Photoacoustic Imaging Market Expected to Reach $132.3 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Photoacoustic Imaging Market," The photoacoustic imaging market size was valued at $75.98 million in 2021, and is estimated to reach $132.3 million by 2031, growing at a CAGR of 5.7% from 2022 to 2031.

Photoacoustic imaging technique develops a radiological technique commonly referred to as optoacoustic imaging which creates high-definition volumetric images of tissue by measuring light-induced sound waves from its optically absorbent structures. The photoacoustic effect or optoacoustic effect is the generation of sound waves after light absorption in a material sample. Using a single imaging mode, optoacoustic imaging can be utilized to study anatomical, physiological, and molecular processes in living animals. There are several applications of photoacoustic imaging in the field of oncology, cardiology, and neurology. It improves visibility during surgery and displays images of biological structures.  

In addition, it has the potential as a technique to aid in the early identification of cancer because malignant cells absorb and react to light differently than healthy tissues. Thus, this procedure has wide application in oncology. Furthermore, photoacoustic imaging can be used in vivo to measure methemoglobin, blood oxygenation mapping, detect skin melanoma, and monitor tumor angiogenesis. 

Nowadays, cancer is common, and a major portion of the population suffers from cancer. The cases of cancer have witnessed a rise, owing to an increase in unhealthy lifestyle, aging, tobacco, sun exposure, radiation exposure, and uptake of chemicals in food & beverages. For instance, according to the National Cancer Institute (NIH) in U.S. 2020, estimated that around 1,806,590 new cancer cases were registered. Thus, surge in cancer cases is expected to increase the demand for imaging systems for diagnosis of diseases this has led to drive the growth of the photoacoustic imaging market size.

In addition, major players are investing in development and commercialization of photoacoustic imaging devices fuel the growth of the photoacoustic imaging market share. Moreover, it is anticipated that there will be an increase in usage of photoacoustic imaging for diagnosis and evaluation of diseases owing to a rise in the number of patients with cancer and various cardiac and neurological disorders in hospitals.

During COVID 19 pandemic negligible surgeries have taken place due to transport and travel restrictions implemented by the government. For instance, the study "COVID-1 has reported that the increase in incidences of hepatocellular carcinoma (HCC) caused

by alcohol-related liver disease and non-alcoholic fatty liver disease in Northern England had less impact on resection and diagnosis as elective cancer surgeries persisted in various hospitals. Therefore, COVID-19 had a negative impact on the market in its early stage. Moreover, the supply chain of photoacoustic imaging products was disrupted completely, owing to the closure of manufacturing operations and unavailability of raw metal. Therefore, the lockdown is to blame for this shortage, which highlights the delicate and intricate linkages in the manufacturing value chain. In addition, decrease the surgical procedures for cancer, cardiovascular diseases this has led to decrease in demand for photoacoustic imaging products which restrains the growth of the photoacoustic imaging market share. However, the market is anticipated to witness recovery in 2021 and beyond and show stable growth for photoacoustic imaging market in the near future.

The photoacoustic imaging market is segmented on the basis of product, type, end user and region. By product, the photoacoustic imaging market analysis is segmented into imaging systems, lasers, transducer, and others. The imaging segment exhibited its largest growth in 2021 and is expected to remain dominant during the forecast period, owing to a rise in adoption of imaging systems.

On the basis of type, the photoacoustic imaging industry is segregated into tomography and microscopy. The tomography segment exhibited largest growth in 2021, owing to high adoption of photoacoustic imaging devices in the field of tomography due to its advanced features such as ability to deliver images with high resolution and good contrast. 

By end user, the photoacoustic imaging industry is classified into hospitals, diagnostic imaging centers, and others. The diagnostic imaging centers segment dominated the photoacoustic imaging market trends in 2021, owing to rise in prevalence of cancer this has led to increase in demand for photoacoustic imaging devices in diagnostic imaging centers. However, hospitals segment is expected to witness the highest growth during the photoacoustic imaging market forecast period, owing to availability and high adoption of photoacoustic imaging systems in hospitals.

North America accounted for the largest share of the global photoacoustic imaging market in 2021, owing to higher adoption of advanced photoacoustic imaging systems, rise in geriatric population with chronic diseases such as cancer, availability of endoscopic devices, availability of well-developed healthcare infrastructure in the region. However, Asia-Pacific is expected to witness the highest growth during the forecast period, owing to a rise in health awareness, development in healthcare facilities, and surge in healthcare expenditure.

Key Findings of The Study

· Based on product, the imaging systems segment held largest share in the global market in 2021.

· On the basis of type, the tomography segment held largest market share in 2021.

· On the basis of end user, diagnostic imaging centers segment dominated the market in 2021. However hospitals segment is anticipated to grow at the highest CAGR during the forecast period.

· On the basis of region, North America held largest share in the global market in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.