USD 100.25 Million
Photoacoustic Imaging Market Size, Share, and Growth Analysis
Photoacoustic Imaging Market By Product (Imaging System, Transducers), By Technology (Photoacoustic Microscopy, Photoacoustic Imaging, Photoacoustic Tomography), By Type, By Application, By End User, By Region -Industry Forecast 2025-2032.
Report ID:
SQMIG35A2960 |
Region:
Global |
Published Date: November, 2024
Pages:
175
|Tables:
87
|Figures:
75
Format -
Photoacoustic Imaging Market Insights
Photoacoustic Imaging Market size was valued at USD 100.25 Million in 2023 and is poised to grow from USD 119.57 Million in 2024 to USD 489.62 Million by 2032, growing at a CAGR of 19.27% during the forecast period (2025-2032).
In recent times, the photoacoustic market is experiencing a surge owing to factors like growing prevalence of cancer, particularly breast cancer, and increasing research studies in non-ionizing radiation for imaging. Furthermore, the growth of the applications in photoacoustic is also contributing to the market's expansion. Photoacoustic Imaging (PAI) is better in comparison with other diagnostic imaging systems. This is because it utilizes non-ionizing radiation to analyze tissues in real-time with high resolution and contrast at long penetration depths. This helps in conducting morphological, functional, and molecular imaging of living subjects. Continuous research and development in photoacoustic imaging systems is also assisting in improving its resolution, sensitivity, and clinical utility. This is boosting the demand for the product globally. The benefits of optical and ultrasonic imaging are embedded in near-infrared photoacoustic imaging (NIR-PAI), which offers high-resolution anatomical and functional information about tissues. PAI provides a unique mix of structural and functional information, making it extremely useful for early disease detection and monitoring.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
19.27% CAGR
Global Photoacoustic Imaging Market ($ Bn)
Country Share for North America Region (%)
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Photoacoustic Imaging Market Segments Analysis
Global Photoacoustic Imaging Market is segmented by Product, Technology, Type, Application, End User and Region. Based on Product, the market is segmented into Imaging System, Transducers, Software and Accessories. Based on Technology, the market is segmented into Photoacoustic Microscopy, Photoacoustic Imaging, Photoacoustic Tomography. Based on the Types the market is segmented into Pre-Clinical, Clinical/Clinical Research. Based on application, the market is segmented into Oncology, Hematology, Veterinary and Other Application. Based on End User, the market is segmented into Hospitals and Imaging Centres, Academic & Research Institutes. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Product
Based on product, the market is segmented into photoacoustic tomography, and photoacoustic microscopy. The photoacoustic tomography (PAT) segment is leading the market with maximum share. PAT is considered as the most flexible and open-ended photoacoustic imaging procedures because it has the least real-world restrictions on picture performance. PAT technology has enhanced rapidly in accordance with spatial resolution, frame rates, and detection sensitivity. Furthermore, PAT also has many possible clinical usages, and its usage in primary biological sciences has significantly increased. PAT also has unique amalgamation of optical absorption contrast and scalable depth and resolution ultrasound imaging. This is one of the major factors due to which it is considered that PAT has more valuable applications in biological research and clinical practice.
The photoacoustic microscopy (PAM) segment is witnessing the fastest growth in the photoacoustic imaging market. PAM offers anatomical, functional, and molecular information. This has made it one of the most frequently utilized biomedical techniques. Unlike pure optical microscopic procedures, PAM utilizes a tissue's weak acoustic scattering for overcoming the optical diffusion restriction. The increasing efficiency of PAM enables it to create high-resolution images at definite maximum imaging depths of a few millimeters. Although PAM has been commercialized for its preclinical usages, the future commercialization of clinical applications will substantially increase its transformation from laboratory technology to conventional imaging modality.
Analysis by Application
Based on application, the market is segmented into oncology, cardiology, angiology, and histology. The oncology segment dominates the market with the largest revenue share. In oncology, breast cancer imaging is a potentially significant clinical application for PAI. Breast imaging is the most advanced PAI technique in terms of clinical use, with benefits such as non-contrast imaging of the neo-vasculature around a tumor and oxygen saturation mapping. PAI, as compared to X-ray imaging, can detect tumors in radiologically dense breasts without causing painful breast compression. For instance, The National Institute of Technology (NIT) of Andhra Pradesh (NIT-AP) and Pennsylvania State University (PSU) in the United States announced their collaboration to develop an Artificial Intelligence (AI)-augmented PAI technique for cancer diagnostics. This technique has gained popularity in recent years by allowing precise and early-stage identification of cancer, neurological problems, and vascular disorders.
The cardiology segment is witnessing the fastest growth in the photoacoustic imaging market. This increasing growth is owing to an increased burden on cardiovascular disorders globally. For effective management and treatment of CVDs, accurate diagnosis and real-time interventional guidance are essential. PA imaging is a promising novel imaging technology with therapeutic applications in cardiology since it is intrinsically bonded to and complementary to ultrasound imaging. Furthermore, deep learning (DL) techniques have become more popular as GPU capacity increases. According to the American Heart Association, around 928,741 deaths were accounted to CVD in the U.S. in 2020.
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Photoacoustic Imaging Market Regional Insights
Based on region, North America is dominating the photoacoustic imaging market with the largest revenue share. The existence of several market competitors in the region and the increasing number of cancer cases seem to be factors contributing to regional market growth. For instance, as per the National Cancer Institute, an estimated 1,958,310 new cancer cases in the United States will be diagnosed in 2023. In addition, improved funding has boosted the region's research activities. The United States spends the most per capita on healthcare and has the largest funds and grants available for research through government agencies, such as the National Institutes of Health (NIH).
