Prevalence of Cancer and Awareness About Diagnosis of Cancer in Early Stages Drives Photoacoustic Tomography Market Growth
According to this new research study on “Photoacoustic Tomography Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Geometry, Type, Application, and End User,” the market is expected to grow from US$ 61.12 million in 2021 to US$ 209.56 million by 2028; it is estimated to grow at a CAGR of 19.2% during 2021-2028. Factors driving the growth of the photoacoustic tomography market are the prevalence of cancer, awareness about diagnosis of cancer in early stages, and growing instances of cardiovascular diseases.
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, ~18.1 Thousands cases were active worldwide. Furthermore, World Health Organization (WHO) stated that ~10 Thousands deaths, 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. According to WHO, every year, ~400,000 children are diagnosed with cancer and ~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 combining optical contrast from absorption of light with the outstanding spatiotemporal resolution of ultrasound imaging, providing biomedical morphologic and functional information on early-stage cancer. Through the combination of US (ultrasound) and PA (photoacoustic) tomography, it is possible to obtain information on the anatomical, functional, and molecular content of diseased tissues. PA tomography in cancer diagnosis relies on the enhanced optical absorption of tumors and the relatively high optical transparency of normal tissues, in addition to low acoustic distortion and attenuation of tissues. Therefore, the accuracy of photoacoustic tomography in the detection of cancer tissues, in addition to the increase in the prevalence of cancer, is driving the growth of the photoacoustic tomography market. However, the high cost of instruments and disadvantages of photoacoustic tomography are hindering the market growth.
Photoacoustic imaging (or optoacoustic imaging) is an emerging biomedical imaging modality utilizing the benefits of optical resolution and acoustic depth of penetration. With its capability to offer structural, functional, molecular, and kinetic information of either endogenous contrast agents, such as hemoglobin, lipid, melanin, and water; a variety of exogenous contrast agents; or both, the PAI (Photoacoustic Imaging) has demonstrated promising potential in a wide range of preclinical and clinical applications. In addition to the currently popular area of clinically relevant PAI developments, there are fields of biomedical diagnostics, where the unique capabilities of PAI provide it an edge over the existing, established imaging methods; in some cases, PAI adds additional, previously unachievable diagnostic information to already existing imaging techniques in a multimodal imaging system. Thus, the benefits of PAI over traditional imaging techniques are providing opportunities for the growth of the photoacoustic tomography market players.
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 operating in the photoacoustic tomography market. Product launches, product approvals, mergers and acquisitions, and market initiatives are a few strategies adopted by the companies. For instance, in June 2020, FUJIFILM VisualSonics Inc, a subsidiary of FUJIFILM SonoSite, Inc, launched Vevo F2, the world’s first ultra-high-to-low-frequency ultrasound imaging system with a frequency range of 71-1 MHz.
The photoacoustic tomography market is segmented on the basis of geometry, type, application, end user, and geography. Based on geometry, the market is segmented into planar, spherical, and cylindrical. On the basis of type, the photoacoustic tomography market is divided into intravascular photoacoustic tomography,photoacoustic microscopy, and others. Based on application, the photoacoustic tomography market is segmented into tumor angiogenesis monitoring, blood oxygenation mapping, functional brain imaging, skin melanoma detection, methemoglobin measuring, and others. Based on end user, the market is segmented into hospitals, diagnostics imaging centers, academic & research institutes, and others. By geography, the photoacoustic tomography market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
Reasons to Buy
According to this new research study on “Photoacoustic Tomography Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Geometry, Type, Application, and End User,” the market is expected to grow from US$ 61.12 million in 2021 to US$ 209.56 million by 2028; it is estimated to grow at a CAGR of 19.2% during 2021-2028. Factors driving the growth of the photoacoustic tomography market are the prevalence of cancer, awareness about diagnosis of cancer in early stages, and growing instances of cardiovascular diseases.
