Terahertz and Infrared Spectroscopy Market size is estimated to be $1.1 billion in 2019, growing at a CAGR of 20.3% during the forecast period 2020-2025.Technological advancements and growing innovation regarding security concern in airport, baggage screening, food inspection and rise in cancer is a significant factor contributing to its market growth. Terahertz radiation occupies a relatively unexplored portion of the electromagnetic spectrum between the mid-infrared and microwave bands, offering innovative sensing and imaging technologies that can provide information unavailable through methods such as microwave and X-ray techniques. With the advancement of THz technologies, THz sensing and imaging impacted a broad range of interdisciplinary fields, including chemical and biological detection and identification. In addition THz radiation offers opportunity for transformational advances in defense and security. Moreover, with the aid of THz imagers, industrial customers can detect any sign of infection such as Aspergillus flavus and Aspergillus parasiticus which exclude the extremely dangerous carcinogen Aflatoxins B1 thereby increasing opportunities of terahertz and infrared spectroscopy in food and inspection during the forecast period 2020-2025.
- The Near-Infrared accounted for the largest market share in 2019 as it is portable and inexpensive device for functional neuroimaging.
- Semiconductor is the dominant end user vertical of terahertz and infrared spectroscopy market in 2019 owing to its benefits in pharmaceutical and biomedical.
- North America dominated terahertz and infrared spectroscopy market in 2019 owing to the technological development, improved industrial infrastructure, presence of major players and a higher rate of adoption of new technologies in the region.
- Technological advancements and growing innovation in terahertz serves as a significant factor for its market growth.
By Type- Segment Analysis
By Type the Terahertz and Infrared Spectroscopy Market is segmented into Near-Infrared, Mid-Infrared and Far-Infrared. Among these the Near-Infrared accounted for the largest market share in 2019 as it is portable and inexpensive device for functional neuroimaging comparable to electroencephalography (EEG) as opposed to fMRI opposition, positron emission tomography (PET) and magnetoencephy (MEG).Furthermore, near-infrared photoimmunotheraphy uses and antibody photo absorber conjugate that bind to cancer cells. In addition when near-infrared is applied, the cells swell and then burst, causing the cancer cell to die. Furthermore, photoimmunotheraphy is in clinical trials in patients with inoperable tumors. Therefore, the growing number of cancer patients and the use of near-infrared to treat them are boosting its market growth. Furthermore, the use of vibrational spectroscopy to determine the chemical speciation and intermolecular interaction in laboratory studies is contributing to its market growth.
By Application- Segment Analysis
Semiconductor segment is the poised to be the fastest growing application projected to grow with a CAGR of 18.6% during the forecast period 2020-2025.According to article published in April 2018, researchers team demonstrate terahertz semiconductor laser with record high-output power. Furthermore, this radiation can penetrate common packaging materials such as plastic, fabric and cardboard and are also remarkably effective in optical sensing and analysis of a wide variety of chemicals thereby driving its market growth. Moreover, the Pharmaceutical and Biomedical accounted for a major market share owing to increasing women population, exposure to harmful infrared radiation which serves as an opportunity for real-time breast cancer cell detection using terahertz. Furthermore, the use electromagnetic fields in telecommunication are contributing to its market growth.
Geography- Segment Analysis
In 2019, North America is estimated to be the dominant region accounting for 39% of the Terahertz and Infrared Spectroscopy market share, owing to the technological development, improved industrial infrastructure, presence of major players and a higher rate of adoption of new technologies in the region. Moreover Terahertz and Infrared Spectroscopy in APAC is expected to grow at highest rate during the forecast period 2020-2025 owing to the rising government initiatives, funding and collaboration with major key players
Drivers – Terahertz and Infrared Spectroscopy Market
- Increased Demand of Security Screening System
With the increasing number of violence all over the world, airports are now using terahertz imaging technology for security. In addition it is being used in luggage scanning and image scanning which serves as an important factor for its market growth. Furthermore, it is designed for inspecting flat objects such as envelope, letters and small packages, terahertz represents and infrared spectroscopy represents a brand new approach to mail screening in terms of safety, accessibility and detection.
- Technological Advancements In Terahertz
Technological advancements and growing innovation in terahertz serves as a significant factor for its market growth. Development of real-time breast cancer cell-detection using terahertz is contributing to its market growth. Use of a single-frequency terahertz imaging to distinguish cancer cells vs non-cancerous cell and the potential to reduce repetitive surgeries to verify complete tumor removal and minimize tissue removed is driving the market during the forecast period 2020-2025.Moreover, according to the American Institute of Cancer Research breast cancer is the most commonly occurring cancer among women and the second most cancer overall.
Challenges – Terahertz and Infrared Spectroscopy Market
- High Cost Of Equipment
High Cost of Equipment serves as a setback for the growth of Terahertz and Infrared Spectroscopy Market during the forecast period 2020-2025.As it contain cameras, scanners, detectors, sources and image scanning system eventually increasing its overall cost. Therefore high cost of equipment disrupts the market growth during the forecast period 2020-2025.
Terahertz and Infrared Spectroscopy Market Industry Outlook
Product Launches, Merger & Acquistion, joint ventures and R&D activities are key strategies adopted by the players in the Terahertz and Infrared Spectroscopy Market. Terahertz and Infrared Spectroscopy Market top 10 companies are Qualcomm Technologies Inc, Advanced Photonix Inc, Menlo System GmBH, QMC Instruments Ltd, Teraview, Luna Innovations, Toptica Photonics, Thermo Fisher Scientific, Bruker and Agilent Technologies.
- 2019: Qualcomm launched a 5G NR which enabled smartphones, tablets always connected PCs and CPEs deliver new and enhanced mobile experiences.