Global Photoacoustic Imaging Market - Industry Trends and Forecast to 2030

Global Photoacoustic Imaging Market, By Component (Hardware, Software and Services), Type (Photoacoustic Imaging System, Photoacoustic Computed Tomography System), Application (Preclinical, Clinical), Modality (Portable, Standalone, Handheld), Platform (Pulsed Laser Diode, LED-Based, Xenon Flash, Others), Dimension (2D, 3D), Diagnostic Application (Oncology, Hematology, Dermatology, Cardiology, Neurology, Others), End User (Ambulatory Surgical Centers, Research Laboratories, Hospitals and Clinics, Diagnostic Imaging Centers, Pharmaceutical and Biotechnology Companies, Others), Distribution Channel (Direct Tender, Retail Sales, Online Sales, Others) - Industry Trends and Forecast to 2030.

Photoacoustic Imaging Market Analysis and Size

The global photoacoustic imaging market was witnessing steady growth due to the increasing adoption of this technology in both clinical and research applications. The market size was projected to continue expanding as the technology matured and found wider acceptance. Photoacoustic imaging was recognized as a promising advancement in the field of medical imaging due to its ability to provide functional and structural information simultaneously.

Data Bridge Market Research analyses that the global photoacoustic imaging market which was USD 107.71 million in 2022, is expected to reach USD 424.48 million by 2030, and is expected to undergo a CAGR of 18.7% during the forecast period 2023-2030. This indicates the market value. “Hardware (component and substance medium)” dominates the component segment of the global photoacoustic imaging market owing to the increasing investment in healthcare. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Photoacoustic Imaging Market Scope and Segmentation

Market Definition

Photoacoustic imaging, also known as optoacoustic imaging or photoacoustic tomography (PAT), is an advanced medical imaging technique that combines the principles of ultrasound and laser-induced optical absorption to create detailed images of biological tissues and structures. It is a non-invasive imaging modality that has gained significant attention in both clinical and research settings due to its unique capabilities and potential applications.

Global Photoacoustic Imaging Market Dynamics

Drivers

• Advancements in Medical Imaging

Photoacoustic imaging represents a significant advancement in medical imaging technology. It offers the capability to provide both functional and structural information simultaneously, making it valuable for diagnosing and monitoring diseases.

• Increased Healthcare Investments

Governments and healthcare organizations worldwide are investing in advanced medical imaging technologies as part of efforts to improve healthcare infrastructure. This includes the adoption of photoacoustic imaging systems.

Opportunity

• Rising Demand for Personalized Medicines

Photoacoustic imaging can contribute to the trend of personalized medicine by providing individualized diagnostic and treatment planning data. It can be used to tailor therapies to a patient's specific needs and responses.

Furthermore, the rising collaboration, merger, and acquisition among the market players will extend profitable opportunities for the market players in the forecast period of 2023 to 2030. Additionally, the rising number of market players will further expand the market's growth rate in the future. 

Restraint/Challenge

• Delay in Approval Process

Obtaining regulatory approvals for medical devices and imaging technologies can be a time-consuming and complex process. Delays in approval can slow down the introduction of new photoacoustic imaging systems and innovations to the market.

On the other hand, the high cost associated with product manufacturing is expected to obstruct market growth. Also, the disruption in the supply chain industry has the potential to challenge the market’s growth. Also, the lack of favorable reimbursement scenario and technology penetration in the developing economies, and lack of suitable infrastructure are projected to challenge the market in the forecast period of 2023-2030.

This global photoacoustic imaging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global photoacoustic imaging market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In May 2021, PreXion announced the launching of the PreXion 3D Explorer PRO, its newest model in the market. This version of the equipment includes a first-of-its-kind integrated cephalometric. X-ray arm, in addition to flawless 3D imaging quality. This new feature in the model will allow dental and specialty practices to save some office space, while equipping them to capture cephalometric X-rays with conversion from CT or in only 30 seconds. With this product, the company can offer unrivaled customer support and dedication to continuing education opportunities by partnerships among fellow industry leaders such as Catapult Education and 3D Diagnostics (3DDX) and thereby, expanding their product range in the market

Global Photoacoustic Imaging Market Scope

The global photoacoustic imaging market is segmented on the basis of component, type, application, modality, platform, dimension, diagnostic application, end user, and distribution channel. The growth amongst these segments will help you analyse meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
• Component
• Substance Medium
• Software
• Services

Type

• Photoacoustic Imaging System
• Photoacoustic Computed Tomography System

Application

• Preclinical
• Clinical

Modality

• Portable
• Standalone
• Handheld

Platform

• Pulsed Laser Diode
• LED-Based
• Xenon Flash
• Others

Dimension

• 2D
• 3D

Diagnostic Application

• Oncology
• Hematology
• Dermatology
• Cardiology
• Neurology
• Others

End User

• Ambulatory Surgical Centers
• Research Laboratories
• Hospitals and Clinics
• Diagnostic Imaging Centers
• Pharmaceutical and Biotechnology Companies
• Others

Distribution Channel

• Direct Tender
• Retail Sales
• Online Sales
• Others

Global photoacoustic Imaging Market Analysis/Insights

The photoacoustic imaging market is analyzed, and market size insights and trends are provided by component, type, application, modality, platform, dimension, diagnostic application, end user, and distribution channel as referenced above.

The countries covered in the global photoacoustic imaging market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, The Netherlands, Switzerland, Russia, Turkey, Belgium, Rest of Europe, China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, Rest of Asia-Pacific, Saudi Arabia, South Africa and Rest of Middle East and Africa, Brazil, Argentina, Rest of South America

North America dominates the global photoacoustic imaging market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the rising healthcare expenditure. Additionally, favorable health remuneration policies, rise in chronic wounds, and a growing elderly population will further propel the market's growth rate in this region.

Asia-Pacific is expected to be the fastest-growing region during the forecast period of 2023-2030 due to an increase in the number of insurance payers in this region. Also, the development of the private healthcare sector and rising awareness among the people will further propel the market's growth rate in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Global Photoacoustic Imaging Market Share Analysis

The global photoacoustic imaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global photoacoustic imaging market.

Some of the major players operating in the global photoacoustic imaging market are:

• PreXion (U.S.)
• iThera Medical (Germany)
• PST Inc. (South Korea)
• HÜBNER Photonics (Germany)
• Litron Lasers (U.K.)
• FUJIFILM Visualsonics, Inc. (Canada)
• Kibero (Switzerland)
• InnoLas Laser GmbH (Germany)
• QUANTEL LASER (France)
• BK Medical Holding Company, Inc.(U.S.)
• EKSPLA (Lithuania)
• TomoWave Laboratories, Inc. (U.S.)
• Aspectus GmbH (Germany)
• Daylight Solutions (U.S.)
• ADVANTEST CORPORATION (Japan)
•  illumiSonics Inc.(U.S.)
• OPOTEK LLC (U.S.)
• NanoHybrids (U.S.)
• Seno Medical Instruments, Inc.(U.S.)
• Vibronix, Inc. (U.S.)