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Photoacoustic Imaging Market Research Report: By Product (Imaging Systems, Software and Other Accessories), Application (Pre-Clinical, Clinical), Indication (Oncology, Cardiology) - Global Industry Analysis and Growth Forecast to 2030

  • Published: November 2020
  • Report Code: LS12093
  • Available Format: PDF
  • Pages: 159

Industry Overview

The global photoacoustic imaging market size was $39.8 million in 2019, which is projected to reach $279.3 million by 2030, growing at a CAGR of 20.3% during the forecast period (2020–2030). The rising number of cancer cases and increasing adoption of advanced treatments across the globe are the prime factors spurring the growth of the market. The mounting healthcare expenditure and surging geriatric population are some other factors driving the demand for photoacoustic imaging systems.

Due to COVID-19, the market witnessed a negative impact across the globe during the first two quarters of 2020, primarily due to the lockdown and non-operational hospitals and research centers in several countries. The lockdown led to the reduced deployment of photoacoustic imaging systems, as a consequence of the reduced demand, postponed pre-clinical and clinical research projects, and widespread financial distress.

Photoacoustic Imaging Market

Software and Other Accessories Expected To Be Faster-Growing Category during 2020–2030

The photoacoustic imaging market is expected to witness the faster growth in the software and other accessories category, on the basis of product. This would mainly be due to technological advancements that would allow for the launch of new and improved components for photoacoustic imaging systems. For instance, software tools with the digital radio frequency (RF)-Mode export capability allow for a multispectral photoacoustic analysis and contrast applications for quantification of photoacoustic imaging agents and to detect sentinel lymph.

Pre-Clinical Bifurcation Held Larger Share in Market in 2019

In 2019, the pre-clinical bifurcation held the larger share in the market for photoacoustic imaging, on the basis of application. The market dominance of this category is primarily due to the technological advancements in the field of photoacoustic imaging, coupled with the increasing demand for non-invasive imaging techniques for small animals that are used in pre-clinical studies, and rising number of initiatives by public and private organizations to support pre-clinical research.

Oncology Expected To Be Fastest-Growing Category during 2020–2030

The market is expected to witness the fastest growth in the oncology category, on the basis of indication, during the forecast period. This can be mainly attributed to the increasing usage of photoacoustic imaging systems for cancer diagnosis, mainly breast cancer. Photoacoustic imaging plays a significant role in breast screening, diagnosis, and staging and monitoring of therapeutic interventions. Globally, breast cancer is the most-common cancer in women, with over 2.08 million cases in 2018. Therefore, the oncology category is expected to dominate the market throughout the forecast period.

North America is the largest and APAC is the fastest growing region

North America held the largest share in the market for photoacoustic imaging in 2019. This growth can be primarily attributed to the increasing incidence of chronic diseases, rising geriatric population, and surging healthcare expenditure. For Instance, according to the United Nations (UN)’s World Population Ageing 2019 report, in North America, there were 59.9 million people aged 65 years and above in 2019, and this number is projected to rise to 80.2 million by 2030. Thus, the large elderly population in North America leads to a high demand for photoacoustic imaging studies, which boosts the market growth.

APAC is the fastest-growing region in the photoacoustic imaging market, and this can be attributed to the widespread burden of cancer, rising healthcare expenditure, and increasing investments by public and private organizations. For instance, according to the data published in the Global Cancer Observatory (GLOBOCAN), 883,395 cancer cases were reported in Japan in 2018, and this number is expected to increase to 3.5 million by 2025.

Photoacoustic Imaging Market

Strategic Alliances (Mergers and Acquisitions) Are Key Market Trend

Companies are getting involved in acquisitions and mergers in order to gain a competitive edge in the market. For instance, in 2018, CYBERDYNE INC. acquired the photoacoustic imaging business of PreXionCorporation, a subsidiary of Funai Kosan Co. Ltd. The objective of this acquisition was for CYBERDYNE INC. to increase its product offerings and expand its customer base. Therefore. the increased the focus of players on merging with and acquiring other companies to increase their product offerings and expand across the globe is reducing the complexity and increasing profit. The consolidation trends in the market are likely to accelerate during the forecast period.

