Photoacoustic Imaging Market by Product (Imaging System, Transducer, Software, Accessories), Technology (Microscopy, Tomography), Type (Preclinical, Clinical), Application (Oncology, Neuro), End User (Hospitals, Academia) & Region Global Forecast to 2029
Updated on : September 24, 2024
Overview of the Photoacoustic Imaging Market
Photoacoustic imaging market forecasted to transform from $80 million in 2024 to USD $105 million by 2029, driven by a CAGR of 5.5%. The comprehensive research encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics.
The market is experiencing substantial growth fueled by rising investments, both direct and indirect, in imaging systems, alongside strategic partnerships aimed at advancing imaging technology. Furthermore, the increasing number of conferences and symposia dedicated to imaging technologies is contributing to this growth. Looking forward, emerging markets are expected to offer promising opportunities for industry players over the next five years.
Photoacoustic Imaging Market Trends
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e- Estimated; p- Projected
Photoacoustic Imaging Market: Market Dynamics
Driver: Increasing prevalence of cancer.
The increasing prevalence of cancer is emerging as a significant growth driver for the market. As cancer rates continue to rise globally, there is a growing need for advanced imaging technologies that can offer early detection, precise diagnosis, and monitoring of treatment effectiveness. Photoacoustic imaging's ability to provide high-resolution, real-time images of tissue at various depths, including vascular and molecular information, positions it as a promising tool in the fight against cancer. This technology not only enhances oncological research but also supports personalized treatment strategies, thereby fueling its adoption in clinical settings and driving market expansion.
Restraint: High cost of the photoacoustic imaging system
Photoacoustic Computed Tomography (PACT) is a hybrid, noninvasive imaging modality crucial for functional and molecular imaging in biomedicine. It has rapidly gained importance due to its superiority over traditional optical imaging techniques. However, its clinical adoption is hindered by high development costs; typical commercial systems range from USD 200K to USD 900K. These costs primarily stem from the need for high-power pulsed lasers, sensitive ultrasound transducers, and complex signal processing units. The lasers used are advanced, tunable models producing short, precisely controlled pulses, costing between USD 15,000 to USD 25,000. These lasers demand expensive manufacturing, regular maintenance, and calibration for optimal performance. Similarly, ultrasound transducers must be exceptionally sensitive to detect the faint signals generated by the photoacoustic effect, often requiring custom designs, further increasing expenses.
Opportunity: Rising demand for personalized medicines.
Personalized medicine, which tailors’ medical treatment to the individual characteristics of each patient, is driving innovation and growth in various medical imaging technologies, including Photoacoustic imaging. This demand impacts the Photoacoustic imaging market through several key points: it enhances diagnostics by offering high-resolution imaging at molecular levels, ideal for identifying disease markers specific to individual patients, which aligns with the personalized medicine approach requiring precise diagnostic tools. Additionally, Photoacoustic imaging facilitates early detection of diseases by visualizing molecular and cellular changes, improving patient outcomes through timely and targeted interventions. Furthermore, its real-time imaging capabilities allow clinicians to monitor the effects of personalized therapies as they are administered, providing crucial feedback for promptly adjusting treatments to ensure optimal efficacy. As a non-invasive technique that does not use ionizing radiation, Photoacoustic imaging is also safer for repeated use.
Challenge: Lack of skilled professionals
The market faces significant challenges, primarily due to a shortage of skilled professionals. This technology's inherent complexity requires expertise in both optics and acoustics, as well as deep knowledge of laser-tissue interactions, ultrasound wave propagation, and the integration of these modalities to create coherent images. The interdisciplinary nature of photoacoustic imaging demands skills not commonly found in the workforce, and specialized educational programs are lacking, as traditional biomedical engineering or medical physics curricula do not extensively cover this area. Consequently, professionals often need additional training or post-graduate education, which can be time-consuming and costly. The absence of standardized training programs and certifications exacerbates the skills gap, affecting the quality and reliability of imaging results. Research and development in photoacoustic imaging are concentrated in a few specialized institutions and companies, limiting broader exposure and hands-on experience opportunities. The high learning curve associated with mastering the specialized software and analytical skills required for photoacoustic imaging integration and interpretation can deter professionals, especially given the need for continuous skill updates due to technological advancements. Recruitment and retention of skilled professionals are challenging, as competitive industries vie for the same talent pool, leading to high demand and turnover rates. This shortage directly impacts the growth of the market, hindering product development and commercialization, and slowing clinical adoption due to the lack of sufficiently trained professionals to operate equipment and interpret results.
