The global Medical Terahertz Technology Market size is valued at US$ 135.29 million in 2022, with a 17.1% CAGR expected to reach US$ 768.05 million by 2032.
Terahertz technology is boosting pharmaceutical market expansion due to 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.
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.
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“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
- 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 Market
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.
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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 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.
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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