According to a report published by FMI, the global medical terahertz technology market will be valued at US$ 135.29 Million in 2022. It is expected to grow at a CAGR of 17.1% during the forecast period, reaching a value of US$ 768.05 Million by 2032.
A fast-growing field of terahertz technology is driving market growth within the pharmaceutical industry 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.
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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 market for terahertz imaging is projected to generate US$ 273.77 Mn by 2032, growing at a CAGR of 23.1%.
- It is expected that North America will continue to hold the largest market share and grow at a fast-paced CAGR of 21.6%
- Europe may contribute US$ 290.88 Mn to the medical terahertz technologies market by 2032.
- The Asia Pacific region is anticipated to witness the fastest growth of the market as China is planning to modernize its economic infrastructure and expand the number of industries
Competition Landscape in the Medical Terahertz Technology Market
A new generation of entrants to the medical terahertz technology market is leveraging advances in technology to launch enhanced and improved technologies. These companies gain a competitive advantage through the development of these products. The fact that these companies continually invest in research and development activities ensures that they remain up-to-date with consumer preferences as well as industry requirements to remain competitive in the marketplace. They are currently making efforts to strengthen their position in the medical field 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.
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Recent Developments in the Medical Terahertz Technology Market
- Advantest Corporation introduced Euclid, a 3D image viewer for its photoacoustic microscopes, in April 2022. Tomographic images can be easily generated, and 3D images can be displayed automatically by superimposing data from a Hadatomo tool about skin melanin, vascular network, and skin structure. This product is used in dermatological research for both beauty and health care.
- TeraSense announced its IMPATT-based generator, a powerful wave source with an output power of 0.08 watts to 1.8 watts, in April 2022.
- Researchers at the Korea Institute of Science and Technology (KIST) researched the use of label-free THz metamaterials for rapid and accurate discrimination of Covid-19 virus variants in February 2022. In this form of virus detection known as biomarker detecting technology, label-free THz metamaterials are used to detect Covid-19 virus protein units.
- Menlo Systems opened a branch in China in October 2021, Shanghai Menlo Systems Quantum Laser Technology Co., Ltd. The company will be able to strengthen its position in the vibrant photonics market in China as a result. A range of ultra-stable lasers, terahertz systems, and femtosecond lasers are available from Menlo Systems.
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
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