Terahertz Technology Market - Forecasts from 2021 to 2026

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 a 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.

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.

COVID-19 impact on terahertz technology market

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.

Segmentation:

By Type

• Terahertz Imaging
• Terahertz Communication System
• Terahertz Spectroscopy

By Sources

• Laser Sources
• Semiconductor Sources

By End-user Application

• Healthcare
• Food & Agriculture
• Defense & Security
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Others
• Middle East & Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Others