The photoacoustic imaging market will touch USD 279.3 million, powering at a 20.3% CAGR, by 2030. The growth of this industry is mainly ascribed to the increasing count of cancer cases, coupled with the rising acceptance of enhanced treatments all over the world.
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Furthermore, the increasing healthcare spending as well as the mounting elderly populace are also key factors boosting the need for photoacoustic imaging systems.
The rising life expectancy resulting in the dropping death rate is the key contributor to the increase in the elderly populace. The aging population needs extensive care because they are more disposed to diseases because of their low immunity level and slower recovery time. Therefore, the elderly populace substantially contributes to the expansion of this industry.
Businesses are engaged in mergers & acquisitions to attain a competitive advantage in this industry. The expanded emphasis of companies on acquiring and merging with other businesses to enhance their product portfolio and develop globally is decreasing the complexity and expanding profit. The consolidation trends in this industry are likely to increase in the years to come.
In the past few years, the pre-clinical category, on the basis of application, was the largest contributor to the photoacoustic imaging market. This category dominance can be mainly because of the technological development in the area of photoacoustic imaging.
On the basis of product, the software and other accessories category, is likely to advance at a faster compound annual growth rate, in the years to come. This will be primarily because of technological development that will enable the launch of innovative and enhanced components for photoacoustic imaging systems.
On the basis of indication, the oncology category, is likely to propel at the fastest compound annual growth rate, in the years to come. This will be primarily because of the surging utilization of photoacoustic imaging systems for cancer diagnosis, particularly breast cancer.
In addition, photoacoustic imaging plays a key part in breast screening, diagnosis, and staging as well as monitoring of medicinal interventions.
North America was the largest contributor to the industry in the past few years. This progression can be mainly because of the surge in the prevalence of chronic disorders, the mounting elderly population, and the increasing healthcare expenses.
APAC is advancing at the fastest compound annual growth rate. This can be primarily because of the extensive burden of cancer, growing healthcare spending, and rising investments by private and public establishments.
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It is because of the mounting aging population, coupled with the surging occurrence of chronic disorders, the photoacoustic imaging industry will continue to advance significantly in the years to come.
SOURCE: P&S Intelligence
