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.

The report highlights trends prevailing in the market and factors driving the market growth. The photoacoustic tomography market growth is attributed to the rising prevalence of cancer and the growing incidence of cardiovascular diseases. However, the disadvantages associated with photoacoustic tomography (PAT) hamper the growth of the market growth.

Photoacoustic tomography is an advanced, hybrid diagnostic technique based on laser-induced thermoelastic expansion, which delivers the combination of optical and ultrasound imaging benefits. It is an emerging technology that uses non-ionizing radiations.

Diagnosing cancer during early stages substantially increases the cure rate, decreases the recurrence rate, and reduces healthcare costs. Over the past few decades, the continuous development of medical imaging modalities has been playing an instrumental role in cancer diagnosis, therapy selection, and treatment response monitoring. Photoacoustic tomography (PAT) is a hybrid imaging modality combining optical contrast obtained from the absorption of light with the outstanding spatiotemporal resolution of ultrasound imaging, providing biomedical morphologic and functional information on cancer in its early stage. Photoacoustic tomography has shown tremendous potential in cellular and molecular-specific cancer imaging. Its ability to provide molecular information at clinically relevant depths with a high resolution and in real time is the key factor that makes it a diagnostic modality of choice for clinical applications. Moreover, it can be easily combined with ultrasound (US) imaging as both imaging modalities share hardware components and a common signal detection regimen. Through the combination of ultrasound and photoacoustic tomography, it is possible to obtain information on the anatomical, functional, and molecular content of diseased tissues. Photoacoustic 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

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. The photoacoustic tomography market, by 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. Moreover, the same segment is anticipated to register the highest CAGR during the forecast period. 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 share of the market in 2021. However, the blood oxygenation mapping segment is anticipated to register the highest CAGR during the forecast period. The photoacoustic tomography market, by 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.

The COVID-19 pandemic had a short-term negative effect on the photoacoustic tomography market growth in 2020. The pandemic has affected three main aspects of the global economy: manufacturing, supply chain, and business and financial markets. Japan, China, South Korea, India, and Australia are the hardest-hit countries due to the huge number of COVID-19 cases and related deaths. Moreover, during this global crisis, healthcare service providers had to either postpone or delay cancer screening, diagnosis, and treatment procedures, which disrupted the demand for photoacoustic tomography. The scarcity of medical care services for conditions other than COVID-19 across the world had a detrimental impact on the photoacoustic tomography market. In addition, the lockdown restrictions imposed by various country governments led to the reduced deployment of photoacoustic imaging systems, because of the declined demand, postponed clinical and pre-clinical trials, and widespread financial distress. The situation began to improve in 2021, as people started visiting hospitals, imaging centers for their disease screening, diagnosis, and treatment. Moreover, as social restrictions were relaxed, many pre-clinical and clinical studies were resumed in 2021, which is expected to spur the demand for photoacoustic tomography.

Various organic and inorganic strategies are adopted by companies in the photoacoustic tomography market. The organic strategies mainly include product launches and product approvals. Inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships. These growth strategies have allowed the photoacoustic tomography market players in expanding their business, enhancing their geographic presence along with contributing to the overall market growth. Additionally, growth strategies such as acquisitions and partnerships helped them in strengthening their customer base and extending the product portfolios. A few of the significant developments by key players in the photoacoustic tomography market are listed below.

In June 2020, FUJIFILM VisualSonics Inc, a subsidiary of FUJIFILM SonoSite, Inc, launched Vevo F2, the world's first ultrahigh-to-low-frequency ultrasound imaging system with a frequency range stretching from 71-1 MHz.

In December 2021, Advantest Corporation began shipping the fourth generation of its high-speed image-processing engine that applies heterogeneous computing technology to detect defects in the data output from the most advanced CMOS image sensors (CIS).

A few of the major primary and secondary sources referred to while preparing the report on the photoacoustic tomography market are the National Center for Health Statistics (a department of the US Department of Health & Human Services), Centers for Disease Control and Prevention (CDC), World Health Organization (WHO), and Organization for Economic Co-operation and Development (OECD).