Medical Terahertz Technology Market Growing at a CAGR of 17.1% Lead By Terasense Group, Toptica Photonics AG, Luna Innovations, Teraview limited

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 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.

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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.

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. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. This report offers insights and in-depth analysis of the market, emphasizing parameters, such as market trends and market dynamics along with the competitive analysis of the globally leading market players.

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.

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