Photoacoustic Tomography Market Worth $209.56 Million, Globally, by 2028 at 19.2% CAGR - Exclusive Report by The Insight Partners
The Insight Partners
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The Insight Partners
The photoacoustic tomography market size is projected to reach $209.56 Million by 2028 from $61.12 Million in 2021; it is expected to grow at a CAGR of 19.2% from 2021 to 2028.
New York, April 11, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Photoacoustic Tomography Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Geometry (Planar, Cylindrical, and Spherical), Type (Intravascular Photoacoustic Tomography, Photoacoustic Microscopy, and Others), Application (Tumor Angiogenesis, Blood Oxygenation Mapping, Functional Brain Imaging, Skin Melanoma Detection, Methemoglobin Measuring, and Others), and End User (Hospitals, Diagnostic Imaging Centers, Academic & Research Institutes, and Others)”, the global photoacoustic tomography market growth is driven by the increasing prevalence of cancer and the growing incidence of cardiovascular diseases. However, the high cost of instruments and disadvantages of photoacoustic tomography hamper the market growth. The tumor angiogenesis monitoring segment held the largest share of the market in 2021. However, the blood oxygenation mapping segment is anticipated to register the highest CAGR of 20.4% in the market during the forecast period.
North America; Europe; Asia Pacific; Latin America; MEA
Country scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Photoacoustic Tomography Market: Competitive Landscape and Key Developments FUJIFILM VisualSonics Inc.; TomoWave Laboratories, Inc.; Advantest Corporation; kibero; Seno Medical Instruments; iThera Medical GmbH; Aspectus GmbH; OPOTEK LLC.; CYBERDYNE Inc.; and InnoLas Laser GmbH are among the leading companies in the photoacoustic tomography market. These players are likely to contribute to the flourishment of the photoacoustic tomography market with the development of new innovative products.
In June 2020, FUJIFILM VisualSonics Inc, a subsidiary of FUJIFILM SonoSite, Inc, launched Vevo F2, the world’s first ultrahigh-to-low-frequency ultrasound imaging system with a frequency range stretching from 71–1 MHz.
In July 2021, the Hadatomo Z photoacoustic microscope of Advantest Corporation, a leading semiconductor test equipment supplier, received a Laser Industry Encouragement Award at the 13th Industry Awards, sponsored by the Laser Society of Japan.
In October 2021, iThera Medical announced the launch of its new inVision TRIO preclinical optoacoustic imaging system. The inVision TRIO is the world's first imaging system that include transmission ultrasonic computed tomography (TUCT), broadening the range of biomedical applications served by optoacoustic imaging systems offered by iThera Medical.
In October 2021, iThera Medical announced the successful funding of Horizon Europe technology innovation project—FRONTIER. With this project, iThera Medical will translate its proprietary optoacoustic imaging technology from a research environment to commercial applications in routine clinical imaging, thus offering clinicians a powerful new diagnostic tool.
North America is the largest market for photoacoustic tomography, with the US holding the greatest share in the regional market, followed by Canada. The market growth in North America is ascribed to the growing research on photoacoustic imaging, the preferred use of nonionizing radiations in diagnostics, the good resolution image output provided by photoacoustic tomography, and the rising product launches by key players operating in this region. Moreover, the photoacoustic tomography market growth in the US is attributed to the increasing prevalence of cancer, rising demand for diagnostic imaging, growing research on medical applications of non-ionizing radiations, and escalating government investments in the medical device manufacturing industry.
Academic and research institutes in the US are contributing significantly to continuous advancements in photoacoustic technology in the medical diagnostic field. In January 2020, the National Institute of Health (NIH) granted a fund of US$725,000 to the College of Engineering, Wayne State University, for the development of a novel Point of care (PoC) 3D neonatal photoacoustic tomography (3D-nPAT) to improve the detection of hypoxic-ischemic with the use of sedatives and radionuclides. Such initiatives and proposals by universities and research institutes favor the US photoacoustic tomography market growth. Moreover, the rising prevalence of cancer in the country leads to high demand for noninvasive diagnostic technologies. Radiotherapy is the mainstay of cancer treatment in most cases; however, it causes several side effects, including mutations and tissue damage. Photoacoustic tomography is considered a safe and reliable technology that enables the noninvasive assessment of endogenous tissue during a cancer diagnosis to prevent these side effects. As published by the American Cancer Society (ACS), ~1.9 million new cancer cases were diagnosed in the US.
Cancer significantly impacts societies across the world. According to the estimates of the National Institute of Cancer, ~1,806,590 people were diagnosed with cancer in the US in 2020, and ~606,520 people died from cancer in that year. According to the American Institute of Cancer Research, in 2020, ~18,100 cases were active worldwide. Furthermore, World Health Organization (WHO) stated that ~10,000eaths, or 1 in 6 deaths globally, were due to cancer. Cancer is considered one of the major causes of death worldwide. Lung cancer, breast cancer, colon cancer, rectum cancer, and prostate cancer are among the most common types of cancer. Every year, ~400,000 children are diagnosed with cancer. ~13% of cancers were diagnosed in 2018 globally due to carcinogenic infections, including Helicobacter pylori, hepatitis B virus, human papillomavirus (HPV), hepatitis C virus, and Epstein-Barr virus.
The diagnosis of cancer during early stages substantially boosts the cure rate, decreases recurrence rate, and reduces healthcare costs. Over the past few decades, the continual development of medical imaging modalities has been an important factor in diagnosing cancer, selecting therapies, and monitoring treatment response. Photoacoustic tomography (PAT) is a hybrid imaging modality that combines optical contrast from the absorption of light with the outstanding spatiotemporal resolution of ultrasound imaging, providing biomedical morphologic and functional information on early-stage cancer. Photoacoustic tomography has shown tremendous potential in cellular and molecular-specific cancer imaging. Its ability to provide molecular information at clinically relevant depths with a high resolution and in real time makes it a suitable diagnostic modality for clinical applications.
Geometry-Based Insights: The photoacoustic tomography market, based on geometry, has been segmented into planer, cylindrical, and spherical. The planer segment held the largest market share in 2021, and it is further anticipated to hold the largest share in the market in 2028. On the other hand, the spherical segment is expected to register the highest CAGR in the photoacoustic tomography market during 2021–2028.
Type-Based Insights: The photoacoustic tomography market, based on type, is segmented into intravascular photoacoustic tomography, photoacoustic microscopy, and others. The Intravascular Photoacoustic Tomography segment led the market in 2021, and it is expected to register the highest CAGR during 2021–2028. Intravascular photoacoustic (IVPA) imaging is a catheter-based, minimally invasive imaging modality capable of providing high-resolution optical absorption map of the arterial wall. Atherosclerosis is a long-term, systematic disease characterized by plaques building up in the blood vessel walls. The disease causes numerous deaths in the US each year. The traditional imaging modalities, such as angiography and intravascular ultrasound (IVUS), can be used to image the location and morphology of the atherosclerotic lesions.
Application-Based Insights: The photoacoustic tomography market, based on application, is segmented into tumor angiogenesis, blood oxygenation mapping, functional brain imaging, skin melanoma detection, methemoglobin measuring, and others. The tumor angiogenesis segment led the market in 2021; however, the blood oxygenation mapping segment is expected to register the highest CAGR during 2021–2028.
End User-Based Insights: The photoacoustic tomography market, based on end user, is segmented into hospitals, diagnostics imaging centers, academic and research institutes, and others. The hospitals segment led the market in 2021; however, the market for the diagnostics imaging centers segment is expected grow at the fastest CAGR during 2021–2028.
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