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The prevalence of chronic diseases has been rising considerably across the globe. For example, cancer is among the major causes of death globally, and was responsible for about 9.6 million deaths in 2019, according to the GLOBOCAN. Other than this, cardiovascular diseases (CVD) are the key cause of deaths around the world, accounting for approximately 17.9 million deaths each year. Ascribed to this, the demand for advanced diagnostic techniques and treatment options is increasing as well.
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Photoacoustic Imaging Market Predicted to Witness Revenue Jump Between 2020 and 2030 1 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved
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. 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. Receive Sample Pages of this Report: https://www.psmarketresearch.com/market-analysis/photoacoustic- imaging-market-revenue/report-sample 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. 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. 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. Globally, the photoacoustic imaging market is registering the fastest growth in 2 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved
the Asia-Pacific (APAC) region. This is credited to the growing prevalence of cancer, the soaring healthcare expenditure, and the surging investments being made by many private and public organizations in healthcare in the regional countries. As per the data published by GLOBOCAN, in Japan, 883,395 people were diagnosed with cancer in 2018 and this number is predicted to rise to 3.5 million by 2025. 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. 3 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved
Disclaimer: P&S Intelligence always keeps its customers’ interests at the core while carrying out research activities. P&S Intelligence ensures the reliability and accuracy of information and data provided in its market research publications. However, the information in publications is subject to fluctuations, as it is based on primary interviews of officials from various companies or organizations. P&S Intelligence is not responsible for any incorrect data provided by the key industry players of the concerned domain. The information or analysis in P&S Intelligence publications represents opinions based on research and should not be interpreted as statements of fact. Information in this report was believed to be correct at the time of publication, but cannot be guaranteed. P&S Intelligence does not endorse any product, service, or vendor depicted in its research publications. All intellectual properties, including trademarks and copyrights, belong to their respective owners and may be protected by copyright. Under no circumstance can these be reproduced in any form without prior written agreement of their owners. An order for market research report is intended for internal use of the company only and not for disclosure to third parties or any other publication in general. No service, report, or part thereof provided by P&S Intelligence can be reproduced, republished, resold, revealed, distributed, circulated, or sublicensed in any medium or form now realized or hereafter become realized, including but not limited to, all forms of optical-based media, magnetic, electronic, or digital, without a written permission from Prescient & Strategic Intelligence Pvt. Ltd. Kindly write to: enquiry@psmarketresearch.com B-13, Sector – 2, Noida, U.P. – 201301, INDIA Contact No: +91 120 4541 337 US/Canada Toll-Free: 1-888-778-7886 4 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved
