The medical field is about to get a terahertz boost! According to a recent study by Future Market Insights (FMI), the Medical Terahertz Technology Market is predicted to experience explosive growth. This market, valued at US$135.29 billion in 2022, is expected to surge at an impressive Compound Annual Growth Rate (CAGR) of 17.1%, reaching a staggering US$768.05 million by 2032. This significant rise highlights the immense potential of terahertz technology in revolutionizing medical diagnosis and treatment.
Because of its applications in biology and medicine, medical imaging, spectroscopy of materials, sensing, security, monitoring, and spectroscopy, as well as applications in sensing, security, monitoring, and spectroscopy, terahertz technology is driving market growth within the pharmaceutical industry.
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Furthermore, due to its high power and picosecond pulse time structure, the Terahertz free-electron laser (FEL) is a powerful and adaptable source of coherent radiation for THz pulsed imaging, enabling market growth.
” In the pharmaceutical industry, terahertz technology is a fast-growing field that is driving market growth due to its applications in biology and medicine, medical imaging, material spectroscopy, and sensing, security, monitoring, and spectroscopy, as well as applications in sensing, security, monitoring, and spectroscopy. This will create ample growth opportunities for the market,” says a lead analyst at FMI
Key Takeaways from the Medical Terahertz Technology Market
- The global terahertz imaging market is expected to generate US$ 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 modernize its economic infrastructure and expand the number of industries.
Competition Landscape in 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 modernize its economic infrastructure and expand the number of industries.
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,
- Terahertz Imaging
- Terahertz Spectroscopy
By Application,
- Dentistry
- Oncology
- Dermatology
- Tomography
- Biochemistry
- Other
Author By:
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 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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