NEW YORK, Dec. 15, 2020 /PRNewswire/ -- As per the World Health Organization (WHO), in 2018, 2.09 million cases, 2.08 million cases, 1.80 million cases, 1.28 million cases, 1.04 million cases, and 1.03 million cases of lung cancer, breast cancer, colorectal cancer, prostate cancer, skin cancer, and stomach cancer, respectively, were detected. Due to this factor, the global photoacoustic imaging market will likely witness a healthy 20.3% CAGR during 2020-2030, to grow to $279.3 million by 2030 from $39.8 million in 2019, says P&S Intelligence.
Photoacoustic imaging is used to look at the internal human anatomy, wherein the pictures are formed based on how much laser radiation is being absorbed by tissues or the contrast agent injected. In this regard, the photoacoustic imaging market is also being driven by the increasing prevalence of respiratory and cardiovascular diseases (CVDs). The WHO estimates the annual death count of CVDs at 17.9 million and that of respiratory diseases at 7 million.
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The photoacoustic imaging market is witnessing the ill-effects of the COVID-pandemic, as medical centers around the world have postponed non-COVID-related procedures, such as testing for chronic diseases. Moreover, research studies on the clinical and pre-clinical applications of this imaging technology have been either suspended or terminated entirely. Additionally, the curtailed manufacturing and trade activities have led to the low supply of photoacoustic imaging systems.
The photoacoustic imaging market is predicted to be dominated by the imaging systems bifurcation throughout the next decade, on the basis of product. A number of photoacoustic imaging systems are being launched by the key medical device companies to make the diagnosis of chronic diseases, especially cancer, easier and more effective.
In the coming years, the highest CAGR in the photoacoustic imaging market, of 21.9%, will be experienced by the clinical bifurcation, under segmentation by application. The healthcare expenditure, cases of cancer, and population of the elderly are increasing, which are leading to the high demand for photoacoustic imaging studies for disease diagnosis and treatment monitoring.
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The oncology category held the largest share in the photoacoustic imaging market in the past, based on indication. Such equipment is being rapidly utilized for the screening, diagnosing, and staging of cancer, especially breast cancer, and tracking the effect of therapy.
North America is the highest revenue generator in the photoacoustic imaging market, mainly on account of its rising cancer incidence, advanced healthcare infrastructure, surging healthcare spending, and efforts by governments and public and private companies to enhance the technology. In the years to come, the rising number of cancer cases, increasing public and private spending on healthcare, and enhancing healthcare infrastructure would make Asia-Pacific (APAC) the fastest-growing region in the market.
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The key players in the global photoacoustic imaging market are FUJIFILM VisualSonics Inc., EKSPLA, InnoLas Laser GmbH, illumiSonics Inc., Seno Medical Instruments Inc., PhotoSound Technologies Inc., TomoWave Laboratories Inc., Teem Photonics, Vibronix Inc., Verasonics Inc., kibero GmbH, iThera Medical GmbH, PA Imaging R&D B.V., and OPOTEK LLC.
Key Findings of Global Photoacoustic Imaging Market Report
- Mergers and acquisitions are most-significant market trend
- Market is growing with increasing prevalence of chronic diseases
- Market is witnessing mass-scale technological advancements
- Photoacoustic imaging systems are subject to stringent safety regulations
- North America will continue being the largest market till 2030
- Photoacoustic imaging systems majorly being used in oncology departments
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