Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Phased array ultrasonic transducers play a major role in modern healthcare, as phase array ultrasonic transducers are an advanced method of ultrasonic testing, which are prominently used in medical imaging and industrial non-destructive testing. Phased array ultrasonic transducers are used in medical ultrasonography, a technique which is used to create an image of internal body structures such as blood vessel, joint muscles, tendons, and internal organs to find the main source of disease conditions. Moreover, there are some limitation of phased array ultrasonic transducer such as difficulty in operation and data interpretations and difficulty in achieving good ultrasonic coupling due to larger probe dimension.
Moreover, according to Reproductive Health Report published in 2018, obstetric ultrasound is proving very beneficial due to easy access, proper evidence of disease cause after diagnostic procedures, and high utility, effectiveness, and cost-effective for low and middle income countries. These factors are driving growth of the global phased array ultrasonic transducer market.
The global phased array ultrasonic transducer market size is estimated to be valued at US$ 525.6 million in 2020 and is expected to exhibit a CAGR of 4.80 % over the forecast period (2020-2027).
Figure 1. Global Phased Array Ultrasonic Transducers Market, by Market Value (US$ Mn), 2016-2027
Rising incidence of heart disease conditions globally such as heart attacks and coronary artery diseases are resulting in increasing demand for phased array ultrasonic transducers for medical ultrasonography. For instance, according to World Health Organization, in 2017, approximately 17.9 people died due to cardiovascular diseases globally and accounted for 31% of global deaths due to cardiovascular disease conditions.
Furthermore, North America is expected to drive demand for phase array ultrasonic transducer for cardiac examination, owing to increasing prevalence of cardiovascular diseases. For instance, according to the Centers for Disease Control and Prevention Report published in 2020, approximately 18.2 million adults of age above 30 are suffering from coronary artery disease in U.S.
Phased Array Transducer Market Report Coverage
||Market Size in 2020:
||US$ 525.6 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 729.1 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of the Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Type: Linear Array, Annular Array, Circular Array.
- By Application: Cardiovascular, Neurological, Renal, Gynecology, Others.
- By End User: Hospitals, Specialty Clinics, Academic and Research Institutes, Others.
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
- Strong product pipeline and approval of new phased array ultrasonic transducers
- Mergers and acquisitions by key companies
- Innovation and development of advanced technology in ultrasonic transducers
|Restraints & Challenges:
- Difficulty in operation and data interpretation of results
- Difficulty in achieving good ultrasonic coupling due to larger probe dimension
Global Phased Array Ultrasonic Transducer Market – Impact of Coronavirus (Covid-19)
Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of the coronavirus (COVID-19) has resulted in more than 33.4 million infected individuals worldwide as of September 29, 2020.
Moreover, in April 2020, GE Healthcare, a leading company in manufacturing and distribution of medical devices in the U.S., stated that handheld ultrasonic transducers are very efficient, easy to handle, and also stated that it is easy to use handheld ultrasonic transducers during examination of COVID-19 patients rather than big medical imaging equipment.
Figure 2. Global Phased Array Transducer Market Share (%), by Region, 2020
In North America, key companies are focusing on product approvals and product launches to strengthen their position in the phase array ultrasonic transducer market. For instance, in 2016, GE Healthcare, a manufacturer and distributor of diagnostic imaging agents and radiopharmaceuticals, received premarketing approval for LOGIQ V5 Expert, LOGIQ V5, and LOGIQ V3 from the U.S. Food Drug and Administration. LOGIQ V5 Expert, LOGIQ V5, and LOGIQ V3 are ultrasonic transducers with applications such as cardiac examination, breast and abdominal examinations, peripheral vascular examination, and 3D imaging mode.
The Europe phased array ultrasonic transducer market is expected to show significant growth during the forecast period, owing to increasing focus of key companies on product launches and product approvals. For instance, in 2018, Koninklijke Philips N.V, received approval for Philips EPIQ and Affiniti ultrasound system from the U.S. Food Drug and Administration and CE mark from European Union. Philips EPIQ and Affiniti ultrasound system can be used in elastography, combined screening, breast ultrasound screening, and precision biopsy.
Major players operating in the global phased 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