Prevalence of Cancer and Awareness About Diagnosis of Cancer in Early Stages Drives Photoacoustic Tomography Market Growth

According to our new research study on "Photoacoustic Tomography Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Geometry, Type, Application, and End User," 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% during 2021-2028. Factors driving the growth of the photoacoustic tomography market are the prevalence of cancer, awareness about diagnosis of cancer in early stages, and growing instances of cardiovascular diseases.

Cancer significantly impacts societies across the world. According to the estimates of the National Institute of Cancer, ~1,806,590 people were diagnosed with cancer in the US in 2020, and ~606,520 people died from cancer in that year. According to the American Institute of Cancer Research, in 2020, ~18.1 Thousands cases were active worldwide. Furthermore, World Health Organization (WHO) stated that ~10 Thousands deaths, or 1 in 6 deaths globally, were due to cancer. Cancer is considered one of the major causes of death worldwide. Lung cancer, breast cancer, colon cancer, rectum cancer, and prostate cancer are among the most common types of cancer. According to WHO, every year, ~400,000 children are diagnosed with cancer and ~13% of cancers were diagnosed in 2018 globally due to carcinogenic infections, including Helicobacter pylori, hepatitis B virus, human papillomavirus (HPV), hepatitis C virus, and Epstein-Barr virus. The diagnosis of cancer during early stages substantially boosts the cure rate, decreases recurrence rate, and reduces healthcare costs. Over the past few decades, the continual development of medical imaging modalities has been an important factor in diagnosing cancer, selecting therapies, and monitoring treatment response. Photoacoustic tomography (PAT) is a hybrid imaging modality combining optical contrast from absorption of light with the outstanding spatiotemporal resolution of ultrasound imaging, providing biomedical morphologic and functional information on early-stage cancer. Through the combination of US (ultrasound) and PA (photoacoustic) tomography, it is possible to obtain information on the anatomical, functional, and molecular content of diseased tissues. PA tomography in cancer diagnosis relies on the enhanced optical absorption of tumors and the relatively high optical transparency of normal tissues, in addition to low acoustic distortion and attenuation of tissues. Therefore, the accuracy of photoacoustic tomography in the detection of cancer tissues, in addition to the increase in the prevalence of cancer, is driving the growth of the photoacoustic tomography market. However, the high cost of instruments and disadvantages of photoacoustic tomography are hindering the market growth.

Photoacoustic imaging (or optoacoustic imaging) is an emerging biomedical imaging modality utilizing the benefits of optical resolution and acoustic depth of penetration. With its capability to offer structural, functional, molecular, and kinetic information of either endogenous contrast agents, such as hemoglobin, lipid, melanin, and water; a variety of exogenous contrast agents; or both, the PAI (Photoacoustic Imaging) has demonstrated promising potential in a wide range of preclinical and clinical applications. In addition to the currently popular area of clinically relevant PAI developments, there are fields of biomedical diagnostics, where the unique capabilities of PAI provide it an edge over the existing, established imaging methods; in some cases, PAI adds additional, previously unachievable diagnostic information to already existing imaging techniques in a multimodal imaging system. Thus, the benefits of PAI over traditional imaging techniques are providing opportunities for the growth of the photoacoustic tomography market players.

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 photoacoustic tomography market. Product launches, product approvals, mergers and acquisitions, and market initiatives are a few strategies adopted by the companies. For instance, in June 2020, FUJIFILM VisualSonics Inc, a subsidiary of FUJIFILM SonoSite, Inc, launched Vevo F2, the world's first ultra-high-to-low-frequency ultrasound imaging system with a frequency range of 71-1 MHz.

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).

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