Status : Published Published On : Nov, 2020 Report Code : VRHC1236 Industry : Healthcare Available Format : Page : 165

Global Photoacoustic Imaging Market - Analysis and Forecast (2020-2025)

Industry Insights by Product (Imaging Systems, Software & Other Accessories), Application (Pre-Clinical, Clinical), Indication (Oncology, Cardiology, Others)

Industry Overview

The global photoacoustic imaging market was valued at USD 40.0 million in 2019 and is predicted to reach USD 170.9 million by 2025, growing at a CAGR of 22.6% during the forecast period. The factors responsible for the growth of photoacoustic imaging across the globe are increasing number of cancer cases, growing adoption of advanced treatments, growing healthcare expenditure, and growing aging population.

Photoacoustic Imaging Market Highlights

Market Segmentation

Insight by Product

Based on product, the global photoacoustic imaging market is categorized into imaging systems, and software and other accessories. During the forecast period, software and other accessories category is expected to grow at the faster rate. This is owing to the advancement in technology that would allow for the launch of new and improved components for photoacoustic imaging systems.

Insight by Application

On the basis of application, the global photoacoustic imaging market is categorized into pre-clinical, and clinical. During the forecast period, the pre-clinical category is expected to be larger market. The major factor driving the growth of the pre-clinical market are advancement in technology in the area of photoacoustic imaging, growing demand for non-invasive imaging techniques for small animals that are used in pre-clinical studies, and increasing number of initiatives by public and private organizations to enhance pre-clinical research.

Insight by Indication

On the basis of indication, the global photoacoustic imaging market is categorized into oncology, cardiology, and others. During the forecast period, the oncology category is expected to be the faster growing category. The major factor driving the growth of this category is growing usage of photoacoustic imaging systems for cancer diagnosis, mainly breast cancer.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2025

Historical Period

2015–2019

Base Year

2019

Forecast Period

2020–2025

Segments Covered in the Study

Product, Application, Indication, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Verasonics Inc., Vibronix Inc., FUJIFILM VisualSonics Inc., illumiSonics Inc., EKSPLA, InnoLas Laser GmbH, PhotoSound Technologies Inc., Teem Photonics, TomoWave Laboratories Inc., and Seno Medical Instruments Inc.

Industry Dynamics

Growth Drivers

The primary factors driving the growth of the global photoacoustic imaging market are:

  • growing aging population
  • Increasing Incidence of Chronic Diseases
  • Growing healthcare expenditure

Growing life expectancy results in the falling death rate is the major factor driving the growth in the geriatric population. According to the World Population Ageing 2019, the world’s population aged 65 years and above is expected to grow from 703 million in 2019 to 1.5 billion by 2050. Older people need extensive care, as they are more susceptible to illnesses owing to their low immunity level and longer recovery time. Thus, the older population hugely contributes to the growth of the photoacoustic imaging market.

Challenges

Expensive and high maintenance cost, and stringent regulations may hinder the growth of the global photoacoustic imaging market.

Opportunities

  • Increasing patient pool in emerging economies

Geographic Overview

Geographically, North America is the largest revenue contributor in the photoacoustic imaging market. The growing aging population, increasing healthcare expenditure and growing incidence of chronic diseases in the region are the key factors responsible for its growth.

Competitive Insight

Key players operating in the global photoacoustic imaging market include Verasonics Inc., Vibronix Inc., FUJIFILM VisualSonics Inc., illumiSonics Inc., EKSPLA, InnoLas Laser GmbH, PhotoSound Technologies Inc., Teem Photonics, TomoWave Laboratories Inc., and Seno Medical Instruments Inc.

Forecast Parameters

  • Identifying variables and establishing market impact.
  • Establishing market trends regionally.
  • Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
  • Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
  • Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
  • Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
  • Understanding adoption, development, distribution and regulatory framework.

Data Validation

  • Estimated and forecasted data was validated through industry experts.
  • Apart from industry experts, data triangulation methods were used for validation.
  • Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
  • Demand as well as supply side surveys were conducted in order to understand the industry dynamics and data validation.

Research Phases

Photoacoustic Imaging Market Research Phase

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.

Photoacoustic Imaging Market Size

Source: VynZ Research

Photoacoustic Imaging Market Share

Source: VynZ Research

Place an order

Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Photoacoustic Imaging Market