According to The Insight Partners research study on “Medical Terahertz Technology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the market is expected to grow from US$ 135.29 million in 2022 to US$ 349.00 million by 2028; it is estimated to grow at a CAGR of 17.1% from 2022 to 2028.

The rising demand for noninvasive techniques for the early detection of cancer and the increasing use of terahertz technology in dental care are the factors that contribute to the medical terahertz technology market growth. However, challenges related to imaging resolution restrict the market growth.

The information obtained by THz-based scanning can prove beneficial in the care of cancer patients and, more crucially, in the early diagnosis of various solid tumors, because it can correctly differentiate between different types of molecules based on water content. According to GLOBOCAN, 19.3 million new cancer cases were reported in 2020, with ~10.0 million cancer deaths. In 2018, ~4.8 million new instances of gastrointestinal (GI) malignancies were diagnosed worldwide, with 3.4 million deaths. GI malignancies are responsible for 26% of global cancer incidence and 35% of cancer-related deaths. Recent advancements in medical imaging can substantially lead to improvements in the early detection and treatment of various clinical disorders. THz imaging devices can also aid in detecting early cancer before it becomes apparent or detectable by other means.

The key players profiled in the Medical Terahertz Technology Market research study includes: Acal BFi Limited, Advantest Corporation, Teraview limited, Toptica Photonics AG, Terasense Group Inc., Microtech Instrument Inc., Menlo Systems GmbH, HÜBNER GmbH & Co. KG, Luna Innovations Inc., and Insight Product Company are the key companies operating in the medical terahertz technology market.

Based on application, the medical terahertz technology market is segmented into oncology, dentistry, dermatology, tomography, biochemistry, and others. The oncology segment is expected to hold the largest share of the market in 2022. Moreover, the same segment is anticipated to register the highest CAGR during the forecast period. Terahertz (THz) waves are electromagnetic waves with frequencies ranging from 0.1 THz to 10 THz. Owing to their low ionization energy and ability to distinguish the majority of proteins based on their spectrum fingerprints, THz waves offer enormous potential in the biomedical area, particularly in cancer diagnosis.

The patient survival rate can be significantly improved if tumors can be identified and categorized early. Spectroscopic biomarker detection and tissue imaging are the two contemporary clinical cancer diagnostic methods. THz waves are well suited for high-accuracy in vivo and ex vivo inspection of tissue while inflicting little harm to healthy cells due to their nonionizing, noninvasive, and strong penetration properties.

The Insight Partners adheres to the codes of practice of the Market Research Society and Strategic and Competitive Intelligence Professionals. The following methodology has been followed for the collection and analysis of data presented in this report:

Coverage:

The objective of updating “The Insight Partners” coverage is to ensure that it represents the most up-to-date vision of the industry possible. The estimated revenues of all major companies, including private and governmental, are gathered and used to prioritize coverage. Companies which are making the news, or which are of particular interest

Secondary Research:

The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information relating to each Market. The secondary research sources that are typically referred to include, but are not limited to:

Company Websites, Annual Reports, Financial Reports, Broker Reports and Investor Presentations
Industry Trade Journals and Other Literature
National Government Documents, Statistical Databases and Market Reports
News Articles, Press Releases and Web-Casts Specific to the Companies Operating in the Market

NOTE: All the financials considered in Company Profile’s section have been standardized to US$. This has been achieved after converting the financials (for those not in US$) with respective currency exchange rates of the particular year.

Primary Research:

“The Insight Partners” conducts hundreds of primary interviews a year with industry participants and commentators in order to validate its data and analysis. A typical research interview fulfils the following functions:

Provides First-Hand Information on the Market Size, Market Trends, Growth Trends, Competitive Landscape and Future Outlook
Validates and Strengthens Secondary Research Findings
Further Develops the Analysis Team’s Expertise and Market Understanding

The COVID-19 epidemic is predicted to witness growth in the terahertz technology business, which finds its main uses in security, biomedicine, and healthcare. People with moderate symptoms are less likely to get tested because there is a limited supply of COVID-19 medical devices. The routine and preventative screenings were delayed due to the onset of the pandemic which postponed the detection and treatment of diseases.

Primary research involves email interactions and telephone interviews for each market, category, segment and sub -segment across geographies. The participants who typically take part in such a process include, but are not limited to:

Industry Participants: VPs, Business Development Managers, Market Intelligence Managers and National Sales Managers
Outside Experts: Valuation Experts, Research Analysts and Key Opinion Leaders Specializing in the Industry

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