Photoacoustic Imaging Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 108.92 Million |
| Market Size (2029) | USD 223.87 Million |
| CAGR (2024 - 2029) | 15.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Photoacoustic Imaging Market Analysis
The Photoacoustic Imaging Market size is estimated at USD 108.92 million in 2024, and is expected to reach USD 223.87 million by 2029, growing at a CAGR of 15% during the forecast period (2024-2029).
The COVID-19 pandemic had a substantial impact on the photoacoustic imaging market initially. The pandemic increased the usage of photoacoustic imaging for various research purposes related to COVID-19 infection. For instance, according to an article published by the Journal of Sensors in March 2023, a study was conducted where a photoacoustic imaging method was used for studying the inflammation responses in autoimmune disease patients after COVID-19 vaccine administration. Thus, the COVID-19 outbreak affected the market's growth significantly. However, as the pandemic subsided, the market is expected to experience pre-pandemic growth levels during the study's forecast period.
Factors such as the rising prevalence of chronic diseases and the increasing adoption of photoacoustic imaging in research studies are expected to boost market growth.
The rising prevalence of chronic diseases such as cancer and cardiovascular diseases is a significant factor driving the market growth. It is because photoacoustic imaging is used to diagnose these diseases. For instance, according to the data published by the British Heart Foundation in 2023, an estimated 1.1 million patients were admitted to hospitals in the United Kingdom due to heart and circulatory diseases in 2022. Thus, the high prevalence of such chronic diseases is expected to boost the usage of photoacoustic imaging systems.
Moreover, according to an article published by ACS Publications in July 2023, a study showed that photoacoustic imaging succeeded in imaging microRNA-21 and tumor tissues related to cancer in vivo. Similarly, in another article published by Experimental Biology and Medicine in July 2023, a study showed that photoacoustic imaging effectively visualizes physiological and morphological information in biological systems in vivo. Thus, the rising usage rate of photoacoustic systems in various research studies is also a significant factor driving market growth.
In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the studied market. For instance, in June 2022, Seno Medical's Imagio Breast Imaging System (a photoacoustic imaging system) received supplemental premarket approval (PMA) from the Center for Devices and Radiological Health (CDRH) of the United States Food & Drug Administration (FDA). Thus, owing to such product approvals, the studied market is expected to grow significantly over the forecast period.
Therefore, owing to the factors mentioned above, such as the rising prevalence of cancer, the increasing adoption of photoacoustic imaging systems, and the rising strategic activities by market players, the studied market is anticipated to grow over the analysis period. However, the high cost of imaging systems and the lack of skilled professionals likely impede market growth.
Photoacoustic Imaging Market Trends
Oncology Segment is Expected to Witness Significant Growth Over the Forecast Period
Photoacoustic imaging is widely used to diagnose various tumors, such as breast and prostate. Factors such as the rising prevalence of cancer and the increasing usage of photoacoustic imaging for cancer diagnosis are expected to boost the growth of the studied segment during the forecast period.
For instance, according to an article published by the Indian Journal of Medical Research in November 2022, it was estimated in India, the incidence of cancer cases would likely increase from 1.46 million in 2022 to 1.57 million in 2025. The national average for 2022 crude incidence rate per 100,000 was 100.4 for males and 95.6 for females. Thus, the rising prevalence of cancer is a significant factor driving the segment's growth, as it would increase the adoption of photoacoustic imaging devices for cancer diagnosis.
Moreover, according to an article published by Frontiers in Oncology in March 2022, photoacoustic imaging (PAI) is said to be an emerging modality for molecular imaging of cancer, enabling non-invasive assessment of endogenous tissue chromophores with optical contrast at unprecedented spatiotemporal resolution. The source also stated that preclinical studies in mouse models showed that PAI could be used to assess response to radiotherapy and chemoradiotherapy. It is based on changes in the tumor vascular architecture and blood oxygen saturation, closely linked to tumor hypoxia. Thus, the rising usage of photoacoustic imaging for cancer diagnosis is expected to drive segment growth.
Therefore, the oncology segment is expected to witness significant growth over the forecast period due to the abovementioned factors, such as cancer's rising prevalence and photoacoustic imaging usage for diagnosing cancer.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a significant share of the market. It is due to factors such as the easy availability of technologically advanced products and the increase in the adoption of photoacoustic imaging systems. Moreover, the rising prevalence of chronic diseases such as cancer and cardiovascular disorders and the increasing geriatric population in the region are also among the key factors contributing to the growth of the studied market in North America.
For instance, according to the data updated by the Canadian Institute for Health Information in July 2022, it was estimated that about 2.4 million Canadians had heart disease in 2022. Thus, with the increasing burden of chronic diseases across the country, the segment is expected to grow strongly. It would lead to increased adoption of photoacoustic imaging devices for diagnosis.
Moreover, as per the National Breast Cancer Foundation Inc., data published in June 2022 mentioned that in 2022 an estimated 287,500 new cases of invasive breast cancer and 51,400 new cases of non-invasive breast cancer were diagnosed in women in the United States in 2022. Moreover, according to the American Cancer Society data published in 2023, colorectal cancer is one of the most common cancers diagnosed in men and women in the United States. It is estimated that approximately 106,970 cases of colon cancer and 46,050 cases of rectal cancer will be diagnosed in the United States in 2023. Thus, the rising prevalence of such diseases is expected to boost the adoption of photoacoustic imaging systems.
