Photoacoustic Imaging Market to Reach $132.33 Million, Globally, by 2031 at 5.7% CAGR: Allied Market Research

Surge in demand for imaging systems and transducers, and rise in demand for minimally invasive procedures drives the growth of the global photoacoustic imaging market.

PORTLAND, Ore., Feb. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Photoacoustic Imaging Market by Product (Imaging Systems, Lasers, Transducer, and Others), Type (Tomography and Microscopy), End User (Hospitals, Diagnostic Imaging Centers, and Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the photoacoustic imaging market valued for $75.98 million in 2021 and is estimated to reach $132.33 million by 2031, exhibiting a CAGR of 5.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. 

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Drivers, Restraints, and Opportunities-

Surge in demand for minimally invasive procedures and rise in demand for personalized pain management drives the growth of the global photoacoustic imaging market. On the other hand, high cost of photoacoustic imaging impedes the growth to some extent. However, rise in investment by the major key players is expected to create lucrative opportunities in the industry.

Covid-19 scenario-

• Disruption in the supply chain, which has led to delays in the delivery of imaging systems and components. Many companies in the market had to delay their production and manufacturing operations due to the pandemic-related restrictions and social distancing, thus impacting the growth of the photoacoustic imaging negatively.
• However, rise in prevalence of chronic diseases such as cancer and cardiovascular diseases, which require imaging procedures has helped the market recover post-pandemic.

The imaging systems segment to rule the roost-

By product, the imaging systems segment held the major share in 2021, garnering around one third of the global photoacoustic imaging market revenue. The same segment would also showcase the fastest CAGR of 7.0% during the forecast period. Increase in demand for non-invasive imaging procedures has driving the segment growth.

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The tomography segment to maintain its dominance during the forecast period-

By type, the tomography segment contributed to the largest share in 2021, accounting for around three-fourth of the global photoacoustic imaging market revenue. The same segment would also showcase the fastest CAGR of 6.2% throughout the forecast period. This is attributed to the photoacoustic tomography is a non-invasive imaging technique that offers high resolution and depth penetration.

The diagnostic imaging centers segment maintain its dominance during the forecast period-

By end user, the diagnostic imaging centers segment accounted for nearly half of the global photoacoustic imaging market share in 2021. This is attributed to high-resolution imaging capabilities, increase in demand for minimally invasive procedures, and technological advancements in photoacoustic imaging. However, hospitals segment is expected to register the fastest CAGR of 6.8% throughout the forecast period.

North America garnered the major share in 2021-

By region, North America garnered the highest share in 2021, holding nearly half the global photoacoustic imaging market revenue in 2021. However, Asia-Pacific region would portray the fastest CAGR of 7.8% during the forecast period. Rapid surge in population and rise in the economy of Asia-Pacific have propelled the market growth.

Leading Market Players-

• EKSPLA
• FUJIFILM Holdings Corporation
• illumiSonics Inc.
• InnoLas Laser GmbH
• itheraMedical GmbH
• OPOTEK LLC
• Photosound Technologies Inc.
• Seno Medical Instruments, Inc.
• TomoWave Laboratories, Inc.
• Verasonics, Inc.

The report analyzes these key players in the global photoacoustic imaging market. These players have adopted various strategies such as, new product launches, partnership, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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