Global Photoacoustic Imaging Market Report and Forecast 2024-2032

Photoacoustic Imaging Market Size

The global photoacoustic imaging market size was valued at USD 107.71 million in 2023, driven by the rising prevalence of cancer across the globe. The market is expected to grow at a CAGR of 18.6% during the forecast period of 2024-2032, with the values likely to reach USD 500.06 million by 2032.

Photoacoustic Imaging Market Outlook

• The rise in the onset of cancer along with the progression of imaging techniques is driving the photoacoustic imaging market growth. Machine learning and superior data algorithms are improving images to give early and accurate diagnoses of diseases.

• In May 2022, FUJIFILM VisualSonics unveiled the Vevo® F2, a new preclinical imaging system that provides improved image quality and capture rates. It enhances the usage of photoacoustic imaging systems for discovering new applications in research and clinical uses, thereby driving market growth.

• North America accounts for the largest market share due to advanced technologies, a higher prevalence of chronic diseases, and the overall growth of healthcare spending. It is anticipated that Asia-Pacific will experience high growth owing to enhancements in healthcare structures, the implementation of technologies, and the growing cognizance of diagnostics in the region.

Photoacoustic Imaging Market Overview

Photoacoustic imaging (PAI), or optoacoustic imaging, is a non-invasive technique that combines the ability of ultrasound and optical imaging to visualize deep into the tissue, providing high spatial resolution and functional information. It has a thermoelastic expansion where tissues absorb the pulsed laser light, producing ultrasound waves detected on ultrasonic transducers. The uses of PAI include oncology, neuroscience, cardiology, and dermatology. It enables improvements in disease diagnosis, treatment follow-up, and functional imaging.

Photoacoustic Imaging Market Growth Drivers

Increasing Prevalence of Cancer Significantly Drives the Market Growth

The increasing incidence of cancer is becoming a major growth factor in the market. The American Cancer Society revealed that in 2023, the United States recorded around 1,958,310 new cancer cases and 609,820 deaths associated with cancer. With increasing death rates from cancer all over the world, there is a need for improved imaging systems, which should aid in early diagnosis, precise determination of the cancer type, and analysis of the efficiency of the treatment process.

Photoacoustic imaging’s real-time, high-resolution imaging of tissue with vascular and molecular information at chosen depths makes it a pivotal tool against cancer. This technology improves oncological research and supports individualized approaches, benefiting the technology’s integration with clinicians and stimulating market growth.

Technological Advancements in Imaging Devices to Meet Rising Photoacoustic Imaging Market Demand

The growth of the photoacoustic imaging systems market is fuelled by improvements in technology incorporated into the systems. Key players in the market are developing new systems for higher resolution and offer more detailed observation of tissues and diagnosis. Better algorithms of data processing, as well as machine learning methods, contribute to improving the specifics of image reconstruction and analysis, which in turn improves the performance of photoacoustic imaging in the diagnosis field. This allows for better focusing, which is important for disease diagnosis in its early stages and numerous other scientific uses.

Photoacoustic Imaging Market Trends

Recent Developments in the Photoacoustic Imaging Market

In May 2022, FUJIFILM VisualSonics Inc. introduced the Vevo® F2 as the first global ultra-high-to-low ultrasound and photoacoustic imaging system for pre-clinical use. It included an advanced form of image processing technology and a new signal flow path from the transducer to the concluding display screen that improved the clarity of images and frame rates. The new generation system aimed at biological and physiologic interfaces, multidisciplinary research, and electronic system design with modularity provision. It also enabled the designing of low-frequency transducers for deep organ structures or high-frequency transducers for higher resolutions up to 30 microns, helping in studying complex studies such as heart wall and valve movements, tumor identification at an early stage, and even cerebral mapping of brain functions.

Photoacoustic Imaging Market Segmentation

Market Breakup by Component

• Hardware

• Software

Market Breakup by Type of System

• Photoacoustic Imaging System

• Photoacoustic Computed Tomography System

Market Breakup by Application

• Medical
  • Clinical
  • Preclinical

• Others

Market Breakup by Modality

• Portable

• Standalone

Market Breakup by Platform

• Pulsed Laser Diode

• LED-Based

• Xenon Flash

• Other

Market Breakup by End User
 

• Ambulatory Surgical Centers

• Research Laboratories

• Hospitals and Clinics

• Pharmaceutical and Biotechnology Companies

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Photoacoustic Imaging Market Share

Market Segmentation by Application is Projected to Experience Significant Growth

Based on the application the market is divided into medical (clinical, preclinical) and others. Among these, clinical application is expected to dominate the market due to the increasing use of photoacoustic imaging in the diagnosis and monitoring of different illnesses. Preclinical applications include drug testing and experimentation for potential therapies. The market share for this segment is also expected to expand with the rising application of photoacoustic imaging in drug development.

Photoacoustic Imaging Market Analysis by Region

Based on the region, the market report is divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Among these, North America occupies the largest market share for photoacoustic imaging across the global market, and this is largely attributed to advanced technology, the rising incidence of chronic diseases, and the existence of prominent players. The well-developed infrastructure of the United States also helps in the implementation of new diagnostic platforms. Besides, government funding from the National Institute of Health (NIH) and the private sector fuels research and development of photoacoustic imaging applications. The Asia-Pacific region is expected to witness exponential growth in the forecast period, driven by the growth in healthcare infrastructure, technology, and awareness of the latest diagnostic technologies.

Leading Players in the Photoacoustic Imaging Market

The key features of the market report include patent analysis, funding and investment analysis, and strategic initiatives by the leading players. The major companies are:

Advantest Corp.

Founded in 1954 and headquartered in Tokyo, this company offers a diverse range of products. Hadatomo™ microscope uses photoacoustic imaging to visualize blood vessels and other structures within the skin. Hadatomo™ Z Photoacoustic Microscope is another vital component of the market.

FUJIFILM VisualSonics Inc.

Operating as a subsidiary of FUJIFILM Holdings Corporation, this company specializes in photoacoustic imaging systems for preclinical research in various biological and medical fields. Some of the leading Vevo LAZR-X, and Vevo F2. These products offer high quality visualization of the tissue structure. It is particularly useful for studying tumor biology, vascular imaging, and molecular imaging.

Other companies include TomoWave Laboratories, Inc., Kibero GmbH, Seno Medical Instruments Inc.,iThera Medical GmbH,Aspectus GmbH, Vibronix Inc., PreXion Corp., PST Inc., HÜBNER GmbH & Co. KG and Litron Lasers Ltd.

Kindly note that this only represents a partial list of companies, and the complete list has been in the report.

Key Highlights of the Report

Key Questions Answered in the Photoacoustic Imaging Market

• What was the global photoacoustic imaging market value in 2023?
• What is the global photoacoustic imaging market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What are the major factors aiding the global photoacoustic imaging market demand? 
• What are the market's major drivers, opportunities, and restraints? 
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period? 
• What are the major global photoacoustic imaging market trends?
• How does the rise in the geriatric population impact the market size?
• Who are the key players involved in the photoacoustic imaging market?
• What is the market breakup based on components?
• What is the market segmentation based on the type of system? 
• What is the market breakup based on application?
• What is the market segmentation based on modality?
• What is the market segmentation based on the platform?
• What are the technological advancements in pulsed laser diode platforms driving market growth?
• What are the applications of LED-based platforms in superficial and deep tissue imaging?
• What is the market breakup based on end user?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?