Photoacoustic Imaging Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Photoacoustic Imaging Market Analysis

The Photoacoustic Imaging Market size is estimated at USD 108.92 million in 2024, and is expected to reach USD 223.87 million by 2029, growing at a CAGR of 15% during the forecast period (2024-2029).

The COVID-19 pandemic had a substantial impact on the photoacoustic imaging market initially. The pandemic increased the usage of photoacoustic imaging for various research purposes related to COVID-19 infection. For instance, according to an article published by the Journal of Sensors in March 2023, a study was conducted where a photoacoustic imaging method was used for studying the inflammation responses in autoimmune disease patients after COVID-19 vaccine administration. Thus, the COVID-19 outbreak affected the market's growth significantly. However, as the pandemic subsided, the market is expected to experience pre-pandemic growth levels during the study's forecast period.

Factors such as the rising prevalence of chronic diseases and the increasing adoption of photoacoustic imaging in research studies are expected to boost market growth.

The rising prevalence of chronic diseases such as cancer and cardiovascular diseases is a significant factor driving the market growth. It is because photoacoustic imaging is used to diagnose these diseases. For instance, according to the data published by the British Heart Foundation in 2023, an estimated 1.1 million patients were admitted to hospitals in the United Kingdom due to heart and circulatory diseases in 2022. Thus, the high prevalence of such chronic diseases is expected to boost the usage of photoacoustic imaging systems.

Moreover, according to an article published by ACS Publications in July 2023, a study showed that photoacoustic imaging succeeded in imaging microRNA-21 and tumor tissues related to cancer in vivo. Similarly, in another article published by Experimental Biology and Medicine in July 2023, a study showed that photoacoustic imaging effectively visualizes physiological and morphological information in biological systems in vivo. Thus, the rising usage rate of photoacoustic systems in various research studies is also a significant factor driving market growth.

In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the studied market. For instance, in June 2022, Seno Medical's Imagio Breast Imaging System (a photoacoustic imaging system) received supplemental premarket approval (PMA) from the Center for Devices and Radiological Health (CDRH) of the United States Food & Drug Administration (FDA). Thus, owing to such product approvals, the studied market is expected to grow significantly over the forecast period.

Therefore, owing to the factors mentioned above, such as the rising prevalence of cancer, the increasing adoption of photoacoustic imaging systems, and the rising strategic activities by market players, the studied market is anticipated to grow over the analysis period. However, the high cost of imaging systems and the lack of skilled professionals likely impede market growth.

Photoacoustic Imaging Market Trends

Oncology Segment is Expected to Witness Significant Growth Over the Forecast Period

Photoacoustic Imaging Industry Segmentation

As per the report's scope, photoacoustic imaging (PAI) is a non-invasive biomedical imaging procedure that generates ultrasonic waves by irradiating the material with a pulsed laser and reconstructs the image of light energy absorption distribution in the tissue. The Photoacoustic Imaging Market is segmented by type (imaging systems, lasers, and others), product type (photoacoustic tomography and photoacoustic microscopy), application (oncology, cardiology, hematology, and other applications), end-user (hospitals, diagnostic centers, and academic and research institutes), and Geography (North America, Europe, Asia-Pacific, and rest of the world). The report offers the value (in USD) for the above segments.