Abstract: A real-time imaging method that provides ultrasonic imaging and optoacoustic imaging coregistered through application of the same hand-held probe to generate and detect ultrasonic and optoacoustic signals. These signals are digitized, processed and used to reconstruct anatomical maps superimposed with maps of two functional parameters of blood hemoglobin index and blood oxygenation index. The blood hemoglobin index represents blood hemoglobin concentration changes in the areas of diagnostic interest relative to the background blood concentration. The blood oxygenation index represents blood oxygenation changes in the areas of diagnostic interest relative to the background level of blood oxygenation. These coregistered maps can be used to noninvasively differentiate malignant tumors from benign lumps and cysts.