A system for use in determining one or more parameters of a subject, the system comprising: an acoustic unit for irradiating a region of interest with acoustic tagging radiation, said acoustic unit comprising a signal generator and an acoustic transducer arrangement, said signal generator being configured and operable to generate at least one coding signal in the form of an arbitrary sequence to actuate said acoustic transducer arrangement for generating the acoustic tagging radiation comprising at least one acoustic tagging beam being a coded continuous acoustic wave in the form of a predetermined function of at least one parameter of the acoustic radiation varying over time during a predetermined time interval used for measurements, said predetermined function having narrow autocorrelation with respect to a predetermined delay defined by a time resolution of the system; an optical unit configured and operable for irradiating at least a portion of the region of interest with at least one electromagnetic beam of a predetermined frequency range, detecting an electromagnetic radiation response of said at least portion of the region of interest and generating data indicative thereof, said response comprising electromagnetic radiation tagged by the acoustic radiation; and a control unit being configured and operable for receiving and processing said generated data indicative of the electromagnetic radiation response at different time delays from a start of the acoustic wave generation, said processing comprising cross-correlating said coding signal and said received generated data, and generating output data indicative of the at least one parameter of the subject in a region corresponding to the locations in the medium at which the electromagnetic radiation has been tagged by the acoustic radiation. an acoustic unit for irradiating a region of interest with acoustic tagging radiation, said acoustic unit comprising a signal generator and an acoustic transducer arrangement, said signal generator being configured and operable to generate at least one coding signal in the form of an arbitrary sequence to actuate said acoustic transducer arrangement for generating the acoustic tagging radiation comprising at least one acoustic tagging beam being a coded continuous acoustic wave in the form of a predetermined function of at least one parameter of the acoustic radiation varying over time during a predetermined time interval used for measurements, said predetermined function having narrow autocorrelation with respect to a predetermined delay defined by a time resolution of the system; an optical unit configured and operable for irradiating at least a portion of the region of interest with at least one electromagnetic beam of a predetermined frequency range, detecting an electromagnetic radiation response of said at least portion of the region of interest and generating data indicative thereof, said response comprising electromagnetic radiation tagged by the acoustic radiation; and a control unit being configured and operable for receiving and processing said generated data indicative of the electromagnetic radiation response at different time delays from a start of the acoustic wave generation, said processing comprising cross-correlating said coding signal and said received generated data, and generating output data indicative of the at least one parameter of the subject in a region corresponding to the locations in the medium at which the electromagnetic radiation has been tagged by the acoustic radiation.