VANCOUVER, BC, Oct. 19, 2020 /PRNewswire/ -- The Global Photoacoustic Imaging Marketwill be worth USD 175.8 million by 2027, according to a current analysis by Emergen Research. It is also known as optoacoustic imaging, which can be defined as a hybrid imaging technique with a high potential in clinical biomedical application areas as well as multi-scale preclinical matters. It is considered one of the rapidly developing biomedical imaging modalities of the decade, providing 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.
Biomedical PA imaging is currently at a rising stage of clinical translation, and it is of utter importance for research institutions as well as academic establishments to make portable and affordable delivery and detection solutions to expand smoother transition to the clinic. The issue helps to address a wide spectrum of PA imaging techniques, primarily targeting the latest advances in light sources, along with their delivery methods, which makes detection strategies to help maintain affordable PA imaging solutions.
Currently, PA imaging has also extended to biomedical and medical markets. The major segments are namely clinical (early stage diagnosis), preclinical (drug efficiency monitoring on small animal), and analytics (flow cytometry and microscopy for in vitro diagnosis). In 2019, the total PAI biomedical and medical market was valued at nearly USD 36.5 million, because of the analytics and preclinical segments. According to our analysts, it is forecast to touch USD 241 million by 2022. A steep increase has been witnessed in the growth curve since 2018, mainly because of the launch of clinical products that were approved in 2017, like the Imagio system from Seno Medical Instruments, U.S. The primary application areas that are likely to benefit from clinical products are cardiovascular diagnostics, cancer research, brain imaging, therapy monitoring, dermatology, and drug developments.
In June 2020, Fujifilm VisualSonics Inc., 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.
The prevalance of chronic disorders like cardiovascular diseases and cancer is pressing the utilization of real-time and non-invasive diagnostic methods for detection. As opposed to conventional ultrasound, the technology 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. The growing demand for PA Imaging is increasing in both clinical and preclinical research favorably for the initial detection of cancer as well as the abnormalities in cardiovascular diseases and microcirculation.
Attributing to the recent technological advancements, existing and emerging players in the market are also developing and offering innovative photoacoustic imaging solutions. Furthermore, because of the potential usage in humans, several ongoing research studies aim to develop new clinical photoacoustic imaging solutions.
The Photoacoustic Imaging Market in the North American region held the highest market share in 2019 and is likely to continue its dominance over the coming years. Over the years, Europe is likely to embrace the leading position in the market, which can be attributed to the installation of innovative and technology heavy gadgets with greater precision. The Asia Pacific region is also estimated to consider a significant market share and forecast to grow at a CAGR of about 15.9% because of the rising number of people with cardiovascular and neurological ailments.
Key participants 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.
Regional Outlook (Revenue: USD Billion; 2017-2027)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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