The global photoacoustic imaging market attained a valuation of $39.8 million in 2019 and is predicted to generate a revenue of $279.3 million by 2030. The market is also predicted to progress at a CAGR of 20.3% between 2020 and 2030. The rising prevalence of chronic diseases, soaring geriatric population, and rapid technological advancements are the main factors driving the sales of photoacoustic imaging software and systems, which is, in turn, fueling the progress of the market across the globe. As per the data published by the World Health Organization (WHO), 1.28 million people, 2.08 million people, and 2.09 million people were diagnosed with prostate cancer, breast cancer, and lung cancer, respectively, in 2018.

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Depending on product, the photoacoustic imaging market is divided into imaging systems and software and other accessories. Out of these, the imaging systems category recorded higher growth in the market in the past years. This was credited to the huge efforts made by the prominent industry players for launching advanced photoacoustic imaging systems for the diagnosis of various chronic diseases such as cancer.

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The major photoacoustic imaging market players have taken numerous strategic measures in the last few years such as partnerships and product launches for gaining a competitive edge in the market. For instance, Sonic Concepts Inc. and Verasonics Inc. announced in January 2019 that they have signed a research funding agreement with Focused Ultrasound Foundation. This collaboration enabled the expansion of Verasonics Inc.’s HIFUPlex portfolio into a complete pre-clinical imaging portfolio called USgFUS pre-clinical research systems for large and small animals.