Photoacoustic Microscopy Systems Market Report

Market Insights

The Global Photoacoustic Microscopy Systems Market is projected to grow from USD xx million in 2020 to USD xx million by 2026 at a CAGR of over 38.5% during the forecast period.

Figure: Global Photoacoustic Microscopy Systems Market Size, 2020-2026 (USD Million)

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What is Photoacoustic microscopy?

Photoacoustic microscopy is primarily used for mapping microvasculature networks in biological tissues. In photoacoustic microscopy, the short-pulsed laser light is absorbed by biological tissues and is converted to transient heating that is then converted to an ultrasonic wave due to thermoelastic expansion. 

Key Players

Key players operating in the global photoacoustic microscopy systems market are-

• Advantest (Japan),
• Kibero (Germany),
• Micro Photo Acoustics (The U.S),
• FUJIFILM VisualSonics Inc. (Canada),
• EKSPLA (Lithuania),
• InnoLas Laser GmbH (Germany),
• IllumiSonics Inc. (Canada),
• Seno Medical Instruments Inc. (The U.S),
• PhotoSound Technologies Inc. (The U.S), and
• TomoWave Laboratories Inc. (The U.S).

Market Dynamics

The growing need for early diagnosis and preventive medicine is one of the prime factors bolstering the product demand.

• Photoacoustic microscopy systems are continuously developing and now include hybrid modalities, imaging informatics, and follow-up treatment.
• These systems help the physicians and healthcare professionals in the early diagnosis of chronic diseases for ensuring appropriate and effective care, thus reducing the overall cost of treatment, thereby augmenting the market growth.
• Furthermore, rising awareness regarding preventive medicine and early diagnosis of chronic health conditions will create lucrative growth opportunities for industry participants.

Segment Analysis

Application Trends

By application, the photoacoustic microscopy systems market has been categorized into hospitals, diagnostic centres, and research centres.

• Under these, the hospitals segment held the highest market share in 2020 and is estimated to grow at a robust CAGR during the review period.
• This is mainly attributed the growing adoption of photoacoustic microscopy systems in high-end hospitals and government general hospitals.

Regional Trends

By region, North America accounted for the largest market share in 2020 and is projected to grow at a steady CAGR during the assessment period.

• This is mainly ascribed to availability of government funding for R&D activities, growing healthcare expenditure, increasing incidence of chronic diseases, and the improving accessibility of medical care, further boosts the regional growth.
• Also, rising awareness regarding preventive maintenance and early diagnosis further bolsters the regional market growth.

COVID-19 Impact on Global Photoacoustic Microscopy Systems Market

The outbreak of the COVID-19 virus has negatively affected the photoacoustic microscopy systems industry owing to stringent lockdown measures and restricted movement of people. The ongoing coronavirus pandemic has adversely altered the healthcare landscape. The ongoing COVID-19 pandemic has halted or disrupted the prevention and treatment of non-communicable diseases and chronic health conditions, thus affecting the market growth.

Critical Questions Answered in the Report

• What are the key trends in the global photoacoustic microscopy systems market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on the global photoacoustic microscopy systems market?
• What are the key strategies adopted by the major vendors to lead in the global photoacoustic microscopy systems market?
• What is the market share of the top vendors?

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Target Audience

Here is the list of the group of customers that the Photoacoustic Microscopy System market hopes to have the greatest opportunity to convert-

• Photoacoustic microscopy systems companies
• Preventive medicine companies
• Hospitals
• Diagnostic Centers
• Research Centers

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