According to Coherent Market Insights, the global phased array ultrasonic transducer market 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).
Key Trends and Analysis of the Global Phased Array Ultrasonic Transducer Market:
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