Phased Array Ultrasonic Transducer Market to Surpass US$ 729.1 Million by 2027 - Coherent Market Insights

Global Phased Array Ultrasonic Transducer Market, by Type (Linear Array, Annular Array, and Circular Array), by Application (Cardiovascular, Neurological, Renal, Gynecology, and Others), by End User (Hospitals, Specialty Clinics, and Academic and Research Institutes, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.

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. For instance, in 2016, Koninklijke Philips N.V, a medical device manufacturing company, received approval for marketing of innovative S4-1 cardiac transducer for Lumify from the U.S. Food Drug and Administration. S4-1 cardiac transducer is a small sized transducer with high-resolution 2D imaging qualities and highly sensitive in diagnosis procedures, thus allowing physicians to obtain quick results and easy diagnosis.

Global Phased Array Ultrasonic Transducer Market – Impact of Coronavirus (Covid-19)

• Key companies are focusing on various initiatives to overcome the difficulties caused due to COVID-19 pandemic such as difficulty in carrying out diagnosis procedures due to practicing of social distancing norms. For instance, in June 2020, Koninklijke Philips N.V, a medical device manufacturing company, launched an innovative wireless, wearable transducer Avalon CL Fetal and Maternal Pod and Patch to monitor mothers in labor and their fetus. Avalon CL Fetal and Maternal Pod and Patch are approved by the U.S. Food Drug and Administration under the COVID-19 guidelines as a wearable transducer for obstetrics monitoring application in pregnant females.
• According to The Ultrasound Journal Article June 2020, lung ultrasound (LUS) is a medical imaging method that allows the evaluation of the pulmonary periphery of lungs, which makes it an excellent technique in the assessment of COVID-19. Lung ultrasound (LUS) is playing an important role in identifying the lesions identified in pleural and sub-pleural areas of lung in COVID-19 infected patients.
• Therefore, phased array ultrasonic transducers are used by healthcare professionals in diagnosis of lesions formed in critical patients and various initiatives taken by device manufacturing companies such as Koninklijke Philips N.V by launching the innovative wireless transducers to eliminate the physical interaction to reduce the spread of covid-19 infections. These factors are expected to affect the global phased array ultrasonic transducer market in positive way.

Browse 33 Market Data Tables and 32 Figures spread through 175 Pages and in-depth TOC on “Global Phased Array Ultrasonic Transducer Market, by Type (Linear Array, Annular Array, and Circular Array), by Application (Cardiovascular, Neurological, Renal, Gynecology, and Others), by End User (Hospitals, Specialty Clinics, and Academic and Research Institutes, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).

To know the latest trends and insights prevalent in the global phased array ultrasound transducer market, click the link below:

https://www.coherentmarketinsights.com/market-insight/phased-array-ultrasonic-transducer-market-4212

The market is expected to gain significant growth during the forecast period, as various companies are focusing to strategies such as mergers and acquisitions to strengthen their positioning in the global phased array ultrasonic transducer market. For instance, in 2019, Neusoft Medical Systems, a leading global clinical diagnosis and treatment solutions providing company, acquired Humanscan, a leading manufacturer of high-end probes across the world. Through this acquisition, Neusoft Medical systems will improve its global industrial chain in medical imaging and ultrasound medical device market.

Key Takeaways of the Global Phased Array Ultrasonic Transducer Market:

• The global phased array ultrasonic transducer market is expected to exhibit a CAGR of 4.80 % over the forecast period, owing to rising product approvals and innovation and development of advanced technology in ultrasonic transducers
• Among type, the linear array segment is estimated to hold a dominant position in the phased array ultrasonic transducer market in 2020, owing to safety and efficacy concerns in medical imaging procedures such as cardiac examinations and brain examinations
• Among application, cardiovascular segment is estimated to hold a dominant position in the phased array ultrasonic transducer market in 2020, owing to increasing prevalence of cardiovascular disease conditions globally
• Among end users, hospitals segment is estimated to hold a dominant position in the phased array ultrasonic transducer market in 2020, owing to increasing number of diagnostic procedures such as medical ultra-sonography
• 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