Non-invasive imaging methods have always been preferred in the biomedical imaging industry. However, in the last few years, these methods have been more prevalent and gaining more attention. The non-invasive imaging methods offer several benefits, including the minimal risk of infection, reduced time spent at the hospital or clinic, along with reduced rehabilitation time. In addition, real-time imaging aids the process of continuous monitoring of the changes occurring in the body.

Further, with the implementation of non-invasive medical imagining, early detection of chronic disorders such as cancer is now possible. It has also accelerated the process of drug discovery and development in the industry. Being a non-invasive and real-time diagnostic approach, photoacoustic imaging is emerging as a novel imaging modality in the past two decades.

Based on the market intelligence published by BIS Research, titled “Global Photoacoustic Imaging Market – Analysis and Forecast, 2019-2029”, the photoacoustic imaging market is projected to grow at a CAGR of 28.88% during the forecast period from 2019 to 2029.

There are several products available in the market in photoacoustic imaging related to imaging system, components, contrast agents, and software and other accessories. The components sub-segment is further categorized into lasers and transducers. Based on the market share of each of the products, the imaging systems segment is leading the market in 2018 and is projected to dominate the market by 2029.

The diagnostic application based on which the market has been segmented includes oncology, cardiology, neurology, and hematology, among others. The oncology segment is leading the market based on the share contributed in 2018 and is projected to dominate the market in 2029 as well. However, it is the hematology segment that is expected to showcase the highest growth among all other diagnostic applications.

In addition, the regional data for the photoacoustic imaging market is also provided in the market intelligence study published by BIS Research. The regions North America, Europe, Asia-Pacific, Rest-of-the-World (ROW), have been analyzed. Based on market share, the region of North America is projected to dominate the market in 2029. However, it is the region of Europe that is projected to grow at the highest rate.

Applications, including preclinical and clinical along with end users, including research institutions, hospitals and clinics, and others are the remaining segments for which the market has been analyzed.