Vancouver, British Columbia, March 11, 2021 (GLOBE NEWSWIRE) -- The global photoacoustic imaging market size is expected to reach USD 175.8 Million in 2027 and register a steady double-digit CAGR during the forecast period, according to latest analysis by Emergen Research. Optoacoustic imaging is a medical imaging modality that functions on optical excitation and acoustic detection to generate images of tissue structures based on optical absorption within a tissue sample. Photoacoustic imaging (PAI) is also referred to as optoacoustic imaging and has immense potential for augmenting ultrasound with rich optical contrast. It can serve as a portable and comparatively low-cost standalone modality for regional imaging of blood vessels and other optical optoacoustic imaging. It is one of the rapidly growing biomedical imaging modalities, and provides sustainable imaging resolution and depth, along with optical spectroscopic contrast, thereby making it an ideal solution for real-time functional, structural, and molecular imaging of tissue. These features and characteristics
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Biomedical PA imaging is currently at a rising stage of clinical translation and it of vital importance for research institutions as well as academic establishments to make portable and affordable delivery and detection solutions to expand smoother transition to clinic. It helps to address a wide spectrum of PA imaging techniques, primarily targeting latest advances in light sources along with its delivery methods. This makes detection strategies which help to maintain affordable PA imaging solutions.
Currently, PA imaging has also been extended to biomedical and medical markets. Major segments are clinical (early-stage diagnosis) and pre-clinical (drug efficiency monitoring on small animal), analytics (flow cytometry and microscopy for in vitro diagnosis). In 2019, the total PAI biomedical and medical market was valued around at USD 36.5 Million. According to our analysis, market size is expected to increase significantly by 2022. A steep incline in the growth curve has been prevalent from 2018, mainly due to launch of clinical products that were approved in 2017, such as the Imagio system from Seno Medical Instruments, US. The primary applications expected to benefit from clinical products are cardiovascular diagnostics, cancer research, brain imaging, therapy monitoring, dermatology, and drug developments.
Some Key Highlights In The Report.
- In June 2020, Fujifilm VisualSonics Inc., which is a subsidiary of FUJIFILM SonoSite, Inc. launched the first of its kind ultra-high to low frequency ultrasound imaging system equipped with a frequency range from 71-1 MHz. With an open and configurable architecture, this product is specifically targeted towards the scientific research community.
- Rising prevalence of chronic diseases and disorders such as cardiovascular diseases and cancer is driving rising demand for utilization of non-invasive and real-time diagnostic methods for detection. When compared to traditional ultrasound technologies, photoacoustic imaging is emerging as a crucial diagnostic approach for detecting as well as managing chronic disorders easily. This is mainly because of its efficiency in the functional characterization of living tissues, and demand for PA is increasing in clinical as well as preclinical research for the initial detection of cancer as well as abnormalities in cardiovascular diseases and microcirculation.
- As a result of recent technological advancements, established and emerging manufacturers in the market are also developing and offering innovative photoacoustic imaging solutions. Furthermore, because of the potential usage in humans, research is underway to develop and produce novel clinical photoacoustic imaging solutions.
- Key participants in the market include illumiSonics Inc., Seno Medical Instruments Inc., InnoLas Laser GmbH, FUJIFILM VisualSonics Inc., Kibero, iThera Medical GmbH, PhotoSound Technologies Inc., PA Imaging, and Teem Photonics, among others.
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The photoacoustic imaging market in North American accounted for highest revenue share in 2020 and is expected to maintain its dominance going ahead. Europe is expected to follow closely which can be attributed to installation and deployment of more innovative technologies and systems that offer greater precision. Asia Pacific is expected to register a significantly faster revenue CAGR than other regional markets due to rising prevalence of cardiovascular and neurological ailments among individuals in countries in the region.
For the purpose of this report, Emergen Research has segmented the global photoacoustic imaging market on the basis of product, end use, application, and region:
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Imaging Systems
- Lasers
- Transducers
- Contrast Agents
- Software
- End Use Outlook (Revenue, USD Billion; 2017-2027)
- Research Institutions
- Hospitals and Clinics
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Oncology
- Cardiology
- Neurology
- Hematology
- Others
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- Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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