The global medical terahertz technology market is valued at US$ 135.29 Million in 2022 and is projected to grow at a CAGR of 17.1% during the forecast period, reaching a value of US$ 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 | US$ 135.29 Million |
| Medical Terahertz Technology Market Forecast Value in 2032 | US$ 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 US$ 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 US$ 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 US$ 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.
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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.
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 US$ 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.
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 US$ 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 | US$ 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 US$ 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.
1. Executive Summary | Medical Terahertz Technology Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 4.1. Historical Market Size Value (US$ million) Analysis, 2017 to 2021 4.2. Current and Future Market Size Value (US$ million) Projections, 2022 to 2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ million) Analysis By Type, 2017 to 2021 5.3. Current and Future Market Size Value (US$ million) Analysis and Forecast By Type, 2022 to 2032 5.3.1. Imaging 5.3.1.1. Active 5.3.1.2. Passive 5.3.2. Spectroscopy 5.3.2.1. Time Domain 5.3.2.2. Frequency Domain 5.4. Y-o-Y Growth Trend Analysis By Type, 2017 to 2021 5.5. Absolute $ Opportunity Analysis By Type, 2022 to 2032 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ million) Analysis By Application, 2017 to 2021 6.3. Current and Future Market Size Value (US$ million) Analysis and Forecast By Application, 2022 to 2032 6.3.1. Oncology 6.3.2. Dentistry 6.3.3. Dermatology 6.3.4. Tomography 6.3.5. Biochemistry 6.3.6. Other 6.4. Y-o-Y Growth Trend Analysis By Application, 2017 to 2021 6.5. Absolute $ Opportunity Analysis By Application, 2022 to 2032 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ million) Analysis By Region, 2017 to 2021 7.3. Current Market Size Value (US$ million) Analysis and Forecast By Region, 2022 to 2032 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. South Asia 7.3.5. East Asia 7.3.6. Oceania 7.3.7. Middle East and Africa (MEA) 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 8.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 8.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2022 to 2032 8.2.1. By Country 8.2.1.1. The USA 8.2.1.2. Canada 8.2.2. By Type 8.2.3. By Application 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Type 8.3.3. By Application 8.4. Key Takeaways 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 9.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2022 to 2032 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Type 9.2.3. By Application 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Type 9.3.3. By Application 9.4. Key Takeaways 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 10.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2022 to 2032 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. The United Kingdom 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Europe 10.2.2. By Type 10.2.3. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Type 10.3.3. By Application 10.4. Key Takeaways 11. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 11.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2022 to 2032 11.2.1. By Country 11.2.1.1. India 11.2.1.2. Malaysia 11.2.1.3. Singapore 11.2.1.4. Thailand 11.2.1.5. Rest of South Asia 11.2.2. By Type 11.2.3. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Type 11.3.3. By Application 11.4. Key Takeaways 12. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 12.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2022 to 2032 12.2.1. By Country 12.2.1.1. China 12.2.1.2. Japan 12.2.1.3. South Korea 12.2.2. By Type 12.2.3. By Application 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Type 12.3.3. By Application 12.4. Key Takeaways 13. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 13.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2022 to 2032 13.2.1. By Country 13.2.1.1. Australia 13.2.1.2. New Zealand 13.2.2. By Type 13.2.3. By Application 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Type 13.3.3. By Application 13.4. Key Takeaways 14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 14.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2022 to 2032 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. South Africa 14.2.1.3. Israel 14.2.1.4. Rest of MEA 14.2.2. By Type 14.2.3. By Application 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Type 14.3.3. By Application 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. The USA 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2021 15.1.2.1. By Type 15.1.2.2. By Application 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2021 15.2.2.1. By Type 15.2.2.2. By Application 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2021 15.3.2.1. By Type 15.3.2.2. By Application 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2021 15.4.2.1. By Type 15.4.2.2. By Application 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2021 15.5.2.1. By Type 15.5.2.2. By Application 15.6. The United Kingdom 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2021 15.6.2.1. By Type 15.6.2.2. By Application 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2021 15.7.2.1. By Type 15.7.2.2. By Application 15.8. Spain 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2021 15.8.2.1. By Type 15.8.2.2. By Application 15.9. Italy 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2021 15.9.2.1. By Type 15.9.2.2. By Application 15.10. India 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2021 15.10.2.1. By Type 15.10.2.2. By Application 15.11. Malaysia 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2021 15.11.2.1. By Type 15.11.2.2. By Application 15.12. Singapore 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2021 15.12.2.1. By Type 15.12.2.2. By Application 15.13. Thailand 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2021 15.13.2.1. By Type 15.13.2.2. By Application 15.14. China 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2021 15.14.2.1. By Type 15.14.2.2. By Application 15.15. Japan 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2021 15.15.2.1. By Type 15.15.2.2. By Application 15.16. South Korea 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2021 15.16.2.1. By Type 15.16.2.2. By Application 15.17. Australia 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2021 15.17.2.1. By Type 15.17.2.2. By Application 15.18. New Zealand 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2021 15.18.2.1. By Type 15.18.2.2. By Application 15.19. GCC Countries 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2021 15.19.2.1. By Type 15.19.2.2. By Application 15.20. South Africa 15.20.1. Pricing Analysis 15.20.2. Market Share Analysis, 2021 15.20.2.1. By Type 15.20.2.2. By Application 15.21. Israel 15.21.1. Pricing Analysis 15.21.2. Market Share Analysis, 2021 15.21.2.1. By Type 15.21.2.2. By Application 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Type 16.3.3. By Application 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. Acal BFi Limited 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.2. Advantest Corporation 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.3. Teraview limited 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.4. Toptica Photonics AG 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.5. Terasense Group Inc. 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.6. Microtech Instrument Inc. 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.7. Menlo Systems GmbH 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.8. HÜBNER GmbH & Co. KG 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.9. Luna Innovations Inc. 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.10. Insight Product Company 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
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Medical Terahertz Technology Market
