Industry Overview
The Global Photoacoustic Imaging Market was valued at USD 42.1 million in 2020 and is predicted to reach USD 180.9 million by 2027, growing at a CAGR of 18.6% 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.
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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
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Report Metric
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Details
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Market Size Available for the Years in the Study
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2015–2027
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Historical Period
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2015–2020
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Base Year
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2020
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Forecast Period
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2021–2027
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Segments Covered in the Study
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Product, Application, Indication, and Region
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Geographies Covered in the Study
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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.)
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Companies Covered in the Study
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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.
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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
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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.
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Source: VynZ Research
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Source: VynZ Research
