is predicted to advance at a CAGR of 13.60% from 2022 to 2032.
The North American region is anticipated to lead the photoacoustic tomography market during the forecast period.
The photoacoustic tomography market is likely to hold a valuation of USD 320.9 million by 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 5.1. Diagnosis & Monitoring 5.2. Clinical Research 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End User 6.1. Hospitals 6.2. Diagnostics Imaging Centers 6.3. Academic and Research Institutes 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Fujifilm VisualSonics Inc. 15.2. PreXion 15.3. I Thera Medical GmbH 15.4. Endra, Inc. 15.5. TomoWave Laboratories, Inc. 15.6. OPOTEK LLC. 15.7. Seno Medical Instruments 15.8. Advantest Corporation 15.9. Aspectus GmbH 15.10. kibero 16. Assumptions & Acronyms Used 17. Research Methodology
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Photoacoustic Tomography Market
