The use of THz radiation as a potential tool for medical imaging is of increasing interest. In this paper three methods of analysis of THz spectroscopic information for diagnosis of tissue pathologies at THz frequencies are presented. The frequency-dependent absorption coefficients, refractive indices and Debye relaxation times of pure water and pure lipids were measured and used as prior knowledge in the different theoretical methods for the determination of concentration. Three concentration analysis methods were investigated: (a) linear spectral decomposition, (b) spectrally averaged dielectric coefficient method and (c) the Debye relaxation coefficient method. These methods were validated on water and lipid emulsions by determining the concentrations of phantom chromophores and comparing to the known composition. The accuracy and resolution of each method were determined to assess the potential of each method as a tool for medical diagnosis at THz frequencies.