The global terahertz technology market is evaluated at US$294.676 million for the year 2019 and is projected to grow at a CAGR of 25.93% reaching the market size of US$1,480.070 million by the year 2026.
Terahertz radiation refers to the electromagnetic waves propagating at frequencies in the terahertz range. It is used as an indicator of the frequency of infrared, visible, and ultraviolet radiation. The use of terahertz technology is increasing because of its ability to penetrate through a wide variety of dielectric materials apart from its non-ionizing and minimal effect on the human body.
Key Market Drivers.
The technology is highly adopted in the pharmaceutical sector over the years.
Moreover, Dental caries or tooth decay is one of the most common human disorders. Carries proceed by the creation of a subsurface lesion in the enamel. Terahertz imaging can distinguish between the different types of tissue in a human tooth; detect carries at an early stage in the enamel layers of human teeth and monitor early erosion of the enamel at the surface of the tooth. The adoption of this technology into several sectors will drive the market during the forecast period.
GLOBAL Terahertz technology market, US$ billion, 2020 to 2026
Source: Knowledge Sourcing Intelligence Analysis
The market has been significantly driven by the increasing health expenditures done by several governments in order to enhance the technological advancements in the sector.
U.S. defense budget, in US$ billions, 2014-2019
Source: The World Bank
The advent of COVID-19 had a positive impact on the terahertz technology market given the rise in the applications in the healthcare sector during the year 2020. With the outbreak of the COVID-19, the terahertz technology market is expected to witness growth with its major application in healthcare, biomedical, and security application.
Increasing applications in the pharmaceutical sector are expected to fuel the market during the forecast period.
The technology has been rapidly adopted in the pharmaceutical sector over the years. Firstly, to determine coating integrity and thickness, detect and identify localized chemical or physical structure. Additionally, the technology is also being used to detect impurities. The manufacturing of pharmaceutical products is a highly monitored process that requires strict quality regulations. If the final product fails to meet the standard set by regulatory agencies then the whole batch is destroyed. This encourages the pharmaceutical industry to work on batch-processing techniques. Typically, pharmaceutical companies manufacture a finished product and then use laboratories to analyze a proportion of the batch to verify the quality of their product. Terahertz radiation has the ability to obtain information on chemical and physical structures and is able to accomplish this in real-time in a non-destructive form. This shows potential for the pharmaceutical industry as it is able to specifically determine the structure and properties of the sample to test, such as the bioavailability, manufacturability, purification, stability, dissolution rate, solubility, and other performance characteristics of the drug.
Rising adoption in the telecommunications sector in recent years is expected to be a tailwind to the market in the coming years.
|Market size value in 2019||US$294.676 million|
|Market size value in 2026||US$1,480.070 million|
|Growth Rate||CAGR of 25.93% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Sources, End-User Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||TeraView Limited, TOPTICA Photonics AG, HÜBNER GmbH & Co. KG, Advantest Corporation, Batop GmbH, Terasense Group Inc., Microtech Instrument Inc., Menlo Systems GmbH, Gentec Electro-optics Inc., Bakman Technologies|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global terahertz technology market?
A1. Terahertz Technology Market was valued at US$294.676 million in the year 2019.
Q2. What will be the terahertz technology market size by 2026?
A2. The global terahertz technology market is projected to reach a market size of US$1,480.070 million by 2026.
Q3. What are the growth prospects for the terahertz technology market?
A3. The terahertz technology market is projected to grow at a CAGR of 25.93% during the forecast period.
Q4. What factors are anticipated to drive the terahertz technology market growth?
A4. Increasing applications in the pharmaceutical sector are expected to fuel the terahertz technology market during the forecast period.
Q5. How is the global terahertz technology market segmented?
A5. The terahertz technology market has been segmented by type, sources, end-user application, and geography.
TOPTICA Photonics AG
HÜBNER GmbH & Co. KG
Terasense Group Inc.
Microtech Instrument Inc.
Menlo Systems GmbH
Gentec Electro-optics Inc.
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