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Terahertz & Infrared Spectroscopy Market - By Type , By Technology , By Application , By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030
Terahertz & Infrared Spectroscopy Market Overview
The Terahertz & Infrared Spectroscopy Market Size is forecast to reach $ 8051 Million by 2030, at a CAGR of 22.10% during forecast period 2024-2030. Terahertz spectroscopy is used to detect and control the properties of matter by using electromagnetic fields with frequencies between 100 GHz and 10 THz. Meanwhile, Infrared Spectroscopy, also known as vibrational spectroscopy uses infrared radiation to measure their interaction with matter through absorption, reflection, or emission. The various types of Terahertz & Infrared Spectroscopy include Near-Infrared, Mid-Infrared, and Far-Infrared. They can be implemented for numerous applications in Semiconductor, Pharmaceutical, and Biomedical industries. The technological advancements in the industry and their growing applications in airport security are driving the market during the forecast period. However, the high cost of the equipment acts as a major challenge for the Terahertz & Infrared Spectroscopy industry.
Report Coverage:
The report: “Terahertz & Infrared Spectroscopy Market Forecast (2024-2030)”, by Industry ARC, covers an in-depth analysis of the following segments of the Terahertz & Infrared Spectroscopy Market.
By Type: Near-Infrared, Mid-Infrared, and Far-Infrared.
By Technology: Benchtop, Microscopy, Portable & Handheld, and Hyphenated.
By Application: Semiconductor, Pharmaceutical and Biomedical, Non-Destructive Testing, Defense and Security Applications, Quality Inspection, and Others.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America) and Rest of World (the Middle East and Africa).
Key Takeaways
- Geographically, the North American Terahertz & Infrared Spectroscopy market accounted for the largest share in 2021 owing to the well-developed industrial infrastructure and growing adoption rate of the technology in the region.
- The rising R&D in the sector is driving the market during the forecast period. However, the low awareness and penetration of the technology in developing regions is a challenge that can hamper growth.
- Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Terahertz & Infrared Spectroscopy Market Report.
Terahertz & Infrared Spectroscopy Market Segment Analysis-By Type
Based on Type, the Terahertz & Infrared Spectroscopy Market can be segmented into Near-Infrared, Mid-Infrared, and Far-Infrared. The Near-Infrared segment is anticipated to have the largest share of the market in 2021 and is poised to dominate the market during the forecast period 2022-2027. This is attributed to their high penetration depth and easy handling, which enables them to be used for multiple applications such as quality inspection of pharmaceutical, chemical, or agricultural products, process inspections in the food industry, or the identification of composite materials. Moreover, Near-Infrared can also be used for other applications such as functional neuroimaging and cancer treatment. The Near-Infrared segment is also projected to grow the fastest at a CAGR of 22.5% owing to their various advantages over the Mid-Infrared segment. For instance, the higher penetration offered by Near-infrared compared to Mid-Infrared eliminates the need for sample pre-treatment.
Terahertz & Infrared Spectroscopy Market Segment Analysis-By Application
The Terahertz & Infrared Spectroscopy Market based on Application can be further segmented into Semiconductor, Pharmaceutical and Biomedical, Non-Destructive Testing, Defense and Security Applications, Quality Inspection, and Others. The Pharmaceutical and Biomedical applications segment accounted for the largest share of the market in 2021 owing to the rapid rise in global cancer patients. Terahertz spectroscopy is used for differentiating tissue types of excised breast cancer tumors. Moreover, by using frequencies between 0.1THz and 4THz, they can be used for the detection of various tumor tissue types such as infiltrating ductal or lobular carcinomas, fibro-glandular and fat tissues. However, the Semiconductor segment is anticipated to witness the fastest growth at a CAGR of 22.7% during the forecast period 2022-2027 owing to the system’s ability to propagate a THz pulse through a semiconductor sample and measure the transmitted and reflected fields as a function of time.
Terahertz & Infrared Spectroscopy Segment Analysis-By Geography
The Terahertz & Infrared Spectroscopy Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the Terahertz & Infrared Spectroscopy market during the forecast period 2022-2027 with a market share of 36% owing to the rapid technological advancements, high public and private R&D expenditure, well-developed industrial infrastructure, and high adoption rate of innovative technologies in the region. Moreover, the presence of key industrial players in the region such as Qualcomm Technologies, Advanced Photonix, Luna Innovations, and Thermo Fisher Scientific enables higher innovation, lower costs and greater options for the end-user industries. However, the Asia Pacific region is predicted to register the fastest growth owing to the growth in government initiatives and funding in major emerging economies such as China and India.