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, ~18.1 Thousands cases were active worldwide. Furthermore, World Health Organization (WHO) stated that ~10 Thousands deaths, 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. According to WHO, every year, ~400,000 children are diagnosed with cancer and ~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 combining optical contrast from absorption of light with the outstanding spatiotemporal resolution of ultrasound imaging, providing biomedical morphologic and functional information on early-stage cancer. Through the combination of US (ultrasound) and PA (photoacoustic) tomography, it is possible to obtain information on the anatomical, functional, and molecular content of diseased tissues. PA tomography in cancer diagnosis relies on the enhanced optical absorption of tumors and the relatively high optical transparency of normal tissues, in addition to low acoustic distortion and attenuation of tissues. Therefore, the accuracy of photoacoustic tomography in the detection of cancer tissues, in addition to the increase in the prevalence of cancer, is driving the growth of the photoacoustic tomography market. However, the high cost of instruments and disadvantages of photoacoustic tomography are hindering the market growth.
Photoacoustic imaging (or optoacoustic imaging) is an emerging biomedical imaging modality utilizing the benefits of optical resolution and acoustic depth of penetration. With its capability to offer structural, functional, molecular, and kinetic information of either endogenous contrast agents, such as hemoglobin, lipid, melanin, and water; a variety of exogenous contrast agents; or both, the PAI (Photoacoustic Imaging) has demonstrated promising potential in a wide range of preclinical and clinical applications. In addition to the currently popular area of clinically relevant PAI developments, there are fields of biomedical diagnostics, where the unique capabilities of PAI provide it an edge over the existing, established imaging methods; in some cases, PAI adds additional, previously unachievable diagnostic information to already existing imaging techniques in a multimodal imaging system. Thus, the benefits of PAI over traditional imaging techniques are providing opportunities for the growth of the photoacoustic tomography market players.
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 operating in the photoacoustic tomography market. Product launches, product approvals, mergers and acquisitions, and market initiatives are a few strategies adopted by the companies. For instance, in June 2020, FUJIFILM VisualSonics Inc, a subsidiary of FUJIFILM SonoSite, Inc, launched Vevo F2, the world’s first ultra-high-to-low-frequency ultrasound imaging system with a frequency range of 71-1 MHz.
The photoacoustic tomography market is segmented on the basis of geometry, type, application, end user, and geography. Based on geometry, the market is segmented into planar, spherical, and cylindrical. On the basis of type, the photoacoustic tomography market is divided into intravascular photoacoustic tomography,photoacoustic microscopy, and others. Based on application, the photoacoustic tomography market is segmented into tumor angiogenesis monitoring, blood oxygenation mapping, functional brain imaging, skin melanoma detection, methemoglobin measuring, and others. Based on end user, the market is segmented into hospitals, diagnostics imaging centers, academic & research institutes, and others. By geography, the photoacoustic tomography market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the photoacoustic tomography market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global photoacoustic tomography market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. Photoacoustic Tomography Market - Market Landscape
5. Photoacoustic Tomography Market - Key Market Dynamics
6. Photoacoustic Tomography Market - Global Analysis
7. Global Photoacoustic Tomography Market Revenue and Forecasts To 2028- by Geometry
8. Photoacoustic Tomography Market Analysis and Forecast to 2028 - By Type
9. Photoacoustic Tomography Market Analysis and Forecast to 2028 - By Application
10. Photoacoustic Tomography Market Analysis - By End User
11. Photoacoustic Tomography Market Revenue and Forecasts to 2028 - Geographical Analysis
12. Impact Of COVID-19 Pandemic on Photoacoustic Tomography Market
13. Photoacoustic Tomography Market -Industry Landscape
14. Company Profiles
15. Appendix
List of Tables
List of Figures
Executive Summary
The photoacoustic tomography market is projected to reach US$ 209.56 million by 2028 from US$ 61.12 million in 2021; it is expected to grow at a CAGR of 19.2% from 2021 to 2028.The report highlights trends prevailing in the market and factors driving the market growth. The photoacoustic tomography market growth is attributed to the rising prevalence of cancer and the growing incidence of cardiovascular diseases. However, the disadvantages associated with photoacoustic tomography (PAT) hamper the growth of the market growth.
Photoacoustic tomography is an advanced, hybrid diagnostic technique based on laser-induced thermoelastic expansion, which delivers the combination of optical and ultrasound imaging benefits. It is an emerging technology that uses non-ionizing radiations.
