Photoacoustic imaging has rapidly gained importance in the field of biomedical imaging due to superior performance as compared to conventional optical imaging counterparts. However, the overall cost of developing a photoacoustic imaging system is one of the challenges towards clinical translation of this novel technique. The cost of a typical commercial system originates from an optical source, an ultrasound detector unit, and a data acquisition system. With growing applications of photoacoustic imaging, there is a tremendous demand towards reducing its cost. We have studied various approaches to reduce the overall cost of a photoacoustic system.