This short review discusses the recent developments in low-cost, high-resolution optoacoustic microscopy systems, integrating laser diodes for signal excitation, which are 20-40 times cheaper than the typically employed Q-switched nanosecond laser sources. The development of laser diode-based microscopes can substantially improve not only cost efficiency, but also multispectral capabilities, robustness, portability and overall imaging performance of the optoacoustic technique. To this end, we demonstrate relevant implementations in both time and frequency domain, highlighting their representative applications in biomedical research such as microvasculature imaging, oxygen saturation assessments, hybrid and multiview microscopy of model organisms and tissues and Doppler flow speed measurements. Finally, we analyse the benefits and limitations of each approach, identifying the respective application contexts where they achieve optimum performance.