PHASED ARRAY ULTRASONIC TRANSDUCER MARKET ANALYSIS

Phased Array Ultrasonic Transducer MarketSize and Trends

Global phased array ultrasonic transducer market is estimated to be valued at US$ 599.7 million in 2023, and is expected to exhibit a CAGR of 5% during the forecast period (2023-2030).

Figure 1. Global Phased Array Ultrasonic Transducer Market Share (%), By End User, 2023

Global Phased Array Ultrasonic Transducer Market- Segmentation

Global phased array ultrasonic transducer market report is segmented into  type, end user, Application.

By type, the market is segmented into linear array, annular array, and circular array. Out of which, the linear array segment is expected to hold a dominant position in the global phased array ultrasonic transducer market during the forecast period due to technological advancements in the field of phased array ultrasonic transducer.

By application, the market is segmented into cardiovascular, neurological, renal, gynecology, and others. Out of which, the cardiovascular segment is expected to hold a dominant position in the global phased array ultrasonic transducer market during the forecast period due to increasing prevalence rate of cardiovascular disease.

By end user, the market is segmented into hospitals, specialty clinics, advance and research institutes, and others. Out of which, the Hospital segment is expected to dominate the market over the forecast period due to increasing cardiovascular patient for treatment and diagnosis.

Among all the segmentation, the application segment has the highest potential due to the increasing technology advancement over the forecast period. Increasing cardiovascular disease prevalence rate worldwide is the main factor for the market expansion. Cardiovascular diseases (CVDs) are the leading cause of death globally, accounting for an estimated 17.9 million lives each year. CVDs are a group of disorders of the heart and blood vessels and include coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other conditions. More than four out of five CVD deaths are due to heart attacks and strokes, and one third of these deaths occur prematurely in people under 70 years of age.

Global Phased Array Ultrasonic Transducer Market: Key Trends

Research funding for phased array transducer

Research funding for the phased array ultrasonic transducer plays a major role in the advancement of the technology and research expansion. Phased array ultrasonic transducers have gained significant attention in various industries, due to their ability to provide precise and detailed imaging for non-destructive testing and medical applications. Therefore, acquiring sufficient research funds is essential for expanding the technology's capabilities and investigating new research directions. Increased research funding can facilitate collaborations between academia and industry, and thus, leading to faster technology adoption and commercialization. For instance, on April 25, 2023, WaveArray Antifouling Systems, LLC, a U.S.-based marine electronics company, received US$ 999,122 National Science Foundation (NSF) Small Business Innovation Research (SBIR) Phase II award. The 16-month project will provide funds to support WaveArray's continued development of the SlipArray technology platform thatuses ultrasonic transducer arrays submerged in slips to prevent the attachment of barnacles and other unwanted biofouling species to boats and other submerged surfaces.