Global Photoacoustic Imaging Market Size, Share, Trends, Industry Analysis Report: By Product (Imaging System, Transducers, Software and Accessories), By Technology, By Type, By Application, By End-User, and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024 - 2032
- Published Date:Jul-2024
- Pages: 117
- Format: PDF
- Report ID: PM4987
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Global photoacoustic imaging market size was valued at USD 82.59 million in 2023. The photoacoustic imaging industry is projected to grow from USD 86.56 million in 2024 to USD 131.79 million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period (2024 - 2032). Photoacoustic imaging (PAI) is an advanced biomedical imaging method that operates non-invasively. It functions by generating ultrasonic waves through pulsed laser irradiation of tissue, followed by reconstructing an image derived from the absorption pattern of light energy within the tissue. The photoacoustic imaging market is experiencing robust growth driven by the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders.
For instance, according to the American Cancer Society's estimates for 2024, breast cancer remains a significant health concern in the United States. It is expected that about 310,720 new cases of invasive breast cancer and 56,500 cases of ductal carcinoma in situ (DCIS) will be diagnosed among women. Tragically, approximately 42,250 women are projected to die from breast cancer in the same year. Breast cancer is the most common cancer in women in the US, except for skin cancers, representing about 30% of all new female cancer diagnoses annually. These conditions often require precise and early diagnosis to initiate timely treatment and improve patient outcomes. Photoacoustic imaging offers unique advantages by providing high-resolution, real-time images that combine the strengths of optical imaging with the depth penetration of ultrasound, thereby driving the market for photoacoustic imaging.
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Another major driver for the expansion of the photoacoustic imaging market is its potential in neuroimaging. Researchers are exploring photoacoustic imaging (PAI's) capability to image brain tissues with high resolution and sensitivity, offering insights into neurological disorders such as stroke, Alzheimer's disease, and brain tumors. The non-invasive nature of PAI makes it particularly appealing for studying brain function and monitoring therapeutic interventions.
Furthermore, PAI's applications extend to dermatology, where it aids in the assessment of skin conditions, including melanoma and other skin cancers. Its ability to provide detailed, real-time imaging of superficial tissues contributes to more accurate diagnostics and treatment planning in dermatological practice.
Photoacoustic Imaging Market Trends:
Increasing Investments in Healthcare Infrastructure is Driving the Market Growth
Market CAGR for photoacoustic imaging is being driven by the rising investments in healthcare infrastructure, with both governmental bodies and private sectors directing substantial funds towards enhancing healthcare facilities, particularly in emerging economies. These investments encompass a broad spectrum of healthcare needs, ranging from infrastructure development to the acquisition of advanced diagnostic technologies like photoacoustic imaging systems. In many developing regions, the focus is on building and upgrading medical facilities to meet the growing demand for improved healthcare services and diagnostic capabilities. For instance, in December 2022, iThera Medical secured €13 million in funding led by TRUMPF Venture and EIC Fund to advance its Multi-spectral Optoacoustic Tomography (MSOT) technology into routine clinical use.
Photoacoustic imaging systems offer a non-invasive method to visualize tissue structures and functions, aiding in the diagnosis of conditions such as cancer, cardiovascular diseases, and neurological disorders. The adoption of advanced imaging technologies like photoacoustic imaging is expected to increase during the forecast period due to rising investment in improving healthcare facilities in emerging economies.
Recent Technological Advancements in Photoacoustic Imaging Drives the Market
Technological advancements in photoacoustic imaging have transformed its capabilities, making it a highly versatile tool in both clinical and preclinical settings. Structural, functional, and molecular photoacoustic tomography (PAT) enables 3D real-time multi-spectral imaging, whole-body small-animal imaging, super-resolution imaging, and high-sensitivity functional/molecular imaging. This improved resolution imaging allows clinicians to visualize small structures and abnormalities with greater clarity, aiding in early detection and precise diagnosis of diseases such as cancer and vascular conditions.
