Stable Growth Predicted in Photoacoustic Imaging Market in Coming Years
The prevalence of chronic diseases has been rising considerably across the globe. For example, cancer is among the major causes of death globally, and was responsible for about 9.6 million deaths in 2019, according to the GLOBOCAN. Other than this, cardiovascular diseases (CVD) are the key cause of deaths around the world, accounting for approximately 17.9 million deaths each year. Ascribed to this, the demand for advanced diagnostic techniques and treatment options is increasing as well.
The prevalence of chronic diseases has been rising considerably across the globe. For example, cancer is among the major causes of death globally, and was responsible for about 9.6 million deaths in 2019, according to the GLOBOCAN. Other than this, cardiovascular diseases (CVD) are the key cause of deaths around the world, accounting for approximately 17.9 million deaths each year. Ascribed to this, the demand for advanced diagnostic techniques and treatment options is increasing as well.
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Global Photoacoustic Imaging Market Predicted to
Reach Over $250.0 Million Valuation by 2030
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The global photoacoustic imaging market attained a valuation of $39.8 million in 2019 and is predicted
to generate a revenue of $279.3 million by 2030. The market is also predicted to progress at a CAGR of
20.3% between 2020 and 2030. The rising prevalence of chronic diseases, soaring geriatric population,
and rapid technological advancements are the main factors driving the sales of photoacoustic imaging
software and systems, which is, in turn, fueling the progress of the market across the globe. As per the
data published by the World Health Organization (WHO), 1.28 million people, 2.08 million people, and
2.09 million people were diagnosed with prostate cancer, breast cancer, and lung cancer, respectively,
in 2018.
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Depending on product, the photoacoustic imaging market is divided into imaging systems and software
and other accessories. Out of these, the imaging systems category recorded higher growth in the market
in the past years. This was credited to the huge efforts made by the prominent industry players for
launching advanced photoacoustic imaging systems for the diagnosis of various chronic diseases such as
cancer.
Based on application, the photoacoustic imaging market is categorized into clinical and pre-clinical.
Between these, the clinical category is predicted to exhibit faster growth in the market in the
forthcoming years, mainly because of the rising prevalence of cancer, the surging population of geriatric
people, the growing usage of technologically advanced and innovative products in medical facilities, and
the mushrooming healthcare expenditure around the world.
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Geographically, the photoacoustic imaging market recorded the highest growth in North America in the
last few years. This was because of the existence of huge companies, high healthcare expenditure, the
presence of a well-developed healthcare infrastructure, the high incidence of cancer, and the various
strategic developments made by governments, players, and other stakeholders in the region.
The major photoacoustic imaging market players have taken numerous strategic measures in the last
few years such as partnerships and product launches for gaining a competitive edge in the market. For
instance, Sonic Concepts Inc. and Verasonics Inc. announced in January 2019 that they have signed a
research funding agreement with Focused Ultrasound Foundation. This collaboration enabled the
expansion of Verasonics Inc.’s HIFUPlex portfolio into a complete pre-clinical imaging portfolio called
USgFUS pre-clinical research systems for large and small animals.
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