Terahertz Technologies Market Estimated To Witness High Growth Owing To Wide Range Of Applications
The terahertz technologies market is estimated to be valued at US$ 644.97 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Terahertz technologies find widespread applications across different industry verticals such as healthcare and life sciences, security and homeland defense, telecommunications, spectroscopy and quality control. Terahertz spectrometers are increasingly being used in the pharmaceutical industry for quality control check of drugs and chemical compounds. Terahertz imaging systems provide non-destructive testing of pharmaceutical tablets and detection moisture or impurity levels in materials.
Market Dynamics:
Growing demand for terahertz spectrometers in pharmaceutical quality check and increasing adoption of terahertz imaging systems in security screening are expected to drive growth of the global terahertz technologies market during the forecast period. Terahertz spectrometers provide non-contact method to analyze tablet coating, content uniformity, and assess moisture levels with high accuracy and precision. This helps in ensuring quality of drugs during manufacturing and enhances regulatory compliance. Moreover, terahertz imaging allows inspection of layers beneath paper, cardboard, plastics and ceramics without contact and delivers material identification with no radiation risk, making it ideal for security checks at airports and public places. However, high cost of terahertz systems and lack of standardized protocols are expected to hamper market growth over the forecast period.
SWOT Analysis for Terahertz Technologies Market
Strength: Terahertz technologies have three promising applications in biochemical sensing, quality control inspections and security screening. Its non-destructive nature allows inspection of packaged pharmaceuticals and electronic components without tampering. The ability to detect chemicals and explosives makes it useful for security checkpoints at airports and public venues.
Weakness: Terahertz technology is still under development and generation and detection of terahertz waves remains challenging. High component cost and low power output limit widespread commercialization. Lack of standardized equipment and protocols also hamper large scale adoption.
Opportunity: Growing demand for non-invasive medical imaging techniques presents an opportunity. Applications in personalized medicine, cancer diagnosis and burn wound healing evaluation can spur adoption in healthcare sector. The need for rapid quality control checks in electronics and pharmaceutical industries also open new opportunities.
Threats: Alternative technologies like X-rays and mm-waves offer similar functionality at lower costs posing competitive threats. Slow conversion of prototypes to commercial products and long standardization cycles are challenges. Economic slowdowns can negatively impact expansions.
Key Takeaways
The global terahertz technologies market growth is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing demand for non-destructive testing applications.
Regional analysis: North America currently dominates the market holding over 35% share due to heavy investments in R&D. Asia Pacific is the fastest growing region owing to government initiatives and increasing focus on healthcare and electronics industries in countries like China and India.
Key players: Key players operating in the terahertz technologies market are Menlo Systems GmbH, Luna Innovations, TOPTICA Photonics AG, Advantest Corporation, Bakman Technologies LLC, Teravil Ltd, Terasense Group Inc., Gentec Electro-optics Inc., HÃœBNER GmbH & Co. KG, Microtech Instruments, Inc., TeraView Limited
Get more insights on this topic: https://weblogmarketinsights.blogspot.com/2023/12/millimeter-wave-and-thz-imaging-is.html
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