The company said on Tuesday its collaboration with the government-funded Korea Electrotechnology Research Institute (KERI) had led to the development of an image sensor, capable of converting an image into an electronic signal in devices such as X-ray machines.
The sensor is expected to have annual sales of more than $10 million, relatively small in the context of TowerJazz's total sales. But it is potentially significant in the context of a global market for medical, dental and veterinary X-ray systems that reached $10 billion in 2012 and should increase to $12 billion by 2017, according to IMS Research.
TowerJazz has been working with KERI since 2009, contributing its knowledge in areas such as pixel or image analysis, as part of the development of products such as X-ray detectors used in dental CT scans and mammography.
The South Korean institute also has agreements with other commercial companies for technology transfer and detailed plans are under discussion.
KERI expects production of the image sensor to begin in 2015, the statement said.
(Reporting by Tova Cohen; Editing by David Holmes)
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