Terahertz & Infrared Spectroscopy Market Drivers
Increase in Prevalence of Breast Cancer is Projected to Drive Market Growth.
It is projected that around 281,550 women in the US will be diagnosed with invasive breast cancer, and 49,290 women will be diagnosed with non-invasive breast cancer in 2021. Moreover, the disease will lead to more than 44,130 deaths in the US in 2021. According to the World Health Organization (WHO), there were more than 2.3 million women diagnosed with breast cancer and 685 000 breast cancer-related deaths globally in 2020. The total number of women living with breast cancer reached 7.8 million, making it the world’s most common cancer. This is driving the market as Terahertz spectroscopy can be used for the early detection of breast cancer.
The rise in Demand for Airport Security is Anticipated to Boost Product Demand.
The increase in cases of airport security breaches and smuggling activities is driving the market for Terahertz & Infrared Spectroscopy equipment owing to their ability to use very low levels of non-ionizing radiation to detect hidden objects in clothing, packing materials, and envelopes. Furthermore, they can also be used to detect plastic explosives, chemical agents, and biological weapons. These substances cannot be detected through traditional X-ray machines, thereby increasing security. Besides, their high penetration capabilities also help detect gold smuggling. This is further contributing to the growth as the instances of gold smuggling through airports increased by 207% between 2016-17 and 2019-2020 in India. The volume of gold seized from airports rose from 921 Kg in 2016-17 to around 2,829 kg in 2019-20.
Terahertz & Infrared Spectroscopy Market Challenges
The High Cost of Equipment is Anticipated to Hamper Market Growth.
The high cost of equipment causes a significant challenge for the growth of the Terahertz & Infrared Spectroscopy market during the forecast period. This is owing to the fact that terahertz spectroscopy equipment consists of highly sensitive and expensive cameras, scanners, detectors, and emitters. Even the low-end systems can reach well above $100,000. For instance, the TAS7400 Series low-cost all-purpose spectroscopic systems can cost up to $167,000. Apart from the high initial investment costs, the of training employees regarding the new technology is also high as they are complicated systems. This leads to a rise in employee training costs in healthcare facilities and airports, which further decreases the demand.
Covid-19 Pandemic and Subsequent Restrictions is Projected to Limit Growth Opportunities
The rapid spread of the Covid-19 virus and the increased cases of hospitalizations have led to healthcare facilities diverting their funds towards procuring emergency supplies such as ventilators, oxygen concentrators, PPE kits, ICU beds, and essential drugs in order to treat Covid-19 patients. The straining of the global healthcare sector is leading to a reduction in investments by these facilities in other departments such as oncology. This is reducing the demand for Terahertz & Infrared Spectroscopy as they are used to diagnose some cancers. Moreover, a large number of people are canceling their scheduled screening appointments owing to the fear of contracting the virus from the hospital environment. Furthermore, the restrictions imposed by global governments to curb the pandemic has also severely limited international air travel. This is reducing the demand for enhancing airport security.
Terahertz & Infrared Spectroscopy Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are the key strategies adopted by players in the Terahertz and Infrared Spectroscopy Market. The Top 10 companies in of the industry include:
- Qualcomm Technologies Inc
- Advanced Photonix Inc
- Menlo System GmBH
- QMC Instruments Ltd
- Teraview
- Luna Innovations
- Toptica Photonics
- Thermo Fisher Scientific
- Bruker
- Agilent Technologies
Partnerships/Product Launches:
- In March 2020, TrinamiX announced the launch of their mobile near-infrared spectroscopy solution. TrinamiX offers all the necessary competencies in a single, handheld device, thereby enhancing mobility and robustness. Applications of the new system range from agriculture to food and beverage testing as well as chemical and industrial processes.
- In September 2019, Bruker announced the launch of the nanoIR3-s Broadband nanoscale FTIR spectroscopy system. This new system combines Bruker’s high-performance nanoIR3-s s-SNOM (scattering Scanning Near-field Optical Microscopy) based platform with the most advanced femtosecond IR laser technology.
Key Market Players:
The Top 5 companies in the Terahertz & Infrared Spectroscopy Market are:
- Agilent Technologies
- PerkinElmer
- Bruker
- HORIBA
- JASCO
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