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. 

This is leading to the growing demand for photoacoustic imaging in healthcare facilities. An emerging hybrid imaging technology, photoacoustic imaging utilizes short laser pulses for irradiating chromophores in tissue. This induces a localized thermo-elastic expansion which can be detected using wide-band ultrasonic transducers. The global photoacoustic imaging market is predicted to generate a revenue of $279.3 million by 2030, increasing from $39.8 million in 2019, progressing at a 20.3% CAGR during the forecast period (2020-2030), according to a P&S Intelligence study. 

Moreover, the number of initiatives by private and public organizations for supporting pre-clinical research is also growing, thereby leading to the high demand for photoacoustic imaging. These systems are used for cardiology and oncology indications, between which, their demand is expected to grow for the oncology indication in the near future. Photoacoustic imaging is widely being utilized for the diagnosis of cancer, particularly for detecting breast cancer, where the technology plays a considerable role in breast diagnosis, steering, and staging, and for monitoring therapeutic interventions.