Terahertz Spectroscopy Market: Overview
The outbreak of novel coronavirus in 2020 has created a massively increased demand for precise treatment and diagnostic devices in the global healthcare industries. This is anticipated to favor the development of global terahertz spectroscopy market in coming years. Various participants in the market are developing new and advanced diagnostic devices and tools that can provide faster and more accurate diagnosis of the COVID-19 virus. Some participants in global terahertz spectroscopy market are also focusing on developing technologically superior tools that can use the terahertz spectroscopy for accurate detection of the virus. This is expected to trigger a substantial growth and open lucrative growth avenue in the global terahertz spectroscopy market.
Rising usage of products and tools in global terahertz spectroscopy market for testing and developing more efficient semiconductor circuits is also expected to boost the market in coming years. These tools can detect and effectively quantify the charge carriers in semiconductor materials in order to develop enhanced electronic circuits. Growing global semiconductor industry is expected to create various opportunities for global terahertz spectroscopy market in the near future. However, technologically advanced terahertz spectroscopy tools have higher functionality and are considered highly expensive. Instruments and equipment in global terahertz spectroscopy market used for industrial and electronic goods sectors have high cost of installation as well as the maintenance. This can hamper the growth of the global terahertz spectroscopy market in coming years.
Terahertz light lies sandwiched between the infrared and microwave parts of the electromagnetic spectrum. Terahertz finds application across an array of industries as it is safe, non-destructive, and fast. These properties makes it apt for inspection and imaging modalities. In recent years, wide ranging of terahertz spectroscopy has been witnessed across various industries due to its unparalleled sensing ability and its noninvasive and nonionizing properties.
Terahertz light showcases the potential to save lives, improve security, maintain food and drug standards, and make industry more efficient. Hence, it finds applications in non-invasive medical and dental diagnostics, characterization of electron carriers and metamaterials, drug discovery and formulation analysis of coatings and cores, homeland security and defense to detect and identify hidden explosives materials, screening people to detect metallic and non-metallic objects through clothing and other materials, investigation of contents of envelopes and paper packages without opening them, and detection of noxious or dangerous gases such as hydrogen cyanide and ammonia. It is also used in the photovoltaic (PV) industry for detection and imaging of cracks and defects buried in silicon, as well as for inspection and quality control of coatings used on crucibles for production. In the semiconductor industry, it enables high resolution fault isolation in advanced semiconductor packages and 3D imaging in integrated circuit devices.
The terahertz spectroscopy market is expected to witness double-digit expansion in the coming years. This can be attributed to factors such as technological advancements, favorable investments, funds and grants by government bodies worldwide, rising food safety concerns, increasing applications of terahertz spectroscopy as a screening technique in homeland security industry, its demonstrated potential in monitoring the quality of pharmaceutical drugs, and its use in the medical imaging of cancer and high value coatings used in automotive and other industries.
Regulatory bodies across industries have put forth various safety regulations (for instance, new international CGMP & CGDP certification for pharmaceutical excipients) to ensure quality specifications compliance, especially when new products are launched in the market. Terahertz spectroscopy technologies facilitate compliance with these regulations by allowing monitoring and measurement of samples. This is another pivotal factor that is likely to bolster demand for terahertz spectroscopy in the coming years.
In terms of application, the terahertz spectroscopy market can be divided into pharmaceutical industry (crystalline structure analysis of drugs, solid dosage-forms analysis of tablets, in-line measurement, and control of tablet coating thickness), medical imaging (oncology - detection of skin, mouth and epithelial cancers, and oral health care applications), homeland security (explosives and materials characterization, detection of noxious gases, personnel screening, mail screening), semiconductor industry, nondestructive evaluation/testing, material characterization, and solar industry.
Based on geography, the report on the terahertz spectroscopy market provides granular insights on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Key players operating in the global the terahertz spectroscopy market are TeraView, Ltd. (U.S.), Menlo Systems GmbH (Germany), Advanced Photonix, Inc. (U.S.), Toptica Photonix AG (Germany), Advantest Corporation (Japan), among others.
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