The global photoacoustic imaging market was estimated at USD 83.07 million in 2022 and it is expected to surpass around USD 484.71 million by 2032, poised to grow at a CAGR of 19.29% from 2023 to 2032. The photoacoustic imaging market in the United States was accounted for USD 29 million in 2022.
Key Pointers
- North America led the market with the largest revenue share of 43% in 2022.
- Asia Pacific is expected to grow at the notable CAGR of 20.25% from 2023 to 2032.
- By Product, the market was dominated by the photoacoustic tomography (PAT) segment in 2022 with a revenue share of 64%.
- By Type, the pre-clinical segment contributed the largest market share of 80% in 2022.
- By Type, the clinical segment is expected to expand at the highest CAGR of 20.62% from 2023 to 2032.
- By Application, the oncology segment registered the maximum market share of 53% in 2022 and it is expected to grow at the notable CAGR of 20.08% between 2023 to 2032.
Photoacoustic imaging, a revolutionary medical imaging technology, has gained substantial attention in recent years due to its unique ability to provide high-resolution, non-invasive images of biological tissues. This innovative modality integrates laser-induced light and ultrasound to generate detailed images, offering a powerful tool for diagnostic and research purposes.
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Market Growth
The growth of the photoacoustic imaging market is propelled by several key factors. First and foremost, continuous advancements in laser technology play a pivotal role in enhancing the imaging capabilities of photoacoustic systems, contributing to improved resolution and expanded applications. Additionally, the increasing adoption of photoacoustic imaging in medical fields, particularly for cancer diagnosis, cardiovascular imaging, and neurological studies, serves as a major growth driver. The non-invasive nature of photoacoustic imaging, coupled with its high sensitivity for early disease detection, further fuels its demand in the healthcare sector. Moreover, the ongoing surge in research and development activities dedicated to refining the technology and exploring novel applications contributes to the overall market expansion. As key market players engage in strategic collaborations and focus on product development initiatives, the competitive landscape is expected to intensify, fostering innovation and driving the sustained growth of the photoacoustic imaging market.
Report Scope of the Photoacoustic Imaging Market
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 19.29% |
| Market Revenue by 2032 | USD 484.71 million |
| Revenue Share of North America in 2022 | 43% |
| CAGR of Asia Pacific from 2023 to 2032 | 20.25% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
Market Dynamics
Drivers
- Technological Advancements in Laser Technology: Ongoing progress in laser technology significantly enhances the capabilities of photoacoustic imaging systems, leading to improved resolution and expanded functionalities.
- Increased Adoption in Medical Applications: The growing acceptance of photoacoustic imaging in medical fields, particularly for cancer diagnostics, cardiovascular imaging, and neurological studies, is a key driver propelling market growth.
Restraints
- Limited Penetration in Routine Clinical Practice: Despite its potential, photoacoustic imaging has not yet achieved widespread integration into routine clinical practice. This slow adoption may be attributed to factors such as existing reliance on established imaging modalities and the need for more extensive clinical validation.
- Complex Data Interpretation: The complex nature of the data generated by photoacoustic imaging requires advanced computational analysis and interpretation. This complexity can pose challenges for healthcare professionals, potentially impacting the seamless integration of this technology into daily clinical workflows.
Opportunities
- Integration with Other Imaging Modalities: The integration of photoacoustic imaging with other established imaging modalities, such as ultrasound, MRI, or CT scans, opens up new possibilities for comprehensive diagnostic evaluations. This synergistic approach can enhance the accuracy and depth of information provided by imaging procedures.
- Rising Demand for Point-of-Care Imaging: The increasing demand for point-of-care imaging solutions creates opportunities for the adoption of photoacoustic imaging in settings outside traditional hospitals, such as clinics and ambulatory care centers. Compact and portable photoacoustic devices could cater to this emerging need.
Product Insights
Based on product, the market was dominated by the photoacoustic tomography (PAT) segment in 2022 with a revenue share of 64%. Over the forecast period, the segment is expected to continue its dominance and is anticipated to witness the fastest CAGR of 19.66% during the forecast period. PAT is the most adaptable and open-ended photoacoustic imaging method since it has the fewest real-world limitations on picture performance. PAT technology has improved quickly in terms of spatial resolution, frame rates, and detection sensitivity. PAT has had several potential clinical uses, and its use in primary biological sciences has substantially increased. Due to its unique combination of optical absorption contrast and scalable depth and resolution ultrasound imaging, PAT is also projected to have more useful applications in biological research and clinical practice.