Photoacoustic Imaging Market Ecosystem/Map
By product, the imaging system segment accounted for the largest share of the photoacoustic imaging industry in 2023.
Based on product, the photoacoustic imaging market is segmented into imaging system, transducers, and software and accessories. In 2023, the imaging system segment accounted for the largest market share. Photoacoustic imaging has seen significant advancements recently, driving growth in its market. Innovations in laser and ultrasound technology have enhanced resolution and imaging depth, allowing for more precise and detailed images of biological tissues.
By technology, photoacoustic imaging segment accounted for the largest share of the photoacoustic imaging industry during the forecast period.
Photoacoustic imaging products type include photoacoustic imaging, photoacoustic microscopy, and photoacoustic tomography. In 2023, the photoacoustic imaging segment accounted for the largest market share. The demand for photoacoustic imaging in research is primarily fueled by the need for streamlined processes, strict regulations ensuring product quality and performance, and the growing number of research and development initiatives in the industry.
By type, pre-clinical segment of the photoacoustic imaging industry accounted for the largest share during the forecast period.
Photoacoustic imaging market segment include pre-clinical, and clinical research. In 2023, the pre-clinical segment accounted for the largest market share. The demand for photoacoustic preclinical research is primarily driven by the need for streamlined processes, stringent regulations ensuring product quality and performance, and the increasing number of research and development initiatives in the industry.
By application, the oncology segment of the photoacoustic imaging industry will register significant growth in the near future.
Based on application, the photoacoustic imaging market is broadly segmented into oncology, hematology, veterinary, and other applications. The oncology segment to register the highest growth from 2024 to 2029. In recent times, research has become pivotal in the advancement of pharmaceuticals, offering pathways for addressing a multitude of medical ailments such as cancer, rheumatoid arthritis, psoriasis, Crohn's disease, and diabetes, among various others. As a result, the growing incidence of chronic illnesses, coupled with heightened research endeavors aimed at vaccine development, is driving the growth of this industry.
By end-users, the research institutes and academia segment of the photoacoustic imaging industry will register significant growth soon.
Based on end-users, the photoacoustic imaging market is broadly segmented into hospitals and imaging centers, and academic & research institutes. The academic & research institutes segment to register the highest growth from 2024 to 2029. Academic & research institutes are central to advancing photoacoustic imaging technologies by prioritizing improvements in imaging modalities to enhance efficiency and versatility. They also focus on elevating image quality through innovative algorithms and techniques to boost resolution and contrast, while exploring new applications across biomedical sciences ranging from oncology to neurology.
By region, North America is expected to be the largest market of the photoacoustic imaging industry during the forecast period .
North America, comprising the US and Canada, accounted for the largest share of the photoacoustic imaging market in 2023. The notable growth of the North American market can be largely attributed to the stringent FDA regulations governing product approval and safety, as well as the robust presence of hospitals and imaging centers. Additional factors contributing to the market expansion in North America include increased investment in imaging systems.
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As of 2023, the key players operating in the photoacoustic imaging market are FUJIFILM CORPORATION (Japan), iThera Medical GmbH (Germany), Kibero (Germany), TomoWave Laboratories, Inc. (US), Seno Medical (US), illumiSonics Inc., (Canada), InnoLas Laser GmbH (Germany), and CYBERDYNE, INC. (Japan), among others.
Scope of the Photoacoustic Imaging Industry
|
Report Metric |
Details |
|
Market Revenue in 2024 |
$80 million |
|
Projected Revenue by 2029 |
$105 million |
|
Revenue Rate |
Poised to Grow at a CAGR of 5.5% |
|
Market Driver |
Increasing prevalence of cancer |
|
Market Opportunity |
Rising demand for personalized medicines |
This report has segmented the photoacoustic imaging market to forecast revenue and analyze trends in each of the following submarkets:
By Product
- Imaging System
- Transducers
- Software and Accessories
By Technology
- Photoacoustic Microscopy
- Photoacoustic Imaging
- Photoacoustic Tomography
By Type
- Pre-Clinical
- Clinical/Clinical Research
By Application
- Oncology
- Hematology
- Veterinary
- Other Application
By End-User
- Hospitals and Imaging Centers
- Academic & Research Institutes
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Rest of Europe
-
Asia Pacific
- China
- Japan
- Rest of Asia Pacific
- Rest of the World
Recent Developments of Photoacoustic Imaging Industry
- In May 2022, FUJIFILM CORPORATION (Japan) (FUJIFILM VisualSonics, Inc ) has launched Vevo F2, ultrasound and photoacoustic imaging system that operates across an ultra-wide frequency range of 71 MHz to 1 MHz. This new system represents a breakthrough in ultra-high frequency ultrasound and photoacoustic imaging technologies.
