Top 8 Companies in the Photoacoustic Imaging Market Worldwide

The global photoacoustic imaging market size was valued at USD 107.71 million in 2023. The market is expected to grow at a CAGR of 18.6% during the forecast period of 2024-2032, with the values likely to reach USD 500.06 million by 2032. The market growth can be attributed to the rising prevalence of cancer across the globe.

Photoacoustic imaging is combined with laser-induced ultrasound waves to visualise internal body structures. It has multiple applications in oncology, neuroscience, cardiology, and dermatology. The global photoacoustic imaging market is driven by the increasing incidence of cancer. The cancer rising cases demands urgent requirements for enhanced medical imaging modalities for early detection and timely treatment. The continuous technical developments in the photoacoustic imaging domain are collectively propelling the market growth.

The market is further influenced by several trends transforming the market landscape significantly. Increasing investments by the health ministries and healthcare institutions are enabling the enhancement of medical imaging modalities globally. The activities are anticipated to increase the utilisation of enhanced medical imaging to improve diagnostic abilities, thereby, improving patient outcomes. Additionally, the rising demand for personalised medications is supporting market growth. The specific enhancement of photoacoustic imaging in neurological disorders and the increasing demand for it play a crucial role in boosting market growth.

There has been a rising acceptance and awareness regarding photoacoustic imaging systems in the healthcare domain. For instance, in July 2023, a technology platform used for the Imagio Breast Imaging System was added to the Digital Imaging and Communications in Medicine (DICOM®) Standards update version 2023c (Supp 229), showcasing the importance and acceptance of photoacoustic images as best practice standards for medical imaging providers.

Top companies leading the photoacoustic imaging market in 2024.

1.    Advantest Corp.

Advantest holds a significant share of the photoacoustic imaging market with its automated testing equipment for the semiconductor industry. Advantest brings several advanced technologies to improve photoacoustic imaging.

2.    TomoWave Laboratories, Inc.

TomoWave Laboratories, Inc. is a global leader in developing and manufacturing optoacoustic tomography laser, and ultrasound systems with its application in anatomical imaging for detecting cancer and image-guided interventions. The company’s innovative technological developments are commonly based on light and ultrasound from the early stage of research and development to manufacturing and regulatory certification of commercial systems.

3.    Litron Lasers Ltd

Litron Lasers Ltd, based in the UK, specialises in the design and manufacture of high-energy pulsed and CW lasers. Innovations by Litron have significantly contributed to enhancing the capabilities and accuracy of photoacoustic imaging. Litron launched its first laser products in 2002, further evolving into multiple standard models and configurations, including dedicated PIV systems and high-energy pulsed lasers.

4.    FUJIFILM VisualSonics Inc.

Based in Canada, FUJIFILM VisualSonics is a well-known company for its state-of-the-art ultrasound and photoacoustic imaging systems. In 2022, the company successfully launched its Vevo F2 system which is the world’s first ultra-high to low frequency (71MHz-1MHz) ultrasound and photoacoustic imaging with applications in preclinical use. The Vevo F2 showcases advanced HD image processing technology and introduces an entirely new signal pathway, revolutionizing the connection from the transducer to the display screen. This cutting-edge advancement promises enhanced image quality and clarity for an enhanced viewing experience. The Vevo series by the company has played a pivotal role in photoacoustic imaging as it integrates high-frequency ultrasound with photoacoustic technology. These systems have great applications in preclinical research and several other important domains in healthcare.

5.    Seno Medical Instruments Inc.

Seno Medical Instruments Inc. has specialisation in opto-acoustic imaging technology for cancer diagnosis. In 2022, the company launched its Imagio® OA/US Breast Imaging System. This advanced technology was developed for healthcare professionals to differentiate between benign and malignant breast lesions by utilising the combination of ultrasound and optoacoustic technology. The innovation played a significant role in breast cancer diagnostics and enhanced patient care by providing real-time imaging.

6.    iThera Medical GmbH

iThera Medical GmbH is a pioneer in the field of multi-spectral optoacoustic tomography (MSOT). In 2021, the company launched its new inVision TRIO preclinical optoacoustic imaging system that combines transmission ultrasound computed tomography (TUCT). The MSOT systems offer high-resolution, real-time imaging enabling the visualisation of tissue morphology and function simultaneously. This technology has wide applications in both preclinical and clinical settings, providing critical insights into disease processes, supporting the development of new therapies, and enhancing diagnostic accuracy.

7.    Aspectus GmbH

Aspectus GmbH develops advanced photoacoustic imaging solutions, focusing on enhancing image clarity and depth. Their innovative imaging systems combine light and sound to capture detailed images of biological tissues. Aspectus GmbH’s contributions have significantly improved the resolution and diagnostic capabilities of photoacoustic imaging, making it a valuable tool in medical research and clinical diagnostics.

8.    Vibronix Inc.

Vibronix Inc. develops innovative medical imaging solutions, including photoacoustic imaging technologies. The company’s major focus includes the development of detailed products, and non-invasive imaging for early disease detection and monitoring. Vibronix’s technology leverages the combination of optical and acoustic signals to produce high-resolution images, contributing to advancements in cancer detection, cardiovascular diagnostics, and other medical fields.