The global medical terahertz technology market is valued at USD 135.29 Million in 2022 and is projected to grow at a CAGR of 17.1% during the forecast period, reaching a value of USD 768.05 Million by 2032.
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.
There is an electromagnetic wave called terahertz (THz) that has frequencies roughly between infrared waves and millimeter waves, so it has a range of frequencies between 300GHz and 10 THz. Intermolecular interactions lead to a significant amount of absorption of THz radiation, such as hydrogen bonds in water and N-H bonds in proteins, which play a significant role in this process.
Consequently, this means that the organism is extremely sensitive to even the slightest changes in blood flow or water content that might indicate the presence of sicknesses, such as an increase in blood flow or water content.
Moreover, due to its high power and adaptable picosecond-pulse time structure, the terahertz free-electron laser (FEL) is an attractive source of coherent radiation for THz pulsed imaging due to its high power and picosecond-pulse time structure.
There has been an increase in the demand for biomedical diagnosis techniques that can provide morphological, chemical, or functional information to facilitate early, non-invasive, and label-free detection of diseases, and this has led to significant collaborations between different scientific disciplines.
There is an ever-increasing number of contemporary diagnostic systems that are being researched and verified as complementary biomedical approaches to traditional diagnostic systems that have been developed due to gradual advancements in technology.
| Attribute | Details |
|---|---|
| Medical Terahertz Technology Market Size Value in 2022 | USD 135.29 Million |
| Medical Terahertz Technology Market Forecast Value in 2032 | USD 768.05 Million |
| Medical Terahertz Technology Market CAGR Global Growth Rate (2022 to 2032) | 17.1% |
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By the year 2032, it is estimated that the medical terahertz technology market will reach a value of over USD 768.05 Million according to FMI. In the first half of 2022, the global Medical terahertz technology market is expected to increase by 17.1%, which is equivalent to a market size of USD 135.29 Million in the first half of 2022.
As growth is not evenly distributed across all regions, it is predicted that in developing markets, it will reach a total value of USD 115.53 Million by the end of 2022, with a CAGR of 17.1%, exceeding that of developed markets.
A growing number of applications are being developed using terahertz technology, including biomedical imaging, terahertz imaging, and spectroscopy, and are used to detect cancer, among others.
Furthermore, terahertz radiation has been able to render high-quality spectroscopic imaging with ease, which in turn has played a significant role in improving the diagnosis of certain chronic and related diseases.
In the healthcare industry, the adoption of terahertz rays is the first step in making huge inroads toward the establishment of medical terahertz technology as a viable option to replace conventional x-rays and infrared rays, thus driving the growth of the market.
The terahertz technology has the potential to be a powerful tool for many applications, such as high-speed data communications, biomedical imaging, material sense, and spectroscopy, as well as biology and medicine. It is considered one of the technologies with the fastest rate of development.
The pharmaceutical industry has been growing in demand for monitoring and spectroscopy applications, and there has been a surge in the adoption of terahertz systems in laboratory research, as well as the increasing significance of terahertz technology for satellite communication and computing, as well as the increasing use of terahertz-based scanners, cameras, and other devices in the medical, homeland security, and defense sectors. All of these factors are expected to boost the market's growth.
The main constraints to the market's growth, however, are a lack of knowledge about terahertz technology and the high initial cost of R&D efforts, which could threaten the market's growth.
Based on the type, application, and geography of the application, the medical terahertz technology market can be segmented into three major categories. Depending on the type, the market is bifurcated into terahertz imaging and terahertz spectroscopy. Based on application, the medical terahertz technology market is segmented into oncology, dentistry, dermatology, tomography, biochemistry, and others.
The Terahertz Imaging Segment is Anticipated to Dominate the Market Depending on the type, the market is divided into terahertz imaging and terahertz spectroscopy where terahertz imaging is the major shareholder in the global medical terahertz technologies market. The global market for terahertz imaging is projected to generate USD 273.77 Million by 2032, growing at a CAGR of 23.1%.
There is a high likelihood that the terahertz imaging segment is going to dominate the market during the forecast period. Terahertz imaging is one of the most promising methods in biological science at the moment. Since THz waves are sensitive to polar chemicals, such as water, in biomolecules, THz imaging is superior to conventional techniques for imaging cellular tissues. In THz imaging, the spatial resolution can be as high as many tens of micrometers due to the high spatial resolution. As a result of its powerful penetrating ability, it can be used to take tomographic images of biological systems. A THz spectrometer was used to measure the refractive index and absorptivity of human blood, muscle, skin, fat, veins, and even nerve tissue to determine their refractive index.
