Chicago, July 17, 2024 (GLOBE NEWSWIRE) -- The "Photoacoustic Imaging Market Size, Share & Trends by Product (Imaging System, Transducer, Software, Accessories), Technology (Microscopy, Tomography), Type (Preclinical, Clinical), Application (Oncology, Neuro), End User (Hospitals, Academia) & Region Global Forecast to 2029" report highlights substantial growth projections. It anticipates the market to escalate from $80 million in 2024 to $105 million by 2029, at a notable CAGR of 5.5%. This growth is driven by rising investments in imaging systems, strategic partnerships, and an increasing number of conferences on imaging technologies. The market dynamics are influenced by the increasing prevalence of cancer, which drives the demand for advanced imaging for early detection and precise diagnosis. However, the high cost of photoacoustic imaging systems, ranging from USD 200K to USD 900K, poses a significant restraint. Opportunities arise from the rising demand for personalized medicine, which benefits from photoacoustic imaging’s high-resolution and non-invasive capabilities. Challenges include a shortage of skilled professionals due to the complexity of the technology and a lack of standardized training programs. The imaging system segment held the largest market share in 2023, with significant advancements in laser and ultrasound technology. Photoacoustic imaging, particularly in pre-clinical research, dominates the technology segment, driven by stringent regulations and increasing R&D initiatives. Oncology applications are expected to register the highest growth, fueled by research into chronic illnesses and vaccine development. Academic and research institutes will see significant growth as they advance photoacoustic imaging technologies. North America is projected to remain the largest market due to stringent FDA regulations, robust hospital presence, and increased investment in imaging systems. Key market players include FUJIFILM CORPORATION, iThera Medical GmbH, Kibero, TomoWave Laboratories, Inc., Seno Medical, illumiSonics Inc., InnoLas Laser GmbH, and CYBERDYNE, INC.
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FUJIFILM Corporation: Leader in Photoacoustic Imaging
FUJIFILM Corporation, a global leader in imaging and information solutions, excels in the photoacoustic imaging market through its subsidiary, Fujifilm Sonosite, Inc. Known for its portable and point-of-care ultrasound systems, Fujifilm Sonosite has expanded its portfolio to include advanced photoacoustic imaging technology. The company's expertise in integrating ultrasound and optical imaging results in high-resolution, high-contrast images, enhancing the visualization and quantification of biological tissues. Fujifilm's photoacoustic imaging systems, recognized for their high sensitivity and resolution, support early diagnosis and research, particularly in oncology and cardiology. Continuous innovation and collaborations with leading institutions keep Fujifilm at the forefront of the market. With a strong global presence, extensive distribution networks, and a reputation for quality and reliability, Fujifilm's photoacoustic imaging solutions are widely adopted and trusted by healthcare professionals and researchers.
Seno Medical: Innovator in Opto-Acoustic Imaging
Seno Medical Instruments, Inc., based in San Antonio, Texas, is a pioneering medical imaging company focused on revolutionizing cancer screening and diagnosis with its proprietary opto-acoustic imaging technology. Seno's innovative Imagio Breast Imaging System combines real-time optoacoustic and traditional ultrasound imaging to deliver high-resolution images with enhanced functional information, significantly improving diagnostic accuracy. This technology aims to reduce the need for invasive biopsy procedures by more accurately distinguishing between benign and malignant lesions, potentially lowering patient anxiety and healthcare costs. Seno Medical continues to expand its patent portfolio, targeting early detection of various cancers, including melanoma, thyroid, prostate, and colon cancers.
iThera Medical GmbH: Specialist in Optoacoustic Imaging
iThera Medical GmbH, a German company, specializes in innovative medical imaging solutions, focusing primarily on optoacoustic imaging technologies. Their flagship product, the Multispectral Optoacoustic Tomography (MSOT) system, caters to both preclinical and clinical research needs by offering high-resolution visualization and quantification of biological processes at the molecular level. The MSOT Acuity Series, including the MSOT Acuity Echo, integrates optoacoustic and ultrasound imaging for comprehensive tissue analysis. iThera Medical operates through direct sales and collaborations with research institutions and clinical partners, focusing on product sales, research collaborations, and service provision. With a significant global market presence, iThera Medical's imaging systems are installed in leading research institutions and hospitals worldwide, covering diverse fields such as oncology, cardiology, neurology, and dermatology.
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Imaging System Leads Product Segment in Photoacoustic Imaging Market
Based on product, the photoacoustic imaging market is segmented into imaging systems, transducers, and software and accessories. In 2023, the imaging system segment dominated the photoacoustic imaging market with the highest share. The combination of high spatial resolution and deep tissue penetration in photoacoustic imaging has greatly broadened its applications. This advancement allows for detailed visualization of structures located several centimeters beneath the surface, making it crucial for accurate imaging beyond superficial layers.
Photoacoustic Imaging Dominates Technology Segment in Photoacoustic Imaging Market
Based on technology, the photoacoustic imaging market is segmented into photoacoustic imaging, photoacoustic microscopy, and photoacoustic tomography. The photoacoustic imaging system segment holds a leading position in the photoacoustic imaging market. Integrating photoacoustic imaging with modalities such as ultrasound, MRI, and CT enhances diagnostic accuracy by offering complementary information. This versatility across various medical fields greatly contributes to the advancement of photoacoustic imaging systems.
Pre-Clinical Segment Leads Type Segment in Photoacoustic Imaging Market
Based on type, the photoacoustic imaging market is segmented into pre-clinical and clinical research. In 2024, the pre-clinical segment holds the major share. The adoption of photoacoustic imaging systems in pre-clinical and clinical research is being driven by increased research and development investments from companies, along with rising funding in developing nations.
Oncology Leads Application Segment in Photoacoustic Imaging Market
Based on application, the photoacoustic imaging market is segmented into oncology, hematology, veterinary, and other applications. The oncology segment accounted for the largest share of the photoacoustic imaging market in 2023. The notable expansion of this market segment is primarily fueled by the functional and molecular imaging capabilities of photoacoustic technology. This technology facilitates the identification of specific molecules or physiological parameters through unique photoacoustic signatures, thereby enhancing applications in oncology, cardiology, neurology, and other diverse fields.
Academic & Research Institutes Lead End-User Segment in Photoacoustic Imaging Market
Based on end-users, the photoacoustic imaging market is segmented into hospitals and imaging centers, and academic & research institutes. The academic & research institutes segment accounted for the largest share of the photoacoustic imaging market in 2023. Research institutes and academic institutions play a crucial role in advancing photoacoustic imaging technologies. They lead both fundamental and applied research aimed at improving the efficiency and versatility of imaging modalities. Their efforts include developing new algorithms and techniques to enhance image quality, resolution, and contrast, as well as exploring innovative applications across diverse biomedical fields, including oncology and neurology.
North America Leads Regional Segment in Photoacoustic Imaging Market
In 2023, North America commanded the largest share of the photoacoustic imaging market. North America's influential market presence stems largely from its emphasis on robust pre-clinical and clinical research, widespread adoption of state-of-the-art technologies, and rigorous FDA oversight of product approval and safety standards.
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