What are Key Factors Causing Boom of Photoacoustic Imaging Market?

According to the estimates of P&S Intelligence, a market research company based in India, the market would progress 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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The rising prevalence of chronic diseases is also driving the advancement of the photoacoustic imaging market across the world. In recent years, cancer has emerged as one of the major causes of death across the globe. According to the Global Cancer Observatory (GLOBOCAN), the disease was responsible for the deaths of as many as 9.6 million people in 2018. Furthermore, as per the World Health Organization (WHO), cardiovascular diseases (CVDs) are the primary cause of death around the world.

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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.

Hence, it can be said with surety that the market will grow substantially all over the world in the future years, primarily because of the rising incidence of cancer and the soaring geriatric population in various countries around the world.

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This release was published on openPR.