Technological Advancements Driving Demand for Photoacoustic Imaging Systems

Photoacoustic Imaging Market
Predicted to Witness Revenue Jump
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The global photoacoustic imaging market reached a valuation of $39.8 million
in 2019 and is predicted to generate a revenue of $279.3 million by 2030.
According to the estimates of P&S Intelligence, a market research company
based in India, the market would progress at a CAGR of 20.3% between 2020
and 2030. The increasing incidence of cancer and the rising popularity of
advanced medical treatments around the world are the main factors fueling the
growth of the market.
The surging geriatric population is another important market growth driver. As
per the 2019 World Population Ageing report produced by the UN, the total
population of the people in the age bracket- 65 years and above is predicted to
rise from 703 million to 1.5 billion from 2019 to 2050. This will massively push
up the requirement for photoacoustic imaging as the geriatric people are highly
vulnerable to various diseases, on account of their low immunity levels.
The rising prevalence of chronic diseases is also driving the advancement of the
photoacoustic imaging market across the world. In recent years, cancer has
emerged as one of the major causes of death across the globe. According to the
Global Cancer Observatory (GLOBOCAN), the disease was responsible for the
deaths of as many as 9.6 million people in 2018. Furthermore, as per the World
Health Organization (WHO), cardiovascular diseases (CVDs) are the primary
cause of death around the world.
They are responsible for the deaths of 17.9 million people every year.
Additionally, as per the Centers for Disease Control and Prevention (CDC), in the
U.S., coronary heart disease is the most prevalent heart disease. In 2017, the
disease claimed the lives of 365,914 people. Depending on product, the
photoacoustic imaging market is divided into software and other accessories and
software. Between these, the imaging systems category recorded higher growth
in the market in the past years.
When application is taken into consideration, the market is divided into clinical
and pre-clinical. Of these, the clinical category is predicted to register faster
growth in the market in the upcoming years. This would be because of the rising
incidence of cancer all over the world, the soaring geriatric population, the
increasing usage of technologically advanced and innovative products in
healthcare settings, and the ballooning healthcare expenditure in many countries
around the world.
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Globally, the photoacoustic imaging market is registering the fastest growth in
the Asia-Pacific (APAC) region. This is credited to the growing prevalence of
cancer, the soaring healthcare expenditure, and the surging investments being
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made by many private and public organizations in healthcare in the regional
countries. As per the data published by GLOBOCAN, in Japan, 883,395 people
were diagnosed with cancer in 2018 and this number is predicted to rise to 3.5
million by 2025.
Hence, it can be said with surety that the market will grow substantially all over
the world in the future years, primarily because of the rising incidence of cancer
and the soaring geriatric population in various countries around the world.
The research offers market size of the global photoacoustic imaging market for the
period 2014–2030.
Market Segmentation by Product
Imaging Systems
Software and Other Accessories
Market Segmentation by Application
Pre-Clinical
Clinical
Market Segmentation by Indication
Oncology
Cardiology
Others
Market Segmentation by Region
North America Photoacoustic Imaging Market
o By product
o By application
o By indication
o By country – U.S. and Canada
• U.S. photoacoustic imaging market
• By product
• By application
• By indication
• Canada photoacoustic imaging market
• By product
• By application
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• By indication
Europe Photoacoustic Imaging Market
o By product
o By application
o By indication
o By country – Germany, France, Italy, Spain, U.K., and Rest of Europe
• Germany photoacoustic imaging market
• By product
• By application
• By indication
• U.K. photoacoustic imaging market
• By product
• By application
• By indication
• France photoacoustic imaging market
• By product
• By application
• By indication
• Italy photoacoustic imaging market
• By product
• By application
• By indication
• Spain photoacoustic imaging market
• By product
• By application
• By indication
Asia-Pacific (APAC) Photoacoustic Imaging Market
o By product
o By application
o By indication
o By country – China, Japan, India, and Rest of APAC
• China photoacoustic imaging market
• By product
• By application
• By indication
• Japan photoacoustic imaging market
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• By product
• By application
• By indication
• India photoacoustic imaging market
• By product
• By application
• By indication
Latin America (LATAM) Photoacoustic Imaging Market
o By product
o By application
o By indication
o By country – Brazil and Rest of LATAM
• Brazil photoacoustic imaging market
• By product
• By application
• By indication
Middle East and Africa (MEA) Photoacoustic Imaging Market
o By product
o By application
o By indication
o By country – Saudi Arabia and Rest of MEA
• U.A.E. photoacoustic imaging market
• By product
• By application
• By indication
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