The global photoacoustic tomography market is projected to reach US$ 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 US$ 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) | US$ 79.2 Million |
| Photoacoustic Tomography Market Anticipated Value (2032) | US$ 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 |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| 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 US$ 320.9 million by 2032.
1. Executive Summary | Photoacoustic Tomography Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Application, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2022 to 2032
5.3.1. Diagnosis & Monitoring
5.3.2. Clinical Research
5.4. Y-o-Y Growth Trend Analysis By Application, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Application, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End User
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By End User, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End User, 2022 to 2032
6.3.1. Hospitals
6.3.2. Diagnostics Imaging Centers
6.3.3. Academic and Research Institutes
6.4. Y-o-Y Growth Trend Analysis By End User, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By End User, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2017 to 2021
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
8.2.1. By Country
8.2.1.1. United States of America
8.2.1.2. Canada
8.2.2. By Application
8.2.3. By End User
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Application
8.3.3. By End User
8.4. Key Takeaways
9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Application
9.2.3. By End User
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Application
9.3.3. By End User
9.4. Key Takeaways
10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Application
10.2.3. By End User
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Application
10.3.3. By End User
10.4. Key Takeaways
11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.1.4. India
11.2.1.5. Malaysia
11.2.1.6. Singapore
11.2.1.7. Australia
11.2.1.8. New Zealand
11.2.1.9. Rest of Asia-Pacific
11.2.2. By Application
11.2.3. By End User
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Application
11.3.3. By End User
11.4. Key Takeaways
12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. GCC Countries
12.2.1.2. South Africa
12.2.1.3. Israel
12.2.1.4. Rest of Middle East and Africa
12.2.2. By Application
12.2.3. By End User
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Application
12.3.3. By End User
12.4. Key Takeaways
13. Key Countries Market Analysis
13.1. United States of America
13.1.1. Pricing Analysis
13.1.2. Market Share Analysis, 2021
13.1.2.1. By Application
13.1.2.2. By End User
13.2. Canada
13.2.1. Pricing Analysis
13.2.2. Market Share Analysis, 2021
13.2.2.1. By Application
13.2.2.2. By End User
13.3. Brazil
13.3.1. Pricing Analysis
13.3.2. Market Share Analysis, 2021
13.3.2.1. By Application
13.3.2.2. By End User
13.4. Mexico
13.4.1. Pricing Analysis
13.4.2. Market Share Analysis, 2021
13.4.2.1. By Application
13.4.2.2. By End User
13.5. Germany
13.5.1. Pricing Analysis
13.5.2. Market Share Analysis, 2021
13.5.2.1. By Application
13.5.2.2. By End User
13.6. United Kingdom
13.6.1. Pricing Analysis
13.6.2. Market Share Analysis, 2021
13.6.2.1. By Application
13.6.2.2. By End User
13.7. France
13.7.1. Pricing Analysis
13.7.2. Market Share Analysis, 2021
13.7.2.1. By Application
13.7.2.2. By End User
13.8. Spain
13.8.1. Pricing Analysis
13.8.2. Market Share Analysis, 2021
13.8.2.1. By Application
13.8.2.2. By End User
13.9. Italy
13.9.1. Pricing Analysis
13.9.2. Market Share Analysis, 2021
13.9.2.1. By Application
13.9.2.2. By End User
13.10. China
13.10.1. Pricing Analysis
13.10.2. Market Share Analysis, 2021
13.10.2.1. By Application
13.10.2.2. By End User
13.11. Japan
13.11.1. Pricing Analysis
13.11.2. Market Share Analysis, 2021
13.11.2.1. By Application
13.11.2.2. By End User
13.12. South Korea
13.12.1. Pricing Analysis
13.12.2. Market Share Analysis, 2021
13.12.2.1. By Application
13.12.2.2. By End User
13.13. Malaysia
13.13.1. Pricing Analysis
13.13.2. Market Share Analysis, 2021
13.13.2.1. By Application
13.13.2.2. By End User
13.14. Singapore
13.14.1. Pricing Analysis
13.14.2. Market Share Analysis, 2021
13.14.2.1. By Application
13.14.2.2. By End User
13.15. Australia
13.15.1. Pricing Analysis
13.15.2. Market Share Analysis, 2021
13.15.2.1. By Application
13.15.2.2. By End User
13.16. New Zealand
13.16.1. Pricing Analysis
13.16.2. Market Share Analysis, 2021
13.16.2.1. By Application
13.16.2.2. By End User
13.17. GCC Countries
13.17.1. Pricing Analysis
13.17.2. Market Share Analysis, 2021
13.17.2.1. By Application
13.17.2.2. By End User
13.18. South Africa
13.18.1. Pricing Analysis
13.18.2. Market Share Analysis, 2021
13.18.2.1. By Application
13.18.2.2. By End User
13.19. Israel
13.19.1. Pricing Analysis
13.19.2. Market Share Analysis, 2021
13.19.2.1. By Application
13.19.2.2. By End User
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Application
14.3.3. By End User
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Fujifilm VisualSonics Inc.
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.2. PreXion
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.3. I Thera Medical GmbH
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.4. Endra, Inc.
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.5. TomoWave Laboratories, Inc.
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.6. OPOTEK LLC.
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.7. Seno Medical Instruments
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.8. Advantest Corporation
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.9. Aspectus GmbH
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.10. kibero
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
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Photoacoustic Tomography Market
