According to the data provided by the World Health Organization (WHO), in 2018, the incidence of lung cancer, breast cancer, and prostate cancer was 2.09 million cases, 2.08 million cases, and 1.28 million cases, respectively. Therefore, the increasing incidence of chronic diseases, along with the surging geriatric population and continuous technological advancements, is expected to drive the demand for photoacoustic imaging systems and software. The global photoacoustic imaging market was valued at $39.8 million in 2019, from where it is expected to grow at a CAGR of 20.3% during the forecast period (2020–2030), to reach $279.3 million by 2030.
Imaging systems category to hold larger share in market
The photoacoustic imaging market, on the basis of product, is categorized into imaging systems and software and other accessories. Of these, the imaging systems category accounted for the larger market size in 2019. This can be mainly ascribed to the continuous efforts by the key players to launch advanced photoacoustic imaging systems for the diagnosis of chronic diseases, including cancer.
Further, the photoacoustic imaging market is classified into pre-clinical and clinical, on the basis of application. The clinical category is expected to be the faster-growing one during the forecast period, mainly due to the increasing number of cancer cases across the globe, growing geriatric population, rising adoption of technologically advanced products in healthcare facilities, and surging healthcare expenditure.
Globally, North America held the largest share in the photoacoustic imaging industry in 2019. The market in the region is primarily driven by the presence of giant players, increasing healthcare expenditure, better healthcare infrastructure, rising number of cancer cases, and surging number of strategic developments by players, governments, and various other stakeholders.
With the COVID-19 pandemic’s outbreak, the burden of both morbidity and mortality has increased exponentially, leading to major disruptions in the economic, social, and other aspects of life. Moreover, due to the pandemic, various research programs have been either terminated or postponed, which included those centered on advanced products, such as photoacoustic imaging systems, for clinical and pre-clinical applications. As a result, due to the pandemic, the photoacoustic imaging market will witness slow growth in 2020.
Product launches, partnerships, and collaborations are strongest strategic measures taken by players in market
The global photoacoustic imaging market is consolidated, with the presence of several global players and a few domestic players. In recent years, major players in the market have taken several strategic measures, including product launches and partnerships, to gain a competitive edge in the industry. For example, in January 2019, Verasonics Inc. and Sonic Concepts Inc. announced the signing of a research funding agreement with the Focused Ultrasound Foundation. This collaboration expanded the HIFUPlex portfolio of Verasonics Inc. into a complete pre-clinical imaging portfolio, named USgFUS pre-clinical research systems, for all small and large animals.
Similarly, in April 2019, inviCRO LLC announced a partnership with iThera Medical GmbH to offer the optoacoustic platform to the biotech, pharmaceutical, and academic sponsors, to help identify and quantitate disease-related biomarkers at both the anatomical and molecular levels, through full-body topological scans. This platform will reduce the cost and time of the drug development process.
Some of the major players operating in the global photoacoustic imaging market are EKSPLA, FUJIFILM VisualSonics Inc., illumiSonics Inc., InnoLas Laser GmbH, PhotoSound Technologies Inc., Seno Medical Instruments Inc., Teem Photonics, TomoWave Laboratories Inc., Verasonics Inc., Vibronix Inc., iThera Medical GmbH, kibero GmbH, OPOTEK LLC, and PA Imaging R&D B.V. – PS Market Research