May 18, 2024
Terahertz Technologies Market

Terahertz Technologies Market for Healthcare Applications: Enabled by Technological Advancements in Molecular Imaging

Terahertz imaging has gained significant attention in healthcare applications owing to its unique properties such as high resolution, non-destructive penetration through non-conducting materials, and detection of molecular fingerprints. Terahertz radiation falls between microwave and infrared regions of the electromagnetic spectrum which enables molecular vibration identification and high-resolution imaging. The technology can be used for cancer detection, cardiovascular diseases, injury inspection, and biomedical research studies. It provides efficient diagnosis by early-stage detection of disorders at microscopic levels by molecular analysis and high-contrast imaging capabilities.

The global terahertz technologies market is estimated to be valued at US$ 644.97 Mn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The terahertz technologies market is witnessing significant growth driven by increasing adoption of molecular imaging techniques for advanced healthcare applications. Technological advancements in detector technologies such as microbolometer and nanotube terahertz detectors are improving real-time terahertz imaging capabilities with higher throughput. Ongoing research collaborations between academic institutions and industry players to explore innovative techniques such as terahertz quantum cascade lasers and metamaterials are expanding the scope of terahertz imaging applications. Furthermore, growing disease burden of cancer and cardiovascular ailments along with rising healthcare expenditure in developing nations is expected to propel the demand for early detection and diagnosis technologies such as terahertz imaging over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital investments are required for infrastructure and research & development. However, the increasing demand for terahertz technologies is attracting more players to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate since the market has a significant number of buyers and terahertz technologies have applications across various industries. However, technological expertise is required for product selection.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to the availability of component suppliers and raw material suppliers. However, certain semiconductor components require specific expertise.
Threat of new substitutes: The threat of new substitutes is low as terahertz technologies provide unique capabilities for spectroscopy, imaging, and communication that are not possible with alternate technologies.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players offering similar product portfolios. The players compete on technological innovation, product quality, and pricing.

Key Takeaways
Global Terahertz Technologies Market Size is expected to witness high growth. The increased spending on defense and healthcare applications and rising demand for homeland security systems are driving the market growth.

Regional analysis: North America dominates the market currently due to heavy investments in R&D activities by government and private organizations. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to rising adoption of terahertz technologies across various industries in countries like China and India.

Key players: Key players operating in the Terahertz Technologies market are ID Quantique, QuintessenceLabs, Toshiba Corporation, NEC Corporation, Qubitekk, MagiQ Technologies, QuantumCTek, Quantum Xchange, Quantum Communication Technologies AG, Post-Quantum, PQ Solutions Limited, Qasky, Quantum Machines, Quantum-Secure Communications, and Cambridge Quantum Computing. Terahertz QCLs. Companies are focusing on introducing product innovations through strategic collaborations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it