The global medical terahertz technology market is projected to experience a CAGR of 17.1% and increase to a value of US$768.05 million by 2032. Key players in the market include Acal Bfi Limited, Advantest Corporation, Teraview limited, Luna Innovations Inc., Insight Product Company, and Toptica Photonics AG. Recent advancements in the market include the release of Euclid, a 3D image viewer for photoacoustic microscopes by Advantest Corporation, and the development of label-free THz metamaterials for rapid and accurate differentiation of Covid-19 viral subtypes by the Korea Institute of Science and Technology. The market is segmented by type and application, including terahertz imaging and terahertz spectroscopy, and applications in dentistry, oncology, dermatology, tomography, biochemistry, and other fields. Future Market Insights offers market research services to businesses seeking insights into factors elevating the demand in the market and opportunities favoring market growth.
Medical Terahertz Technology Market Set to Grow at 17.1% CAGR by 2032
The global medical terahertz technology market is predicted to grow at a Compound Annual Growth Rate (CAGR) of 17.1% from 2022 to 2032, increasing from a value of US$ 135.29 million in 2022 to US$ 768.05 million by 2032. Terahertz technology has applications in several fields, including biology and medicine, medical imaging, spectroscopy of materials, sensing, security, monitoring, and spectroscopy. These applications are driving market growth within the pharmaceutical industry, creating growth opportunities for the market.
The Terahertz free-electron laser (FEL), with its high power and picosecond pulse time structure, is facilitating the expansion of the market. The FEL is a versatile source of coherent radiation for THz pulsed imaging, making it a powerful tool in the pharmaceutical industry.
According to a lead analyst at FMI, “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.”
The global terahertz imaging market is projected to produce US$ 273.77 million by 2032, increasing at a CAGR of 23.1%. North America is predicted to retain the greatest market share and grow at a fast-paced CAGR of 21.6%. Europe may contribute US$ 290.88 million to the medical terahertz technologies industry by 2032. The Asia Pacific region is expected to have the quickest market growth, as China plans to modernize its economic infrastructure and expand the number of sectors.
The competition landscape in the medical terahertz technology market is expected to be influenced by the adoption of new technologies, mergers and acquisitions, and collaborations among key players in the market. For businesses that want specific insights and customized advice, advisory services are available to address specific challenges.
Medical Terahertz Technology Market Sees Advancements from Key Players
A new generation of medical terahertz technology market entrants is launching expanded and improved technologies utilising technological advancements. These companies are investing in research and development efforts to remain competitive in the marketplace, keeping up with customer preferences and industry requirements. Key players in the global medical terahertz technology market include Acal Bfi Limited, Advantest Corporation, Teraview limited, Luna Innovations Inc., Insight Product Company, and Toptica Photonics AG, among others.
Recent Developments in the Medical Terahertz Technology Market
Advancements in the market include new product releases and research breakthroughs, such as:
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In April 2022, Advantest Corporation released Euclid, a 3D image viewer for its photoacoustic microscopes. This technology is used in dermatological research for both cosmetic and medical purposes, enabling the production of tomographic and 3D images automatically by superimposing data from a Hadatomo tool on skin melanin, vascular network, and skin structure.
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In April 2022, TeraSense announced the release of its IMPATT-based generator, a powerful wave source with an output power ranging from 0.08 watts to 1.8 watts.
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In February 2022, researchers from the Korea Institute of Science and Technology (KIST) used label-free THz metamaterials to detect Covid-19 virus protein units, resulting in speedy and accurate differentiation of Covid-19 viral subtypes. This technology is known as biomarker detecting technology.
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In October 2021, Menlo Systems built a branch in China, Shanghai Menlo Systems Quantum Laser Technology Co., Ltd. The company offers a variety of ultra-stable lasers, terahertz systems, and femtosecond lasers, strengthening its position in China’s thriving photonics sector.
Medical Terahertz Technology Market by Category
The medical terahertz technology market is segmented by type and application. By type, the market is segmented as terahertz imaging and terahertz spectroscopy. By application, the market is segmented as dentistry, oncology, dermatology, tomography, biochemistry, and other.
About FMI:
Future Market Insights (FMI), an ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce, provides in-depth insights into governing factors elevating the demand in the market. The company discloses opportunities that will favor market growth in various segments based on source, application, sales channel, and end use over the next 10 years.
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