June 13, 2024

Terahertz Technologies Market Propelled By Growing Scope In Medical Applications

Terahertz technologies refer to electronic devices operating in the terahertz frequency band of the electromagnetic spectrum, which lies between microwaves and infrared frequencies. Terahertz sources and sensors are used in applications ranging from security imaging and non-destructive testing to biological research and medical imaging. The growing demand for terahertz systems in medical applications is one of the key factors driving growth of the terahertz technologies market. For instance, terahertz imaging techniques have shown promise for early cancer detection by distinguishing cancer tissues from normal tissues. The global Terahertz Technologies Market is estimated to be valued at US$ 743.01 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The scope of terahertz technologies in medical applications is expanding rapidly and expected to remain a key trend over the forecast period. Terahertz imaging has emerged as a non-invasive modality for detecting various diseases at an early stage when treatment outcomes are most favorable. For example, terahertz imaging is being evaluated for its ability to detect skin cancers, breast cancers, and gastrointestinal cancers using endoscopic techniques. Ongoing research aims to develop portable and low-cost terahertz medical imaging devices that could complement existing diagnostic tools such as X-rays and MRI scans. Support from public and private funding is driving advancements in terahertz sources, detectors, and medical imaging techniques. This is expected to translate into new product launches and broader adoption of terahertz technologies in healthcare settings.

SWOT Analysis
Strength: Terahertz technologies enable unique identification and detection capabilities. It can see through non-conducting materials like clothes, cardboard, wood and walls to image hidden objects.

Weakness: Terahertz technologies require large and expensive equipment which limits its use to research institutions and specialized applications. Commercial applications are yet to be viable at scale.

Opportunity: Advancements in terahertz sources and detectors are improving imaging capabilities. Growing applications in security screening, non-destructive testing and spectroscopy are driving the market.

Threats: High costs and technological challenges limit widespread adoption. Alternative technologies can perform similar functions at lower prices.

Key Takeaways
The global terahertz technologies market analysis is expected to witness high growth.

Regional analysis:

North America dominates the market currently due to extensive research activities and presence of key players and end-use industries in the region. Asia Pacific is expected to offer lucrative opportunities with growing electronics and semiconductor industries and increasing focus on security applications.

Key players

operating in the terahertz technologies 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, Cambridge Quantum Computing. These companies are investing in development of new and innovative products as well as enhancing existing product portfolios to gain competitive advantage.

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