Global Photoacoustic Imaging Market is Expected to Grow at a CAGR of 15.22% Over the Forecast Period, Owing to the Increasing Demand for Faster Diagnosis and Treatment of Fatal Health Conditions Such as Cancer through the Use of Lesser Invasive Imaging Techniques, says Absolute Markets Insights.
Photoacoustic imaging refers to the use of photons, especially laser beams, for the creation of ultrasounds which can then be detected using ultrasonic detectors. The measurement of the frequency and amplitude of the ultrasonic waves which are emitted by the material (usually animal tissues) on which the light beams collide will help in determining the thickness and density of the material, thereby helping researchers and medical professionals draw valuable insights regarding the health condition of the organism. The non-invasive nature of photoacoustic imaging negates the drawbacks associated with other imaging techniques such as MRI and X-ray imaging. Thus, the higher demand for preclinical and clinical imaging applications using non-invasive methods that helps in reducing imaging side effects is leading to the growth of the global photoacoustic imaging market.
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Photoacoustic imaging is expected to be become popular as a result of the COVID-19 pandemic. Monitoring of respiratory conditions, as well as haemoglobin levels in humans can be performed with the help of photoacoustic imaging. Researchers can study the after-effects of the Coronavirus virus in human beings using imaging techniques such as photoacoustic imaging. Therefore, the pandemic is expected to have a positive impact on the global photoacoustic imaging market.
The detailed research study provides qualitative and quantitative analysis of photoacoustic imaging market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- In terms of revenue, the global photoacoustic imaging market was valued at US$ 166.35 Mn in 2019 and is anticipated to grow at a CAGR of 15.22% over the forecast period.
- North America accounted for the highest market share in the global photoacoustic imaging market in 2019. The higher awareness regarding the use of photoacoustic imaging, especially for imaging of cancerous tumors in the U.S, coupled with the presence of prominent market participants such as illumiSonics Inc., ENDRA Life Sciences ENDRA Life Sciences, etc., is a major reason for the higher share of North America in the global photoacoustic imaging market. However, the APAC region is expected to show the highest growth during the forecast years in the global photoacoustic imaging market.
- Hospitals and clinics are expected to show considerable growth in the coming years in the global photoacoustic imaging market. This is due to the rising focus on the use of photoacoustic systems for studying the physiological entities such as haemoglobin and oxygen levels in human tissues that aids in the faster diagnosis of health conditions in animals and humans.
- Clinical imaging applications are expected to grow exponentially in the global photoacoustic imaging market. Cancer detection through photoacoustic systems is gaining traction in the market. Studies by the Roswell Park Cancer Institute show that onset of prostate cancer detection can be effectively detected with the help of photoacoustic imaging.
- Some of the players operating in the photoacoustic imaging market are EKSPLA, ENDRA Life Sciences Inc., FUJIFILM Visualsonics, Inc., Hitachi Medical, illumiSonics Inc., InnoLas Laser GmbH, iThera Medical, Kibero, Seno Medical Instruments, Inc., Tomowave, Tracxn Technologies, amongst others.
Global Photoacoustic Imaging Market:
- By Component
- Software
- Services
- Technical Support
- Training Services
- Warranty and Service
- Product Retirement
- Others
- By Types
- Photoacoustic Tomography (PAT)
- Photoacoustic Microscopy (PAM)
- By Applications
- Pre-Clinical Imaging (Monitoring of Small Animals)
- Clinical Imaging
- Brain Imaging
- Endoscopy Imaging
- Intraoperative Imaging
- Cancer Detection Imaging
- Breast
- Ovarian
- Prostate
- Imaging-Guided Surgery
- Thyroid Imaging
- Eye Diseases Imaging
- Bone and Joint Disease Imaging
- Skin Imaging
- Others
- Contrast Application with Dyes
- Molecular Imaging with Particles
- Others
- By End Users
- Pharmaceutical and Biotechnology Companies
- Hospitals and Clinics
- Universities
- Others
- By Region
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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