Why is Photoacoustic Imaging Market Booming in Asia-Pacific?

Posted February 25, 2021 by PSMarketResearch12

The global photoacoustic imaging market reached a valuation of $39.8 million in 2019 and is predicted to generate a revenue of $279.3 million by 2030.
The increasing incidence of cancer and the rising popularity of advanced medical treatments around the world are the main factors fueling the growth of the market.

The surging geriatric population is another important market growth driver. As per the 2019 World Population Ageing report produced by the UN, the total population of the people in the age bracket- 65 years and above is predicted to rise from 703 million to 1.5 billion from 2019 to 2050. This will massively push up the requirement for photoacoustic imaging as the geriatric people are highly vulnerable to various diseases, on account of their low immunity levels.

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They are responsible for the deaths of 17.9 million people every year. Additionally, as per the Centers for Disease Control and Prevention (CDC), in the U.S., coronary heart disease is the most prevalent heart disease. In 2017, the disease claimed the lives of 365,914 people. Depending on product, the photoacoustic imaging market is divided into software and other accessories and software. Between these, the imaging systems category recorded higher growth in the market in the past years.

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When application is taken into consideration, the market is divided into clinical and pre-clinical. Of these, the clinical category is predicted to register faster growth in the market in the upcoming years. This would be because of the rising incidence of cancer all over the world, the soaring geriatric population, the increasing usage of technologically advanced and innovative products in healthcare settings, and the ballooning healthcare expenditure in many countries around the world.
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Last Updated February 25, 2021