Novel photoacoustic microscopy (PAM) techniques have also emerged, including the development of high-repetition-rate multi-wavelength lasers, fast scanning techniques, and motionless volumetric PAM with spatially invariant resolution. These innovations have expanded the capabilities of photoacoustic imaging, enabled new biomedical research clinical applications, and contributed to driving the photoacoustic imaging market revenue.
Photoacoustic Imaging Market Segment Insights:
Photoacoustic Imaging Product Insights:
The global photoacoustic imaging market segmentation, based on product, includes imaging systems, transducers, software, and accessories. The imaging system segment has captured the largest market share propelled by significant advancements in recent years. The advancements have spurred market growth by improving the resolution and imaging depth capabilities of photoacoustic systems. Innovations in laser and ultrasound technologies have played a pivotal role in enhancing the clarity and precision of images obtained from biological tissues. These improvements enable clinicians and researchers to achieve more detailed and accurate insights into anatomical structures and physiological processes, thereby bolstering the imaging system segment of photoacoustic imaging across a broad spectrum of applications.
Moreover, the continuous evolution of photoacoustic imaging technology has spurred broader adoption in both clinical and preclinical settings. This expansion is supported by increasing investments in research and development, which are driving further innovations aimed at refining imaging quality and expanding the range of clinical applications. For instance, The American College of Radiology (ACR) is advancing Photoacoustic Imaging (PAI) for clinical use, enhancing specificity in diagnosing breast masses, and expanding DICOM standards to support PAI adoption in medical practice.
Photoacoustic Imaging Type Insights:
The global photoacoustic imaging market segmentation, based on type, includes preclinical and clinical/clinical research. The preclinical segment held the largest market revenue share in 2023. The preclinical segment benefits from continuous advancements in photoacoustic imaging systems, enhancing their resolution, sensitivity, and multiplexing capabilities. These advancements not only bolster the accuracy and depth of preclinical research but also expand the potential applications of photoacoustic imaging in studying disease models and assessing drug efficacy. As a result, the market for preclinical photoacoustic imaging is poised for further growth, driven by ongoing innovation and increasing integration with other imaging modalities like MRI and PET, capable of broader insights and applications in biomedical research.
Global Photoacoustic Imaging Market, Segmental Coverage, 2019 - 2032 (USD Million)
Source: Secondary Research, Primary Research, PMR Database and Analyst Review
Photoacoustic Imaging Regional Insights:
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the rest of the world. The North America region dominated the photoacoustic imaging market in 2023, owing to the rising demand for photoacoustic imaging systems across various fields of medicine. In addition to its clinical applications, the growing adoption of photoacoustic imaging systems in research institutions and hospitals across North America contributes significantly to market demand. Research efforts continue to enhance the capabilities of these systems, making them more robust and reliable for routine clinical use. Moreover, favorable regulatory frameworks and ongoing investments in technology development support the expansion of the photoacoustic imaging market in the region.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
The Asia-Pacific photoacoustic imaging market is expected to grow at the fastest CAGR during the forecast period, driven by the rising frequency of research activities and technological advancements. The development of innovative PAI systems, such as the handheld photoacoustic detector from South Korea's Pohang University of Science and Technology (POSTECH), highlights the region's capability to innovate and advance in medical imaging technology.
Global Photoacoustic Imaging Market, Regional Coverage, 2019 - 2032 (USD Million)
Source: Secondary Research, Primary Research, PMR Database and Analyst Review
Photoacoustic Imaging Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the photoacoustic imaging market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market environment, the photoacoustic imaging industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global photoacoustic imaging industry to benefit clients and increase the market sector. In recent years, the photoacoustic imaging industry has witnessed some technological advancements. Major players in the photoacoustic imaging market, including Aspectus GmbH, CYBERDYNE, INC., FUJIFILM Corporation, illumiSonics Inc., InnoLas Laser GmbH, iThera Medical GmbH, Kibero, Seno Medical, TomoWave Laboratories Inc., and Vibronix Inc.
