Photoacoustic tomography Market Size & Share Report, 2021, 28

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)

Publication Month : Mar 2022

  • Report Code : TIPRE00018808
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 195
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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.

Photoacoustic tomography is a type of biomedical imaging technique that utilizes the combination of optical and ultrasound technology for acquiring images of biological tissues without using ionizing radiations or excising tissue. Tomography imaging technique in vivo can be used for applications such as tumor angiogenesis monitoring, blood oxygenation mapping, detecting skin melanoma, functional brain imaging, and methemoglobin measuring. 

The photoacoustic tomography market is segmented on the basis of geometry, type, application, end user, and geography. The market, by geography, is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The photoacoustic tomography market report offers insights and in-depth analysis of the market, emphasizing the parameters such as market size, trends, technological advancements, and market dynamics, along with the analysis of the competitive landscape of the globally leading market players.

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Photoacoustic Tomography Market: Strategic Insights

photoacoustic-tomography-market
Market Size Value inUS$ 61.12 Million in 2021
Market Size Value byUS$ 209.56 Million by 2028
Growth rateCAGR of 19.2% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
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The growth of the photoacoustic tomography market is attributed to the rise in pre-clinical studies on photoacoustic tomography in several academic and research institutes, and advancements in the imaging technique of photoacoustic tomography. However, the high cost of equipment and its installation restricts the market growth.

Lucrative Regions in Photoacoustic Tomography Market

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Market Insights
Growing Incidence of Cardiovascular Diseases Boosts Photoacoustic Tomography Market Growth

Atherosclerosis is the thickening or hardening of the arteries caused by a buildup of plaques in the inner lining of an artery. The plaques are made up of the deposits of cholesterol, fatty substances, cellular waste products, fibrin, and calcium, obstructing the blood flow due to the blockage of the arteries caused by deposition on their walls. This blockage may lead to various cardiovascular diseases (CVDs). According to the World Health Organization (WHO) data, CVDs are considered the leading cause of death worldwide, taking approximately 17.9 million lives every year. More than four out of five CVD deaths are due to heart attacks and strokes, and one-third of these deaths occur prematurely in people of age less than 70. According to the Centers for Disease Control and Prevention (CDC), in the US, someone has a heart attack every 40 seconds, and every year, ~805,000 people in the US suffer a heart attack. According to the American Heart Association, during 2015–2018, 126.9 million adults in the US had some form of CVD. Additionally, during 2017–2018, direct and indirect costs of total CVD to the country summed up to US$ 378.0 billion (US$ 226.2. billion in direct costs and US$ 151.8 billion in indirect costs due to lost productivity/mortality).

Further, various technologies, such as angiography, intravascular ultrasound (IVUS), and intravascular photoacoustic tomography, are used to detect CVDs. The IVUS imaging, combined IVPA, and IVUS imaging can be used to detect and characterize atherosclerotic plaques. The IVPA tomography offers various advantages in atherosclerotic plaque imaging over other techniques. Analyzing the multi-wavelength photoacoustic responses of the vessel wall makes it possible to discriminate between different tissue/cell types. With a high-frequency transducer, the photoacoustic signal can be resolved with a spatial resolution in the order of a few tens of micrometers—such resolution is appropriate for the detection of vulnerable plaques.

Geometry-Based Insights

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.

Photoacoustic Tomography Market, by Geometry – 2021 and 2028

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Type-Based Insights

The photoacoustic tomography market, based on 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. It is further anticipated to register the highest CAGR during the forecast period.

Application-Based Insights

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 market share in 2021. However, the blood oxygenation mapping segment is anticipated to register the highest CAGR during the forecast period.

End User-Based Insights

The photoacoustic tomography market, based on 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.

Product launches and approvals are among the commonly adopted strategies by companies to expand their global footprints and product portfolios. The photoacoustic tomography market players also focus on the partnership strategy to enlarge their clientele, which, in turn, permits them to maintain their brand name across the world. They aim to flourish their market shares with the development of innovative products. FUJIFILM Visualsonics Inc.; TomoWave Laboratories, Inc.; Advantest Corporation; kibero; Aspectus GmbH; iThera Medical GmbH; CYBERDYNE INC.; InnoLas Laser GmbH; OPOTEK LLC; and Seno Medical are among the leading companies operating in the photoacoustic tomography market.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Geometry, Type, Application, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What are the driving factors for the photoacoustic tomography market across the globe?

Rising prevalence of cancer and growing instances of cardiovascular diseases are the most significant factors responsible for the overall market growth.

Which is the potential market for the photoacoustic tomography in terms of region?

North America is the largest market and it is expected to be the biggest revenue generator throughout the forecast period.

Which segment led the photoacoustic tomography market?

Based on geometry, planar geometry segment took the forefront leaders in the worldwide market by accounting largest share in 2021 and is expected to continue to do so durting the forecast period.

Who are the key players in the photoacoustic tomography market?

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 global photoacoustic tomography market.

The List of Companies - Photoacoustic Tomography Market

  1. FUJIFILM Visualsonics Inc.
  2. TomoWave Laboratories, Inc.
  3. Advantest Corporation
  4. Kibero
  5. Aspectus GmbH
  6. iThera Medical GmbH
  7. CYBERDYNE INC.
  8. InnoLas Laser GmbH
  9. OPOTEK LLC
  10. Seno Medical

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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