Global Terahertz Technologies Market - Segmented By Technology (Terahertz Imaging Systems, Terahertz Spectroscopy Systems, Communication Systems), End Users (Healthcare, Defense And Security, Industrial), And Geography - Growth, Trends, And Forecasts (2018 - 2023)
The terahertz technologies market was estimated at USD 154.28 million in 2017. This market is expected to reach USD 761.1 million by the end of 2023, at a CAGR of 30.47% during the forecast period (2018 - 2023). Terahertz technology is an emerging field, with unique advantages that can considerably propel the growth of the terahertz technology market over the forecast period. The advantages of terahertz radiation, such as being intrinsically non-invasive, safe, and non-destructive, have increased its application range beyond data transfer and security, to deal with applications related to healthcare and pharmaceuticals. Other emerging applications in molecular spectroscopy, plasma diagnostics, space sciences, and others, have created huge opportunities for expansion in the field of terahertz technology.
INCREASED DEMAND IN MEDICAL SECTOR AND NDT APPLICATIONS TO DRIVE THE MARKET GROWTH
Terahertz has major advantages over other conventional technologies, because, unlike standard metal-only detectors, it is sensitive to the presence of explosives and does not emit ionizing radiation, which is safer than X-rays. It is also used to detect airborne chemical warfare agents and toxic industrial chemicals. Millimeter wave technologies and X-rays need dedicated operators to feed analysis data into the software, whereas terahertz fingerprint technology can be automatically fed into the software, eliminating the need for operator interpretation of multifaceted images as well as the major privacy concerns with regard to both X-Ray and millimeter wave technologies.
LABORATORIES HOLD THE MAJOR MARKET SHARE, BY END USER
Laboratories hold the largest market share in terahertz technology, and are expected to see high growth over the forecast period. With growing awareness, many industries are investing in R&D to explore the potential applications of terahertz. Thus, the adoption of terahertz technology in laboratories has witnessed a drastic growth over the past two years. Biochemistry, pharmaceutical R&D, and material characterization applications have been the major contributors to the growing terahertz market, in the segment. Pharmaceutical industries are exploring these technology for mass deployment in quality control. With the technology capable of material categorization, the industry uses these systems for composition and thickness testing. Biochemical R&D operations deploy terahertz for accurate measurement and categorisation of components. Many industries are now looking at terahertz for plasma diagnostic operations. The semiconductor industry deploys this technology to quickly and accurately detect cracks and impurities in semiconductor packaging.
NORTH AMERICA TO HOLD MAJOR SHARE OVER THE FORECAST PERIOD
North America is the major segment in terahertz technologies market because of the increasing homeland security issues, investment in defense, and growing R&D. Also, stringent government regulations regarding safety, new power generation projects in the United States, and the significantly growing automotive and aerospace industries drive the market for Terahertz technologies in this region. With growing population and increasing health-related concerns among the individuals the industry is expected to see growth over the next few years. The country also spends heavily in the healthcare industry, which can be observed from the healthcare expenditure per capita (USD 8,608) of the country. According to the national cancer institute, in 2016, 1,685,210 new cancer cases were estimated to be diagnosed, and 595,690 people were expected to die from the disease. The national expenditure for cancer in the United States is expected to reach nearly USD 156 billion by 2020. Terahertz technology, which plays a crucial role in the medical diagnostics of the oncology applications, is expected to observe huge adoption rates.
Major key players include: ADVANTEST CORPORATION, TRAYCER DIAGNOSTIC SYSTEMS, TERASENSE GROUP INC, MICROTECH INSTRUMENT INC, MENLO SYSTEMS GMBH
Key Developments in the market