The Global Medical Terahertz Technology Industry is on the brink of an exceptional growth trajectory, according to a recent market report. With an estimated valuation of US$ 135.29 Million in 2022, this burgeoning market is set to soar at a robust CAGR of 17.1% over the forecast period, reaching a staggering US$ 768.05 Million by 2032.
The pharmaceutical industry is witnessing the rapid emergence of terahertz technology as a transformative force, fueling the market’s expansion. Terahertz technology offers a myriad of applications spanning biology and medicine, medical imaging, material spectroscopy, sensing, security, monitoring, and spectroscopy. This dynamic landscape opens up an array of growth opportunities, promising significant advancements for the market.
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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.
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Competition Landscape in the Global 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 Global 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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Global Medical Terahertz Technology Industry by Category
By Type, Global Medical Terahertz Technology Industry is Segmented as:
- Terahertz Imaging
- Terahertz Spectroscopy
By Application, the Global Medical Terahertz Technology Industry is Segmented as:
- Dentistry
- Oncology
- Dermatology
- Tomography
- Biochemistry
- Other
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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