The photoacoustic imaging market will reach USD 279.3 million by 2030, growing at a rate of 20.3% in the years to come, as stated by a market research institution, P&S Intelligence.
The increasing count of cancer cases and growing acceptance of advanced treatments globally are the major factors encouraging the development of the market. The growing healthcare spending and rising elderly population are some other factors powering the requirement for photoacoustic imaging systems.
The industry will witness the faster growth in the software and further accessories category, based on the product. This would mostly be because of tech progressions that would permit for the introduction of novel and improved mechanisms for photoacoustic imaging systems.
The pre-clinical bifurcation had the larger share, based on application. The dominance is chiefly because of the tech progressions in photoacoustic imaging, in addition to the growing requirement for non-invasive imaging techniques for small animals used in pre-clinical studies, and increasing initiatives by private and public organizations for supporting pre-clinical research.
The market will grow the fastest in the oncology category, based on indication in the years to come. This can be credited to the increasing use of photoacoustic imaging systems for cancer diagnosis mostly breast cancer.
Photoacoustic imaging plays a substantial role in diagnosis, breast screening, and staging and monitoring of therapeutic interventions.
Worldwide, breast cancer is the most- prevalent cancer in women, with more than 2.08 million cases in 2018. Consequently, the oncology category will dominate the market in the years to come.
North America dominated the industry in the past. This growth can be mostly credited to the growing occurrence of chronic ailments, increasing elderly population, and surging healthcare spending.
APAC will grow the fastest, and this can be credited to the extensive burden of cancer, increasing healthcare outflow, and budding investments by private and public organizations. For example, as per the data published in GLOBOCAN, 883,395 cancer cases were stated in Japan in 2018, and this will increase to 3.5 million by 2025.
The snowballing life expectancy is responsible for the falling death rate is the key contributor to the growth in the elderly population. As per the World Population Ageing 2019, the population of individuals aged 65 years and above will increase suddenly from 703 million in 2019 to 1.5 billion by 2050.
The elderly needs wide-ranging care, as they are more susceptible to illnesses because of their low immunity and longer time of recovery. Therefore, the elderly population considerably contributes to the of the photoacoustic imaging market growth.
It is because of the increasing elderly population, the demand for photoacoustic imaging will continue to grow in the years to come.
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