- In November 2022, Seno Medical has announced the commercial launch of its Imagio Breast Imaging System, a new modality in breast imaging. The system will be introduced at the annual RSNA Scientific Assembly and Annual Meeting, taking place from November 27 to December 1 in Chicago.
- In June 2022, Seno Medical has announced the commercial launch of its Imagio Breast Imaging System, a new modality in breast imaging. The system will be introduced at the annual RSNA Scientific Assembly and Annual Meeting, taking place from November 27 to December 1 in Chicago.
Frequently Asked Questions (FAQ):
What is the expected addressable market value of the photoacoustic imaging market over a six-year period?
The global photoacoustic imaging market is expected to reach USD 105 million by 2029 from USD 80 million in 2024, at a CAGR of 5.5% from 2024 to 2029.
Which segment based on type is expected to garner the highest traction within the photoacoustic imaging market?
Based on the product, the imaging system segment is expected to grow at the highest rate. .
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The study involved four major activities in estimating the current size of the photoacoustic imaging market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial photoacoustic imaging market study. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the photoacoustic imaging market. The primary sources from the demand side include hospitals and imaging centers, research institutes and academia, among others. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2023, Tier 1 = >USD 1,000 million, Tier 2 = USD 500–1,000 million, and Tier 3 = <USD 500 million.
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Market Estimation Methodology
In this report, the global photoacoustic imaging market's size was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the photoacoustic imaging business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and marketing executives.
To calculate the global market value, segmental revenues were calculated based on the revenue mapping of major solution/service providers. This process involved the following steps:
- A list of major players operating in the photoacoustic imaging market at the regional/country level
- Product mapping of various manufacturers for each type of photoacoustic imaging product at the regional/country level
- Mapping of annual revenue generated by listed major players from photoacoustic imaging products segments (or the nearest reported business unit/product category)
- Revenue mapping of major players to cover at least ~60% of the global market share as of 2023
- Extrapolation of the revenue mapping of the listed major players to derive the global market value of the respective segments/subsegments
- Summation of the market value of all segments/subsegments to arrive at the global photoacoustic imaging market
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Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the photoacoustic imaging market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the photoacoustic imaging market was validated using both top-down and bottom-up approaches.
Market Definition
The photoacoustic imaging market refers to the industry segment focused on the development, production, and commercialization of imaging devices and technologies that utilize photoacoustic principles. Photoacoustic imaging combines the advantages of optical and ultrasound imaging techniques, allowing for high-resolution imaging of biological tissues with deep penetration depths. This market encompasses various stakeholders, including manufacturers of photoacoustic imaging systems, research institutions, healthcare providers, and regulatory bodies.
Key Stakeholders
- Photoacoustic imaging manufacturers, suppliers, and providers
- Hospitals and imaging firms
- Contract research organizations (CROs)
- Academic & private research institutions
- Research & development (R&D) companies
- Academic institutions & private research institutions
- Regulatory agencies
- Quality control & assurance companies
- Contract manufacturing organizations (CMOs)
- Environmental & safety regulatory bodies
Objectives of the Study
- To define, describe, and forecast the photoacoustic imaging market based on product, technology, type, application, end-user, and region
- To provide detailed information regarding the major factors influencing the growth potential of the photoacoustic imaging market (drivers, restraints, opportunities, challenges, and trends)
- To analyze the micromarkets with respect to individual growth trends, future prospects, and contributions to the photoacoustic imaging market
- To analyze key growth opportunities in the photoacoustic imaging market for key stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of market segments and/or subsegments with respect to five major regions, namely, North America (US and Canada), Europe (Germany, France, the UK,and the RoE), Asia Pacific (Japan, China, India, and the RoAPAC), Rest of world.
- To profile the key players in the global photoacoustic imaging market and comprehensively analyze their market shares and core competencies
- To track and analyze the competitive developments undertaken in the global photoacoustic imaging market, such as product launches; agreements; expansions; and mergers & acquisitions.
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the present photoacoustic imaging market report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolios of the top five companies
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Geographic Analysis
- Further breakdown of the Rest of Europe photoacoustic imaging into Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal, among others
- Further breakdown of the Rest of Asia Pacific photoacoustic imaging into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries
Growth opportunities and latent adjacency in Photoacoustic Imaging Market