Therefore, owing to the factors above, such as the high prevalence of various chronic diseases, the growth of the studied market is anticipated in the North American region.
Photoacoustic Imaging Industry Overview
The photoacoustic market is semi consolidated due to the presence of several companies operating globally as well as regionally. The competitive landscape includes analyzing a few international and local companies that hold market shares and are well known. Some of the key market players include illumiSonics Inc., Seno Medical, InnoLas Laser GmbH, Fujifilm Holdings Corporation (Fujifilm Visualsonics, Inc.), Kibero, and iThera Medical GmbH, among others.
Photoacoustic Imaging Market Leaders
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illumiSonics Inc.
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Seno Medical
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InnoLas Laser GmbH
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iThera Medical GmbH
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Fujifilm Holdings Corporation (Fujifilm Visualsonics, Inc.)
*Disclaimer: Major Players sorted in no particular order
Photoacoustic Imaging Market News
- January 2023: Seno Medical entered into an exclusive distributor agreement with Genetik, Inc., to market, sell, and service the company's Imagio Opto-Acoustic/Ultrasound (OA/US) Breast Imaging System.
- May 2022: Fujifilm VisualSonics Inc. launched the Vevo F2, the ultra-high to low frequency (71MHz-1MHz) ultrasound and photoacoustic imaging system for preclinical use.
Photoacoustic Imaging Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Rising Prevalence of Chronic Diseases
- 4.2.2 Increasing Adoption of Photoacoustic Imaging in Research Studies
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4.3 Market Restraints
- 4.3.1 High Cost of the Imaging Systems and Lack of Skilled Professionals
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Type
- 5.1.1 Imaging Systems
- 5.1.2 Lasers
- 5.1.3 Others
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5.2 By Product Type
- 5.2.1 Photoacoustic Tomography
- 5.2.2 Photoacoustic Microscopy
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5.3 By Application
- 5.3.1 Oncology
- 5.3.2 Cardiology
- 5.3.3 Hematology
- 5.3.4 Other Applications
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5.4 By End User
- 5.4.1 Hospitals
- 5.4.2 Diagnostic Centers
- 5.4.3 Academic and Research Institutes
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5.5 Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 United Kingdom
- 5.5.2.3 France
- 5.5.2.4 Italy
- 5.5.2.5 Spain
- 5.5.2.6 Rest of Europe
- 5.5.3 Asia-Pacific
- 5.5.3.1 China
- 5.5.3.2 Japan
- 5.5.3.3 India
- 5.5.3.4 Australia
- 5.5.3.5 South Korea
- 5.5.3.6 Rest of Asia-Pacific
- 5.5.4 Rest of the World
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 illumiSonics Inc.
- 6.1.2 Seno Medical
- 6.1.3 InnoLas Laser GmbH
- 6.1.4 Fujifilm Holdings Corporation (Fujifilm Visualsonics, Inc.)
- 6.1.5 Kibero
- 6.1.6 iThera Medical GmbH
- 6.1.7 Photosound Technologies Inc.
- 6.1.8 Advantest Corporation
- 6.1.9 TomoWave Laboratories, Inc.
- 6.1.10 Aspectus GmbH
- 6.1.11 VibroniX
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityPhotoacoustic Imaging Industry Segmentation
As per the report's scope, photoacoustic imaging (PAI) is a non-invasive biomedical imaging procedure that generates ultrasonic waves by irradiating the material with a pulsed laser and reconstructs the image of light energy absorption distribution in the tissue. The Photoacoustic Imaging Market is segmented by type (imaging systems, lasers, and others), product type (photoacoustic tomography and photoacoustic microscopy), application (oncology, cardiology, hematology, and other applications), end-user (hospitals, diagnostic centers, and academic and research institutes), and Geography (North America, Europe, Asia-Pacific, and rest of the world). The report offers the value (in USD) for the above segments.
| By Type | Imaging Systems | |
| Lasers | ||
| Others | ||
| By Product Type | Photoacoustic Tomography | |
| Photoacoustic Microscopy | ||
| By Application | Oncology | |
| Cardiology | ||
| Hematology | ||
| Other Applications | ||
| By End User | Hospitals | |
| Diagnostic Centers | ||
| Academic and Research Institutes | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Rest of the World |
Photoacoustic Imaging Market Research Faqs
How big is the Photoacoustic Imaging Market?
The Photoacoustic Imaging Market size is expected to reach USD 108.92 million in 2024 and grow at a CAGR of 15% to reach USD 223.87 million by 2029.
What is the current Photoacoustic Imaging Market size?
In 2024, the Photoacoustic Imaging Market size is expected to reach USD 108.92 million.
Who are the key players in Photoacoustic Imaging Market?
illumiSonics Inc., Seno Medical, InnoLas Laser GmbH, iThera Medical GmbH and Fujifilm Holdings Corporation (Fujifilm Visualsonics, Inc.) are the major companies operating in the Photoacoustic Imaging Market.
Which is the fastest growing region in Photoacoustic Imaging Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Photoacoustic Imaging Market?
In 2024, the North America accounts for the largest market share in Photoacoustic Imaging Market.
What years does this Photoacoustic Imaging Market cover, and what was the market size in 2023?
In 2023, the Photoacoustic Imaging Market size was estimated at USD 92.58 million. The report covers the Photoacoustic Imaging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Photoacoustic Imaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Photoacoustic Imaging Industry Report
Statistics for the 2024 Photoacoustic Imaging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Photoacoustic Imaging analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
