The global photoacoustic imaging market is predicted to generate a revenue of $279.3 million by 2030, increasing from $39.8 million in 2019, progressing at a 20.3% CAGR during the forecast period (2020-2030), according to a P&S Intelligence study.
The market is also predicted to progress at a CAGR of 20.3% between 2020 and 2030. The rising prevalence of chronic diseases, soaring geriatric population, and rapid technological advancements are the main factors driving the sales of photoacoustic imaging software and systems, which is, in turn, fueling the progress of the market across the globe. As per the data published by the World Health Organization (WHO), 1.28 million people, 2.08 million people, and 2.09 million people were diagnosed with prostate cancer, breast cancer, and lung cancer, respectively, in 2018.
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Depending on product, the photoacoustic imaging market is divided into imaging systems and software and other accessories. Out of these, the imaging systems category recorded higher growth in the market in the past years. This was credited to the huge efforts made by the prominent industry players for launching advanced photoacoustic imaging systems for the diagnosis of various chronic diseases such as cancer.
Based on application, the photoacoustic imaging market is categorized into clinical and pre-clinical. Between these, the clinical category is predicted to exhibit faster growth in the market in the forthcoming years, mainly because of the rising prevalence of cancer, the surging population of geriatric people, the growing usage of technologically advanced and innovative products in medical facilities, and the mushrooming healthcare expenditure around the world.
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The major photoacoustic imaging market players have taken numerous strategic measures in the last few years such as partnerships and product launches for gaining a competitive edge in the market. For instance, Sonic Concepts Inc. and Verasonics Inc. announced in January 2019 that they have signed a research funding agreement with Focused Ultrasound Foundation. This collaboration enabled the expansion of Verasonics Inc.’s HIFUPlex portfolio into a complete pre-clinical imaging portfolio called USgFUS pre-clinical research systems for large and small animals.
PA Imaging R&D B.V., OPOTEK LLC, kibero GmbH, iThera Medical GmbH, Vibronix Inc., Verasonics Inc., TomoWave Laboratories Inc., Teem Photonics, Seno Medical Instruments Inc., PhotoSound Technologies Inc., InnoLas Laser GmbH, illumiSonics Inc., FUJIFILM VisualSonics Inc., and EKSPLA are some of the leading global photoacoustic imaging market players.
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