Photoacoustic Imaging Market

Surging Geriatric Population Is Driving Photoacoustic Imaging Market

The increasing life expectancy leading to the falling death rate is the major contributor to the growth in the geriatric population. According to the World Population Ageing 2019 report published by the UN, the population of people aged 65 years and above is expected to increase sharply from 703 million in 2019 to 1.5 billion by 2050. The elderly requires extensive care, as they are more prone to illnesses owing to their low immunity level and longer recovery time. Thus, the geriatric population significantly contributes to the growth of the photoacoustic imaging market.

Increasing Incidence of Chronic Diseases Will Fuel Growth of Market during Forecast Period

Cancer has become one of the leading causes of death worldwide, accounting for an estimated 9.6 million deaths in 2018, as per GLOBOCAN. Furthermore, according the World Health Organization (WHO), cardiovascular diseases (CVDs) are the number 1 cause of death globally, taking an estimated 17.9 million lives, every year. In addition, in the U.S., according to the Centers for Disease Control and Prevention (CDC), coronary heart disease is the most-common heart disease, killing 365,914 people in 2017. High blood pressure is a major risk factor for coronary heart disease and ischemic as well as hemorrhagic stroke. Thus, the increasing incidence of chronic diseases boosts the photoacoustic imaging market growth.

Photoacoustic Imaging Market Report Coverage
Report Attribute Details
Historical Years 2014-2019
Forecast Years 2020-2030
Base Year (2019) Market Size $39.8 Million
Forecast Period (2020-2030) CAGR 20.3%
Report Coverage Market Trends, Impact of COVID-19, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies’ Strategic Developments, Product Benchmarking, Company Profiling
Market Size by Segments By Indication, By Application, By Product, By Region
Market Size of Geographies U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Brazil, U.A.E.
Secondary Sources and References (Partial List) American Society for Radiation Oncology, American Society of Clinical Oncology, American Society of Radiologic Technologists, Centers for Disease Control and Prevention, Central Bureau of Health Intelligence, Royal College of Radiologists, Saudi Cancer Society, Society for Radiation Oncology Administrators, World Health Organization

 

Market Players Launching New Products and Services to Gain Competitive Edge

The global market is consolidated in nature, with the presence of market players such as EKSPLA, FUJIFILM VisualSonics Inc., illumiSonics Inc., InnoLas Laser GmbH, PhotoSound Technologies Inc., Seno Medical Instruments Inc., Teem Photonics, TomoWave Laboratories Inc., Verasonics Inc., Vibronix Inc., iThera Medical GmbH, kibero GmbH, OPOTEK LLC, and PA Imaging R&D B.V.

In recent years, players in the photoacoustic imaging industry have launched a number of advanced products in order to stay ahead of their competitors. For instance:

  • In August 2020, Verasonics Inc. announced the launch of the SoniVue QuickScan software, developed to provide a user-friendly, clinical-style graphical user interface for real-time imaging applications. It does not require users to have MATLAB programming skills.
  • In June 2020, FUJIFILM Visualsonics Inc. announced the launch of an ultra-high-to-low-frequency ultrasound imaging system, with a frequency range extending from 71-1 Megahertz (MHz). With this launch, the company has expanded its portfolio to meet the requirements of acoustic researchers and ultrasound engineers with an open and configurable architecture that also supports photoacoustics. The system is equipped with the Vevo Advanced Data Acquisition (VADA) tool, which allows access to pre-beamformed individual channel data through an easy-to-use graphical user interface.
  • In May 2020, EKSPLA updated its collection of high-energy tunable-wavelength lasers. The main upgrades were executed in the two main ranges of high-energy tunable lasers: the NT340 and NT350. With continuous upgrades, the lasers can be used for multiple applications and personalized as per the specific requirements.

Key Players in Photoacoustic Imaging Market include:

  • EKSPLA
  • FUJIFILM VisualSonics Inc.
  • illumiSonics Inc.
  • InnoLas Laser GmbH
  • PhotoSound Technologies Inc.
  • Seno Medical Instruments Inc.
  • Teem Photonics
  • TomoWave Laboratories Inc.
  • Verasonics Inc.
  • Vibronix Inc.
  • iThera Medical GmbH
  • kibero GmbH
  • OPOTEK LLC
  • PA Imaging R&D B.V.

Market Size Breakdown by Segment

The report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Product

  • Imaging Systems
  • Software and Other Accessories

Based on Application

  • Pre-Clinical
  • Clinical

Based on Indication

  • Oncology
  • Cardiology

Geographical Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • U.K.
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
  • Latin America (LATAM)
    • Brazil
  • Middle East and Africa (MEA)
    • Saudi Arabia
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