According to an FMI report, the global Medical Terahertz Technology Market will be worth US$ 135.29 Mn in 2022. During the forecast period, it is expected to grow at a CAGR of 17.1%, reaching a value of US$ 768.05 Mn by 2032.
Because of its applications in biology and medicine, medical imaging, spectroscopy of materials, sensing, security, monitoring, and spectroscopy, as well as applications in sensing, security, monitoring, and spectroscopy, terahertz technology is driving market growth within the pharmaceutical industry.
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Furthermore, the Terahertz free-electron laser (FEL) is a powerful and adaptable source of coherent radiation for THz pulsed imaging by its high power and picosecond pulse time structure enabling market growth.
” In the pharmaceutical industry, terahertz technology is a fast-growing field that is driving market growth due to its applications in biology and medicine, medical imaging, material spectroscopy, and sensing, security, monitoring, and spectroscopy, as well as applications in sensing, security, monitoring, and spectroscopy. This will create ample growth opportunities for the market,” says a lead analyst at FMI
Key Takeaways from the Medical Terahertz Technology Market
- The global terahertz imaging market is expected to generate US$ 273.77 million by 2032, growing at a CAGR of 23.1%.
- North America is expected to retain the largest market share and grow at a fast-paced CAGR of 21.6%.
- By 2032, Europe could contribute US$ 290.88 Mn to the medical terahertz technologies market.
- The Asia Pacific region is expected to experience the fastest market growth, as China plans to modernise its economic infrastructure and expand the number of industries.
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Competition Landscape in the Medical Terahertz Technology Market
A new generation of medical terahertz technology market entrants is leveraging technological advances to launch enhanced and improved technologies. Through the development of these products, these companies gain a competitive advantage. The fact that these companies invest in research and development activities on a regular basis ensures that they are up to date with consumer preferences as well as industry requirements in order to remain competitive in the marketplace. They are currently working to improve their position in the medical field in order to gain a stronger foothold.
Acal Bfi Limited, Advantest Corporation, Teraview limited, Luna Innovations Inc., Insight Product Company, and Toptica Photonics AG are some of the key players operating the global medical terahertz technology market.
Recent Developments in the Medical Terahertz Technology Market
- In April 2022, Advantest Corporation released Euclid, a 3D image viewer for its photoacoustic microscopes. Tomographic images are easily generated, and 3D images are automatically displayed by superimposing data from a Hadatomo tool on skin melanin, vascular network, and skin structure. This product is used in dermatological research for both cosmetic and medical purposes.
- TeraSense announced in April 2022 the release of its IMPATT-based generator, a powerful wave source with an output power ranging from 0.08 watts to 1.8 watts.
- In February 2022, researchers at the Korea Institute of Science and Technology (KIST) investigated the use of label-free THz metamaterials for rapid and accurate discrimination of Covid-19 virus variants. Label-free THz metamaterials are used to detect Covid-19 virus protein units in this type of virus detection known as biomarker detecting technology.
- In October 2021, Menlo Systems opened a branch in China, Shanghai Menlo Systems Quantum Laser Technology Co., Ltd. As a result, the company will be able to strengthen its position in China’s thriving photonics market. Menlo Systems offers a variety of ultra-stable lasers, terahertz systems, and femtosecond lasers.
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Medical Terahertz Technology Market by Category
By Type, Medical Terahertz Technology Market is Segmented as:
- Terahertz Imaging
- Terahertz Spectroscopy
By Application, the Medical Terahertz Technology Market is Segmented as:
- Dentistry
- Oncology
- Dermatology
- Tomography
- Biochemistry
- Other
