The global photoacoustic microscopy systems market is projected to expand at a CAGR of 40% during the forecast period, 2021-2028. The growth of the market is attributed to increasing demand for early diagnosis tests and preventive medicine across the globe.
Photoacoustic microscopy is used for mapping microvasculature networks in biological tissues. During the mapping, the short-pulsed laser light is absorbed by biological tissues and is converted into transient heating, which is further converted into an ultrasonic wave due to thermoelastic expansion. The detection of the ultrasonic wave yields a tomographic image.
Imaging devices play a vital role in the healthcare industry as they are used for early detection of disease and can lead to improved diagnostics and treatment. Imaging systems, including photoacoustic microscopy systems, aid physicians to follow up with the patients and monitor their medical condition on a regular basis. Photoacoustic microscopy systems are also used in cancer detection.
Market Drivers, Restraints, Trends, and Opportunities
- Increasing geriatric population is driving the market growth. As per the World Population Aging report, published in 2019, the total population of the people in the age bracket 65 years and above is predicted to rise from 703 million to 1.5 billion by 2050. This is expected to massively push up the requirement for photoacoustic imaging as the geriatric people are highly vulnerable to various diseases owing to their low immunity levels.
- High installation, service, and maintenance cost of these systems are the major restraints of the market.
- Growing importance of tele-imaging for early diagnosis of diseases is anticipated to positively influence the market growth.
Scope of the Report
The report on the global photoacoustic microscopy systems market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
Photoacoustic Microscopy Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Hardware Devices and Software Systems), Applications (Hospitals, Diagnostic Centers, and Research Centers), Indications (Oncology, Neurology, Ophthalmology, Dermatology, and Pathology)
North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
FUJIFILM VisualSonics Inc., EKSPLA, InnoLas Laser GmbH, illumiSonics Inc., Seno Medical Instruments Inc., PhotoSound Technologies Inc., TomoWave Laboratories Inc., Teem Photonics, Vibronix Inc., Verasonics Inc., kibero GmbH, iThera Medical GmbH, PA Imaging R&D B.V., and OPOTEK LLC.
Global Photoacoustic Microscopy Systems Market Insights
Software systems to exhibit a high CAGR
Based on types the market is segmented into hardware devices and software systems. The software segment is anticipated to account exhibit a high CAGR during the forecast period. This is owing to ongoing technological advancements that would allow for the launch of improved components for photoacoustic imaging systems. For instance, software tools with the digital radio frequency (RF)-mode export enables multispectral photoacoustic analysis of photoacoustic imaging agents and to detect sentinel lymph.
Research centers segment to grow at a rapid rate
Based on applications, the market is segregated into hospitals, diagnostic centers, and research centers. The research centers segment is anticipated to grow at a rapid rate owing to high resolution ultrasound and photoacoustic imaging of single cells provided by the photoacoustic microscopy systems. The diagnostic centers and hospitals segments is projected to grow at a steady growth during the forecast period.
Oncology segment to account a large market share
Based on indications, the market is segregated as oncology, neurology, ophthalmology, dermatology, and pathology. The oncology segment is projected to account for a large market share during the forecast period. This can be mainly attributed to the increasing usage of photoacoustic microscopy imaging systems for cancer diagnosis, mainly breast cancer. Photoacoustic imaging plays a significant role in breast screening, diagnosis, staging and monitoring of therapeutic interventions.
North America to dominate the market
In terms of regions, the market is segregated into North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America held dominant position in the photoacoustic microscopy systems market in 2020. The regional market growth is primarily attributed to the increasing incidence of chronic diseases, rising geriatric population, and surging healthcare expenditure. For Instance, according to the United Nations (UN) World Population Ageing report, in 2019, in North America, there were 59.9 million people aged 65 years and above, and this number is projected to rise to 80.2 million by 2030. The market in Asia Pacific is anticipated to grow at a healthy rate owing to rising prevalence of cancer, rising healthcare expenditure, and increasing investments by public and private organizations.
Segments Covered in the Report
The global photoacoustic microscopy systems market has been segmented on the basis of
- Hardware Devices
- Software System
- Diagnostic Centers
- Research Centers
- North America
- Latin America
- Asia Pacific
- Middle East
- FUJIFILM VisualSonics Inc.
- InnoLas Laser GmbH
- illumiSonics Inc.
- Seno Medical Instruments Inc.
- PhotoSound Technologies Inc.
- TomoWave Laboratories Inc.
- Teem Photonics
- Vibronix Inc.
- Verasonics Inc.
- kibero GmbH
- iThera Medical GmbH
- PA Imaging R&D B.V.
- OPOTEK LLC.
The key players in the global photoacoustic microscopy systems market are FUJIFILM VisualSonics Inc., EKSPLA, InnoLas Laser GmbH, illumiSonics Inc., Seno Medical Instruments Inc., PhotoSound Technologies Inc., TomoWave Laboratories Inc., Teem Photonics, Vibronix Inc., Verasonics Inc., kibero GmbH, iThera Medical GmbH, PA Imaging R&D B.V., and OPOTEK LLC.
Companies are focusing on providing superior customer service to acquire a large consumer base. They are indulging in mergers and acquisitions to improve their product offerings.