Rising Demand for Noninvasive Technique for Early Detection of Cancer to Drive Medical Terahertz Technology Market

According to our new market research study on ""Medical Terahertz Technology Market to 2028 - Global Analysis and Forecast - 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 report highlights trends prevailing in the market, and drivers and restraints pertaining to the global medical terahertz technology market growth.

Terahertz refers to the electromagnetic waves with the frequency range between millimeter-wave and infrared, approximately from 300 GHz up to 10 THz. Intermolecular bonds, such as the hydrogen bonds in water and the N-H bonds in proteins, strongly absorb THz radiation. This means that it is extremely sensitive to little changes, such as an increase in blood flow or water content, which may indicate the presence of disease. Terahertz technology is a fast-growing field with applications in biology and medicine, medical imaging, material spectroscopy and sensing, security, monitoring, and spectroscopy in the pharmaceutical business.

According to WHO, in many regions, cancer is the second-largest cause of death. Digestive malignancies account for a significant fraction of all tumors, and their occurrence is predicted to rise faster than other tumor types due to bad lifestyle habits. 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.

North America holds the largest share of the medical terahertz technology market, whereas Asia Pacific is expected to register the highest CAGR during the forecast period. Companies in North America are continuously striving to improve their overall business processes to meet customers' demand for high-quality products and services in the best possible way. The presence of major market players, high R&D spending capacity, and availability of government grants for research institutes to develop new technological equipment are prominent factors that propel the medical terahertz technology market growth.

The medical terahertz technology market in the US is expected to grow from US$ 43.42 million in 2022 to US$ 114.24 million by 2028, reporting a CAGR of 17.5% during 2022-2028. As per the Centers for Disease Control and Prevention (CDC), in the US, 1,752,735 new cancer cases were diagnosed in 2019, and 599,589 patients died due to cancer. The increasing prevalence of cancer is a key factor contributing to the medical terahertz technology market in the US. Terahertz technology is also used for diagnosing dental disorders. As per the CDC, in 2019, 13.2% of children aged 5-19 years and 25.9% of adults aged 20-44 in the US had untreated dental caries. The presence of major medical terahertz system providers is likely to favor market growth in the US. For instance, Terasense Group Inc. is a leading manufacturer of innovative portable terahertz imaging systems and cameras, terahertz sources, and terahertz detectors. It offers a product portfolio based on cutting-edge technologies.

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. However, there was a sharp decline in the screening procedure and elective surgeries. Dental, skin, and cancer treatments were the hardest hit due to the pandemic. After people were vaccinated, the medical device industry and diagnostic imaging gradually returned to their normal operation. Moreover, research indicates that terahertz-based biosensors have the potential for low-cost, non-invasive, and rapid diagnosis of COVID-19 infection which boosted the medical terahertz technology market

The medical terahertz technology market is segmented on the basis of type, application, and geography. Based on 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.

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 leading companies operating in the global medical terahertz technology market.

By geography, the medical terahertz technology market is segmented into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (UAE, Saudi Arabia, Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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