Global Phased Array Ultrasonic Transducer Market to Exceed $729.1 Million by 2027

According to Coherent Market Insights, the global phased array ultrasonic transducer market is estimated to be valued at $525.6 million in 2020 and is expected to exhibit a compound annual growth rate (CAGR) of 4.8 percent over the forecast period (2020-2027).
 
The global phased array ultrasonic transducer market is expected to show significant growth during the forecast period, owing to key companies focusing on product launches and product approvals to strengthen their position in the phase array ultrasonic transducer market. For instance, in 2017, Alpinion Medical Systems, one of South Korea’s global medical device manufacturers, launched E-CUBE 8, a smart, reliable medical device product with developed convex and phased array transducers of PowerView technology used for high performance with high quality medical imaging and multi-purpose utility in medical imaging.
 
Moreover, increasing incidence of heart disease conditions such as heart attack, coronary heart conditions, and hypertension are leading to rising cardiac examinations, which is expected to drive the phase array ultrasonic transducer market growth. According to the Centers for Disease Control and Prevention report, in 2017, around two in 10 deaths are caused due to coronary artery disease in adults less than 65 years old in the United States and approximately one in five people below the age of 65 suffer from silent heart attack.
 
Among region, North America is expected to register higher growth rate, owing to increasing innovations and development of advanced technology in phased array ultrasonic transducers. In 2019, Butterfly Network, a medical device company in the United States, developed an ultrasonic transducer Butterfly IQ, which can be coupled with 10 approved android devices of Samsung and Google pixel. This innovation is changing the traditional way of medical imaging procedures, as Butterfly IQ is a portable ultrasonic medical device, which has enhanced compatibility with android phones, thus allowing greater accessibility for healthcare professionals.
 
The global phased array ultrasonic transducer market is expected to exhibit a CAGR of 4.8 percent over the forecast period, owing to increasing product launches, product approvals, and rising innovation in development of advanced technology in phased array ultrasonic transducer medical imaging procedures
 
Key players operating in the global phase array ultrasonic transducer market include B K Medical Systems Inc., Koninklijke Philips N.V., GE Healthcare, Spacelabs Healthcare, SonoScape Medical Corp., Edan Instruments Inc., Samsung Healthcare, Mindray Medical International Limited, Esaote, FUJIFILM Medical Systems, Siemens Healthineers AG, Canon Medical Systems Corporation, and Butterfly Network Inc.