Fujifilm Corporation is involved in creating, selling, and distributing image, information, and document solutions. The three divisions through which the company functions are imaging solutions, information solutions, and document solutions. In May 2022, FUJIFILM VisualSonics Inc. introduced the Vevo F2, the world’s first ultra-high to low frequency ultrasound and photoacoustic imaging system for advanced preclinical research.
Seno Medical Instruments, Inc., based in San Antonio, Texas, specializes in introducing a novel cancer screening and diagnostic technique known as opto-acoustic imaging. Its initial clinical product focuses on breast cancer diagnosis alongside mammography, combining opto-acoustics and ultrasound to enhance clinician confidence in distinguishing between malignant and benign masses. In November 2022, Seno Medical launched its Imagio system, which combines optoacoustic and ultrasonic imaging to enhance breast cancer diagnosis. With FDA approval and promising clinical trial results, the system aims to reduce unnecessary biopsies.
Key companies in the photoacoustic imaging market include:
- Aspectus GmbH
- CYBERDYNE, INC.
- FUJIFILM Corporation
- illumiSonics Inc.
- InnoLas Laser GmbH
- iThera Medical GmbH
- Kibero
- Seno Medical
- TomoWave Laboratories Inc.
- Vibronix Inc
Photoacoustic Imaging Industry Developments
March 2024: Researchers developed a wearable photoacoustic imaging device for real-time monitoring of hemodynamic indicators like heart rate and blood pressure, potentially aiding in disease diagnosis and treatment monitoring.
August 2023: TomoWave introduced LOIS-3D, a Laser Optoacoustic Imaging System, revolutionizing small animal imaging with 3D quantitative optoacoustic tomography for comprehensive functional insights in preclinical research.
January 2023: Seno Medical partnered with Genetik, Inc. for exclusive distribution of its Imagio Breast Imaging System in Southeast Asia. The system is aimed at advancing non-invasive breast cancer diagnosis with optoacoustic/ultrasound technology.
Photoacoustic Imaging Market Segmentation:
Photoacoustic Imaging Product Outlook
- Imaging System
- Transducers
- Software and Accessories
Photoacoustic Imaging Technology Outlook
- Photoacoustic Microscopy
- Photoacoustic Imaging
- Photoacoustic Tomography
Photoacoustic Imaging Type Outlook
- Preclinical
- Clinical/Clinical Research
Photoacoustic Imaging Application Outlook
- Oncology
- Hematology
- Veterinary
- Other
Photoacoustic Imaging End-User Outlook
- Hospitals and Imaging Centers
- Academic & Research Institutes
Photoacoustic Imaging Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Photoacoustic Imaging Report Scope:
|
Report Attributes |
Details |
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Market Size Value in 2023 |
USD 82.59 Million |
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Market Size Value in 2024 |
USD 86.56 Million |
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Revenue Forecast in 2032 |
USD 131.79 Million |
|
CAGR |
5.4% from 2024 – 2032 |
|
Base Year |
2023 |
|
Historical Data |
2019 – 2022 |
|
Forecast Period |
2024 – 2032 |
|
Quantitative Units |
Revenue in USD Million and CAGR from 2024 to 2032 |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
|
|
Regional Scope |
|
|
Competitive Landscape |
|
|
Report Format |
|
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The global photoacoustic imaging market size was valued at USD 82.59 million in 2023 and is projected to grow to USD 131.79 million by 2032.
The global market is projected to grow at a CAGR of 5.4% during the forecast period, 2024-2032.
North America had the largest share of the global market.
The key players in the market are Aspectus GmbH, CYBERDYNE, INC., FUJIFILM Corporation, illumiSonics Inc., InnoLas Laser GmbH, iThera Medical GmbH, Kibero, Seno Medical, TomoWave Laboratories Inc., and Vibronix Inc.
The imaging system category dominated the market in 2023
The preclinical segment had the largest share in the global market.
