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Medical Terahertz Technology Market Status and Prospects 2022 to 2032 | By Luna Innovations, Teraview, Acal Bfi, Advantest

The global Medical Terahertz Technology market revenue was valued at US$ 135.29 million in 2022, with a 17.1% CAGR reaching US$ 768.05 million by 2032.

Terahertz technology is driving pharmaceutical industry growth through applications in biology and medicine, medical imaging, spectroscopy of materials, sensing, security, monitoring, and spectroscopy, as well as sensing, security, monitoring, and spectroscopy.

Furthermore, the Terahertz free-electron laser (FEL) is a robust and versatile source of coherent radiation for THz pulsed imaging due to its high power and picosecond pulse time structure, 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

  • The global terahertz imaging market is expected to earn US$ 273.77 million by 2032, with a CAGR of 23.1%.
  • North America is predicted to have the greatest market share, with a 21.6% CAGR.
  • By 2032, Europe might contribute US$ 290.88 million to the medical terahertz technologies industry.
  • The Asia Pacific region is expected to have the fastest market development as China attempts to modernise its economic infrastructure and boost the number of industries.

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Competition Landscape in the Medical Terahertz Technology Market

A new generation of Medical Terahertz Technology market entrants is taking advantage of technology advances to introduce extended and upgraded solutions. These companies gain a competitive advantage by developing these items. The fact that these firms regularly invest in research and development activities ensures that they are up to date with client preferences as well as industry requirements in order to remain competitive in the marketplace. They are currently attempting to strengthen their position in the medical field in order to have a more solid 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.

Recent Developments in the Medical Terahertz Technology Market

  • Advantest Corporation announced Euclid, a 3D image viewer for its photoacoustic microscopes, in April 2022. Tomographic images are easily created, and 3D images are generated automatically by superimposing Hadatomo data on skin melanin, vascular network, and skin structure. This chemical is employed in both cosmetic and medical dermatological research.
  • TeraSense announced the launching of their IMPATT-based generator, a powerful wave source with output power ranging from 0.08 watts to 1.8 watts, in April 2022.
  • Researchers from the Korea Institute of Science and Technology (KIST) studied the use of label-free THz metamaterials for the rapid and precise identification of Covid-19 virus subtypes in February 2022. In this type of virus detection, known as biomarker detecting technology, label-free THz metamaterials are used to detect Covid-19 virus protein units.
  • Menlo Systems established a branch in China, Shanghai Menlo Systems Quantum Laser Technology Co., Ltd., in October 2021. As a result, the company’s position in China’s burgeoning photonics market will be strengthened. Menlo Systems provides ultra-stable lasers, terahertz systems, and femtosecond lasers.

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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

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Last Updated: 03-May-2023