The photoacoustic microscopy (PAM) segment is also expected to exhibit a noteworthy CAGR during the forecast period. PAM provides anatomical, functional, and molecular information and has become a more common biomedical technique. Unlike pure optical microscopic methods, PAM uses tissue’s weak acoustic scattering to overcome the optical diffusion limit. PAM’s scalability allows it to produce high-resolution images at specified maximum imaging depths of a few millimeters. Even though PAM has been commercialized for preclinical applications, the future commercialization of clinical applications will significantly accelerate PAM’s translation from laboratory technology to mainstream imaging modality.
Type Insights
The pre-clinical segment held the largest revenue share of 80% in 2022. PAI is an efficient, non-invasive, non-ionizing tool used in pre-clinical studies to characterize small animals, such as mice or rats, without harming them. Characterization of small-animal models of brain damage and disease processes, especially those requiring the study of vascular anatomy and function, such as stroke, epilepsy, and traumatic brain injury, is possible. The widespread use of PAI in the research platform to investigate human disease processes and develop new therapies is expected to promote the growth of the market.
The clinical segment is anticipated to witness the fastest CAGR of around 20.62% over the forecast period due to the growing scope of applications in clinical studies. The PAI modality can be used in diagnostic imaging using endogenous contrast between different tissues; also, it is well-suited for visualizing foreign objects, such as stent needles, as metals or composite materials have a high absorption coefficient. The rate of advancement toward clinical application in oncology, dermatology, cardiovascular medicine, and other specialties is anticipated to accelerate the market growth.
Application Insights
In terms of application, the oncology segment dominated the market with the largest revenue share of 53% in 2022 and it is expected to grow at the notable CAGR of 20.08% during the forecast period. In oncology, breast cancer imaging is a potentially significant clinical application for PAI. Breast imaging is the most advanced PAI technique in terms of clinical use, with benefits such as non-contrast imaging of the neo-vasculature around a tumor and oxygen saturation mapping.
PAI, as compared to X-ray imaging, can detect tumors in radiologically dense breasts without causing painful breast compression. For instance, The National Institute of Technology (NIT) of Andhra Pradesh (NIT-AP) and Pennsylvania State University (PSU) in the United States announced their collaboration to develop an Artificial Intelligence(AI)-augmented PAI technique for cancer diagnostics. This technique has gained popularity in recent years by allowing precise and early-stage identification of cancer, neurological problems, and vascular disorders.
The cardiology segment held the second position owing to an increased burden on cardiovascular disorders globally. For effective management and treatment of CVDs, accurate diagnosis and real-time interventional guidance are essential. PA imaging is a promising novel imaging technology with therapeutic applications in cardiology since it is intrinsically bonded to and complementary to ultrasound imaging. Furthermore, deep learning (DL) techniques have become more popular as GPU capacity increases. According to the American Heart Association, around 928,741 deaths were accounted to CVD in the U.S. in 2020.
Regional Insights
North America dominated the market with the largest revenue share of 43% in 2022. Over the forecast period, the region is expected to grow significantly. The existence of several market competitors in the region and the increasing number of cancer cases seem to be factors contributing to regional market growth. For instance, as per the National Cancer Institute, an estimated 1,958,310 new cancer cases in the United States will be diagnosed in 2023. In addition, improved funding has boosted the region’s research activities. The United States spends the most per capita on healthcare and has the largest funds and grants available for research through government agencies, such as the National Institutes of Health (NIH).
In the Asia Pacific the market for PAI is estimated to witness the fastest CAGR of 20.25% during the forecast period, owing to the increased demand for better imaging devices and the rising frequency of research activities. For instance, In September 2021, a group of researchers from South Korea’s Pohang University of Science and Technology (POSTECH) developed a handheld photoacoustic detector that can be used to assess lymph node status without exposing patients to radiation.
Key Companies
- Advantest Corp.
- TomoWave
- Kibero GmbH
- FUJIFILM VisualSonics Inc.
- Seno Medical Instruments
- iThera Medical GmbH
- Aspectus GmbH
- Vibronix Inc.
Photoacoustic Imaging Market Report Segmentations:
By Product
- Photoacoustic Tomography (PAT)
- Photoacoustic Microscopy (PAM)
By Type
- Pre-Clinical
- Clinical
By Application
- Oncology
- Cardiology
- Angiology
- Histology
- Interventional radiology
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)