Diagnosing cancer during early stages substantially increases the cure rate, decreases the recurrence rate, and reduces healthcare costs. Over the past few decades, the continuous development of medical imaging modalities has been playing an instrumental role in cancer diagnosis, therapy selection, and treatment response monitoring. Photoacoustic tomography (PAT) is a hybrid imaging modality combining optical contrast obtained from the absorption of light with the outstanding spatiotemporal resolution of ultrasound imaging, providing biomedical morphologic and functional information on cancer in its early stage. 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 is the key factor that makes it a diagnostic modality of choice for clinical applications. Moreover, it can be easily combined with ultrasound (US) imaging as both imaging modalities share hardware components and a common signal detection regimen. Through the combination of ultrasound and photoacoustic tomography, it is possible to obtain information on the anatomical, functional, and molecular content of diseased tissues. Photoacoustic tomography in cancer diagnosis relies on the enhanced optical absorption of tumors and the relatively high optical transparency of normal tissues, in addition to low acoustic distortion and attenuation of tissues. Therefore, the accuracy of photoacoustic tomography in the detection of cancer tissues, in addition to the increase in the prevalence of cancer, is driving the growth of the photoacoustic tomography market
The photoacoustic tomography market, based on geometry, is segmented into planar, cylindrical and spherical. The planar segment held the largest share of the market in 2021. However, the spherical segment is anticipated to register the highest CAGR during the forecast period. The photoacoustic tomography market, by type, is segmented into intravascular photoacoustic tomography, photoacoustic microscopy, and others. The intravascular photoacoustic tomography segment held the largest share of the market in 2021. Moreover, the same segment is anticipated to register the highest CAGR during the forecast period. 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 held the largest share of the market in 2021. However, the blood oxygenation mapping segment is anticipated to register the highest CAGR during the forecast period. The photoacoustic tomography market, by end user, is segmented into hospitals, diagnostics imaging centers, academic and research institutes, and others. The hospital segment held the largest market share in 2021. However, the diagnostics imaging centers segment is anticipated to register the highest CAGR during the forecast period.
The COVID-19 pandemic had a short-term negative effect on the photoacoustic tomography market growth in 2020. The pandemic has affected three main aspects of the global economy: manufacturing, supply chain, and business and financial markets. Japan, China, South Korea, India, and Australia are the hardest-hit countries due to the huge number of COVID-19 cases and related deaths. Moreover, during this global crisis, healthcare service providers had to either postpone or delay cancer screening, diagnosis, and treatment procedures, which disrupted the demand for photoacoustic tomography. The scarcity of medical care services for conditions other than COVID-19 across the world had a detrimental impact on the photoacoustic tomography market. In addition, the lockdown restrictions imposed by various country governments led to the reduced deployment of photoacoustic imaging systems, because of the declined demand, postponed clinical and pre-clinical trials, and widespread financial distress. The situation began to improve in 2021, as people started visiting hospitals, imaging centers for their disease screening, diagnosis, and treatment. Moreover, as social restrictions were relaxed, many pre-clinical and clinical studies were resumed in 2021, which is expected to spur the demand for photoacoustic tomography.
Various organic and inorganic strategies are adopted by companies in the photoacoustic tomography market. The organic strategies mainly include product launches and product approvals. Inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships. These growth strategies have allowed the photoacoustic tomography market players in expanding their business, enhancing their geographic presence along with contributing to the overall market growth. Additionally, growth strategies such as acquisitions and partnerships helped them in strengthening their customer base and extending the product portfolios. A few of the significant developments by key players in the photoacoustic tomography market are listed below.
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 December 2021, Advantest Corporation began shipping the fourth generation of its high-speed image-processing engine that applies heterogeneous computing technology to detect defects in the data output from the most advanced CMOS image sensors (CIS).
A few of the major primary and secondary sources referred to while preparing the report on the photoacoustic tomography market are the National Center for Health Statistics (a department of the US Department of Health & Human Services), Centers for Disease Control and Prevention (CDC), World Health Organization (WHO), and Organization for Economic Co-operation and Development (OECD).
Companies Mentioned
- Fujifilm Visualsonics Inc.
- Tomowave Laboratories, Inc.
- Advantest Corporation
- Kibero
- Aspectus GmbH
- Ithera Medical GmbH
- Cyberdyne Inc.
- Innolas Laser GmbH
- Opotek LLC
- Sen- Medical
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 195 |
| Published | March 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 61.12 Million |
| Forecasted Market Value ( USD | $ 209.56 Million |
| Compound Annual Growth Rate | 19.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
