According to our latest study on “Photoacoustic Tomography Market Forecast to 2028 – COVID-19 Impact and Global Analysis – Geometry (Planar, Spherical and Cylindrical), 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, Diagnostics Imaging Centers, Academic & Research Institutes, and Others)," 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% from 2021 to 2028.
The report highlights the key factors driving the market and prominent players with their developments. The photoacoustic tomography market growth is attributed to 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 COVID-19 pandemic has had a significant impact on operations in a variety of industries. The pandemic is predicted to have a short-term impact on the photoacoustic tomography market. As per the Society of Nuclear Medicine and Molecular Imaging (SNMMI), ~80% of respondents saw a 50–75% decline in nuclear medicine imaging procedures. In the US, the diagnostic and imaging activities were postponed and rescheduled for an extended period during the pandemic. Thus, delays in the diagnosis of chronic diseases with SPECT equipment hampered the photoacoustic tomographyt market. In Asia Pacific, Japan, China, South Korea, India, and Australia are the hardest-hit countries due to the vast number of COVID-19 cases. Amid the pandemic, healthcare facilities had to either postpone or delay cancer screening, diagnosis, and treatment procedures, which hampered the demand for photoacoustic tomography systems. 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. Thus, the pandemic had a severe impact on the photoacoustic tomography market in 2020. However, the market is expected to have growth opportunities in the coming years due to decrease in regulations regarding research.
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. 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. Measuring blood oxygen levels is one of the functional capabilities of PAT (Photoacoustic Tomography), and this task is widely performed in photoacoustic studies of brain functions, tumor hypoxia, wound healing, and cancer therapy. Yet, complex optical conditions of biological tissues, especially the strong wavelength-dependent optical attenuation, hampered the PAT measurement of blood oxygenation at depths beyond a few millimeters. A variety of PAT methods, using novel laser illumination schemes, oxygen-sensitive fluorescent dyes, comprehensive mathematic models, or prior information provided by complementary imaging modalities, have been developed to improve the accuracy of blood oxygenation measurement. Photoacoustic (PA) imaging has a major application in the monitoring of hemodynamics and changes in blood oxygenation (sO2), which are indicators of brain activity or injury. In clinical practice, brain injury monitoring techniques can vary widely with the specific application. While there are various techniques that can image hemodynamics, PA imaging can potentially provide better functional information and higher resolution. The ongoing research for the development of technologies for blood oxygenation mapping is driving the growth of the photoacoustic tomography market for this segment.
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.
Photoacoustic Tomography Market, by Region, 2021 (%)
Photoacoustic tomography Market Size & Share Report, 2021, 28
Download Free Sample
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 report segments the photoacoustic tomography market as follows:
Photoacoustic tomography Market Size & Share Report, 2021, 28
Download Free SamplePhotoacoustic 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 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).
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com