Report : South & Central America Medical Terahertz Technology Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Terahertz Imaging and Terahertz Spectroscopy) and Application (Oncology, Dentistry, Dermatology, Tomography, Biochemistry, and Others)
At 16.1% CAGR, the South & Central America Medical Terahertz Technology Market is speculated to be worth US$ 14.01 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America medical terahertz technology market was valued at US$ 5.71 million in 2022 and is expected to reach US$ 14.01 million by 2028, registering a CAGR of 16.1% from 2022 to 2028. Rising demand for non-invasive technique for early detection of cancer and increasing use of terahertz technology in dental care are the critical factors attributed to the South & Central America medical terahertz technology market expansion.
Due to recent technological advancements, Terahertz (THz) radiation can currently be produced and coherently detected. As a result, the advantages of this method for THz spectroscopy and imaging in biomedicine have been quickly appreciated. The last ten years have seen a sharp increase in the applications of THz pulsed imaging (TPI). The terahertz (THz) free-electron laser (FEL) is a very appealing THz source of coherent radiation due to its high power and adaptable picoseconds-pulse time structure.
According to recent research and development, free-electron laser (FEL) THz radiation is a very attractive THz source of coherent radiation. Applications may be made in various fields, including imaging, material science, biology and medicine, communication, and diagnostics. Hard collaboration between various scientific fields resulted from the growing demand for biomedical diagnosis techniques that can offer morphological, chemical, or functional information for early, non-invasive, label-free detection. As a result of technology advancements, numerous new contemporary diagnostics systems are being researched and verified as complementary biomedical approaches to the traditional ones. These systems encompass a range of scales, from macromolecules to tissues and organs. Therefore, such development presents various opportunities for the future growth of medical terahertz technology market players.
Therefore, the advancement in terahertz technology for biomedical applications is expected to contribute significantly to the South & Central America medical terahertz technology market growth during the forecast period.
On the contrary, challenges related to imaging resolution hurdles the growth of South & Central America medical terahertz technology market.
Based on type, the South & Central America medical terahertz technology market is segmented into terahertz imaging and terahertz spectroscopy. The terahertz imaging segment held 81.2% market share in 2022, amassing US$ 4.64 million. It is projected to garner US$ 11.19 million by 2028 to expand at 15.8% CAGR during 2022–2028.
Based on application, the South & Central America medical terahertz technology market is segmented into oncology, dentistry, dermatology, tomography, biochemistry, and others. The oncology segment held 50.2% market share in 2022, amassing US$ 2.87 million. It is projected to garner US$ 7.39 million by 2028 to expand at 17.1% CAGR during 2022–2028.
Based on country, the South & Central America medical terahertz technology market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 55.8% market share in 2022. It was assessed at US$ 3.19 million in 2022 and is likely to hit US$ 8.00 million by 2028, exhibiting a CAGR of 16.6% during the forecast period.
Key players dominating the South & Central America medical terahertz technology market are Advantest Corporation; Luna Innovations Inc.; Microtech Instrument Inc.; Terasense Group Inc., among others.
- In April 2022, Advantest Corporation has introduced a new 3D image viewer, the Euclid, for its Hadatomo series of photoacoustic microscopes. This will display 3D images by superimposing data on melanin in the skin, the vascular network, and the skin structure, as measured by a Hadatomo tool, and can also easily create tomographic images. This is used in dermatological research for beauty and healthcare.
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