Asia-Pacific is witnessing the fastest growth in the photoacoustic imaging market. The market in the region is growing exponentially owing to the increased demand for better imaging devices and the rising frequency of research activities. In September 2021, a group of researchers from South Korea's Pohang University of Science and Technology (POSTECH) created a handheld photoacoustic detector. This detector can be utilized for assessing lymph node status without exposing patients to radiation. The large population in the region is also increasing demand for unique diagnostic tools in the region. This population is also mainly dealing with rapid aging, and an increasing prevalence of chronic diseases such as cancer and cardiovascular diseases, resulting in the growth of the market.
Global Photoacoustic Imaging Market Market By Geography
- Largest
- Fastest
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Photoacoustic Imaging Market Dynamics
Drivers
Increasing Prevalence of Chronic Diseases
- One of the primary drivers for the photoacoustic imaging market is the prevalence of chronic diseases globally. Photoacoustic imaging has the potential of visualizing tissue morphology, functional parameters, and molecular parameters with high sensitivity and specificity. This helps early detection of disease markers and abnormalities for diagnosing chronic diseases. Furthermore, the emerging personalized medicine consists of imaging modalities that can provide detailed information related to individual patients.
Technological Development in Medical Imaging
- Photoacoustic imaging techniques are necessary for detecting structural abnormalities and pathological changes in the body because traumatic injuries are common and frequent. These techniques have been utilized for identifying minor changes the human eye cannot detect. With the help of an advanced diagnostic system physicians can accurately diagnose the patient's condition, so that they can choose the best course of treatment. The market is expanding owing to the rise in cancer patients who need advanced imaging reagents and diagnostic imaging techniques.
Restraints
Reduced Adoption of Advanced Imaging Equipment
- The adoption of imaging equipment is decreasing because of factors like decrease in imaging volumes, lack of skilled staff at radiology centers and hospitals, and a rise in teleradiology services. Furthermore, computer vision is utilized for identifying invisible diseases to the human eye. Irrespective of technical advancements and an increase in the use of sophisticated imaging tools, the market experienced a decline. Furthermore, the market expansion is restricted by the high expense of medical imaging devices and the unfavorable reimbursement environment of advanced imaging equipment.
High Expense of Photoacoustic Imaging
- The high expense of photoacoustic systems performs as a substantial barrier to the growth of the market. Photoacoustic systems are costly due to advanced imaging technology along with the presence of high-quality lasers, ultrasound transducers, and advanced imaging software. The initial capital investment for buying these systems and the constant maintenance expenses can be difficult for several middle settings. This is true particularly in low- and middle-income countries, thus impacting the market growth.
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Photoacoustic Imaging Market Competitive Landscape
The photoacoustic imaging market is extremely concentrated in nature on account of the presence of few players. The market is highly competitive due to the presence of many medium and small-sized organizations. This is increasing immense competition in the market. The leaders in the market are continuously upgrading their technologies to maintain competition. This also ensures efficiency, integrity, and safety. The companies are focusing on partnership and collaboration to gain a competitive edge and increase their market presence. Medical firms are also following tactics like aggressive pricing, online marketing, and strategic acquisitions for geographical and portfolio expansion.
Top Players in Photoacoustic Imaging Market
- 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.)
- 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)
- PreXion (U.S.)
- iThera Medical (Germany)
- PST Inc. (South Korea)
Recent Developments
- In August 2023, TomoWave introduced LOIS-3D three-dimensional quantitative optoacoustic tomography (Qoat). This advanced technology develops three-dimensional visualization of tiny animal models of human diseases.
- In January 2023, Seno Medical collaborated with Genetik Inc. The objective was to exclusively distribute its Imagio Breast System in Southeast Asia. It can improve non-invasive breast cancer diagnosis.
- In March 2023, MicroPort NeuroTech finished their first implementation of commercial Tubridge Photoacoustic imaging in Argentina.
Photoacoustic Imaging Key Market Trends
- Enhancement in Government Standards and Policies: The market for medical imaging has also been boosted by the improvement in governmental standards and policies regarding the reimbursement services provided to patients. The attractive reimbursement options offered by insurance companies have significantly increased the market. To entice customers to purchase larger policies, insurance companies work tirelessly to give them the best amenities, further propelling market growth.
- Growing Demand for Personalized Medicines: Photoacoustic imaging can contribute to the trend of personalized medicine by offering individualized diagnostic and treatment planning data. It can be utilized to customize therapies to the patient's specific requirement and responses. Personalized medicines can help physicians to provide better treatment to the patients as they can better understand the diseases. This is creating more opportunities for the photoacoustic imaging market.
Photoacoustic Imaging Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global photoacoustic imaging market is growing exponentially. This growth can be attributed to factors such as a rise in the demand for minimally invasive surgical procedures. Furthermore, favorable FDA approvals and reimbursement policies related to photoacoustic imaging devices in develop courtiers to boost growth of the global photoacoustic imaging market. Photoacoustic imaging is utilized in clinical research and management of patients with cancer. There are many benefits related with photoacoustic imaging like greater sensitivity for the detection of specific probes. This can be done without any exogenous molecular imaging agents to detect tissue oxygenation and has ess image noise.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 100.25 Million |
| Market size value in 2032 | USD 489.62 Million |
| Growth Rate | 19.27% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Photoacoustic Imaging Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Photoacoustic Imaging Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Photoacoustic Imaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Photoacoustic Imaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Photoacoustic Imaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Photoacoustic Imaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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