Results from the study showed that THz had acceptable tissue identification results for different tissues, which supports the fact that THz can be used clinically to identify various tissues. Market Share is Expected to be Dominated by the Oncology Segment The market is segmented depending on the application, which can be categorized as oncology, dentistry, dermatology, tomography, biochemistry, and others. There is a prediction that during the forecast period, the oncology segment will dominate the market. There are electromagnetic waves called terahertz waves (THz) that have frequencies that range from 0.1 GHz to 10 GHz. The THz waves have immense potential in the field of biomedicine, specifically in the diagnosis of cancer, since they have low ionization energy and can identify most proteins by their spectrum fingerprints. The survival rate of patients can be dramatically increased by early detection and classification of tumors. Imaging of tissues and spectroscopic biomarker identification are the two most recent techniques for cancer diagnosis in clinical settings.
In vivo and ex vivo tissue inspection using THz waves is highly accurate due to their nonionizing, non-invasive, and strong penetration qualities, while causing minimal injury to healthy cells.
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It is expected that North America will continue to hold the largest market share and grow at a fast-paced CAGR of 21.6% during the forecast period. The USA is one of the largest markets for medical terahertz technology owing to the presence of prominent medical and healthcare facilities in the region.
This further enhances the procurement of terahertz technology. In February 2020, Menlo Systems announced the opening of a new regional office in Huntington Beach, CA that may strengthen its presence in North America.
However, due to supply chain disruptions across the region following the pandemic, the number of reported deaths in the country is affecting both supply and demand for terahertz technologies.
It is estimated that Europe may contribute USD 290.88 Million to the medical terahertz technologies market by 2032, making it Europe's second biggest contributor to the market. The industry has been driven by early adopters of modern technology and government initiatives relating to national security.
Also, a surge in the demand for terahertz technology-based body scanners for security and monitoring applications, rising adoption of terahertz technology-based devices in various research firms, laboratories & universities, growing advancements in terahertz technology, and rising market for terahertz scanning and imaging technology are driving the growth of the market in Europe.
The Asia Pacific region is anticipated to witness the fastest growth of the market during the forecast period. China is planning to modernize its economic infrastructure and expand the number of industries, which is the primary reason for this growth. Besides these, Chinese and Japanese manufacturers are also focusing on the development of new terahertz-based technologies.
For instance, the Photoacoustic microscope Hadatomo Z, manufactured by Advantest Corporation, a leading semiconductor devices supplier, received an Industry Encouragement Award from the Laser Society of Japan at its 13th Industry Awards in July 2021. Also, Menlo Systems opened its Japanese subsidiary, Menlo Systems K.K., in Hamamatsu in March 2021. The company develops ultra-stable lasers, terahertz systems, and femtosecond lasers.
Emerging Companies Add an Edge to the Medical Terahertz Technology Market Dynamics
New entrants to the medical terahertz technology market are leveraging advances in technology to launch enhanced technologies and gain a competitive advantage through the introduction of enhanced products. Investing continuously in research and development activities keeps these firms up-to-date with consumer preferences as well as the end-use industry requirements to remain competitive. Efforts are being made to strengthen their foothold in the medical industry.
Key players operating the global medical terahertz technology market include
Recent Developments in Medical Terahertz Technology Market
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Billion for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Chile, Peru, Germany, United Kingdom., Spain, Italy, France, Russia, Poland, China, India, Japan, Australia, New Zealand, GCC Countries, North Africa, South Africa, and Turkey |
| Key Segments Covered | Type, Application, Region |
| Key Companies Profiled | Acal Bfi Limited; Advantest Corporation; Teraview limited; Luna Innovations Inc.; Insight Product Company; Toptica Photonics AG; HUBNER GmbH & Co. KG; Terasense Group Inc.; Microtech Instrument Inc.; Menlo Systems GmbH |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
North America dominates the medical terahertz technology market.
The global medical terahertz technology market is highly fragmented with the presence of various leading and emerging players including Terasense, Advantest Corporation, etc.
The medical terahertz technology market is expected to reach a value of USD 135.29 million by 2022 end.
The medical terahertz technology market is expected to increase at a CAGR of around 17.1% over the forecast period.
| Estimated Size, 2024 | USD 2,468.3 million |
|---|---|
| Projected Size, 2034 | USD 4,059.1 million |
| Value-based CAGR (2024 to 2034) | 5.1% |
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Medical Terahertz Technology Market
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