SAN FRANCISCO, Dec. 15, 2021 /PRNewswire/ The global photoacoustic imaging market size is expected to reach USD 235.9 million by 2028, registering a CAGR of 19% over the forecast period,
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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, progressing at a CAGR of 20.3% between 2020 and 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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NEW YORK, Dec. 15, 2020 /PRNewswire/ As per the World Health Organization (WHO), in 2018, 2.09 million cases, 2.08 million cases, 1.80 million cases, 1.28 million cases, 1.04 million cases, and 1.03 million cases of lung cancer, breast cancer, colorectal cancer, prostate cancer, skin cancer, and stomach cancer, respectively, were detected. Due to this factor, the global photoacoustic imaging market will likely witness a healthy 20.3% CAGR during 2020–2030, to grow to $279.3 million by 2030 from $39.8 million in 2019, says P&S Intelligence.
Photoacoustic imaging is used to look at the internal human anatomy, wherein the pictures are formed based on how much laser radiation is being absorbed by tissues or the contrast agent injected. In this regard, the photoacoustic imaging market is also being driven by the increasing prevalence of respiratory and cardiovascular diseases (CVDs). The WHO estimates the annual death count of CVDs at 17.9 mil