According to Future Market Insights, the global medical terahertz technology market is set for significant growth, with a current valuation of USD 135.29 million in 2022. The market is expected to expand at a robust compound annual growth rate (CAGR) of 17.1% during the forecast period, reaching a value of USD 768.05 million by 2032.
Terahertz (THz) technology, which utilizes electromagnetic waves with frequencies ranging between infrared and millimeter waves (300 GHz to 10 THz), is emerging as a transformative tool in various fields. In the pharmaceutical industry, terahertz technology is rapidly advancing, significantly impacting medical imaging, material spectroscopy, and sensing. Its applications extend to security, monitoring, and spectroscopy, creating abundant growth opportunities and driving market expansion.
The unique properties of THz waves, including their interaction with intermolecular bonds such as hydrogen bonds in water and N-H bonds in proteins, are pivotal in enhancing the accuracy and effectiveness of medical and pharmaceutical applications. This advanced technology is increasingly utilized for its ability to provide detailed insights into biological and chemical processes, thereby fueling its adoption and growth in the medical sector.
The unique and diverse landscape of terahertz technology promises to unlock a wealth of growth opportunities, making it a key driver in the global medical industry. As it continues to evolve and innovate, we anticipate groundbreaking developments in healthcare and beyond.
Furthermore, due to its high power and picosecond pulse time structure, the Terahertz free-electron laser (FEL) is a robust and versatile source of coherent radiation for THz pulsed imaging, facilitating market expansion.
“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 Industry
- By 2032, the global terahertz imaging market is estimated to generate US$ 273.77 million, growing at a CAGR of 23.1%.
- North America is expected to hold the largest market share while growing at a rapid 21.6% CAGR.
- Europe might contribute US$ 290.88 million to the medical terahertz technologies market by 2032.
- As China seeks to modernise its economic infrastructure and expand the number of industries, the Asia Pacific region is predicted to have the fastest market development.
Competition Landscape in the Medical Terahertz Technology Industry
A new generation of Medical Terahertz Technology market entrants is utilising technological improvements to launch expanded and improved technologies. By the development of these items, these companies obtain a competitive advantage. The fact that these organisations spend in research and development efforts on a regular basis guarantees that they are up to date with customer 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 area in order to obtain a firmer 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 Industry
- In April 2022, Advantest Corporation released Euclid, a 3D image viewer for its photoacoustic microscopes. Tomographic images are simply made, and 3D images are automatically shown by superimposing data from a Hadatomo tool on skin melanin, vascular network, and skin structure. This substance 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 from the Korea Institute of Science and Technology (KIST) investigated the use of label-free THz metamaterials for speedy and accurate differentiation of Covid-19 viral subtypes. Label-free THz metamaterials are utilised to detect Covid-19 virus protein units in this type of virus detection known as biomarker detecting technology.
- In October 2021, Menlo Systems built 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 sector. Menlo Systems offers a variety of ultra-stable lasers, terahertz systems, and femtosecond lasers.
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Medical Terahertz Technology Industry by Category
By Type, Medical Terahertz Technology Industry is Segmented as:
- Terahertz Imaging
- Terahertz Spectroscopy
By Application, the Medical Terahertz Technology Industry is Segmented as:
- Dentistry
- Oncology
- Dermatology
- Tomography
- Biochemistry
- Other
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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