high-resolution visualization features of 3D imaging technology have made it an
essential part of the production process and quality control applications in
various industries including medical, defense, entertainment, security and
surveillance, automation, construction, architecture, media and entertainment,
and others. Among these, 3D imaging technology is gaining significant traction
from industrial automation owing to its usage in robotics and machine vision
applications. With the emergence of Industry 4.0 revolution, there is an
increase in the adoption of robots by manufacturers for deploying automation
processes. To stay ahead of the curve, manufacturers are harnessing the power
of 3D imaging to enable robots with the skill of bin picking, object tracking,
and product profiling without any human intervention. Moreover, with the
augmenting production of complex, compact, and technologically advanced
products, the product quality inspection is not feasible with the traditional
machine vision technologies. Thus, the machine vision systems are integrated
with 3D imaging technology to procure faster and accurate quality control and
inspection of products and components irrespective of their complexity and
size. Owing to potentially transformative applications for 3D imaging in
robotics and automation, the global 3D imaging market is growing at a thriving
rate. Moreover, according to the International Federation of Robotics (IFR),
more than 3 million industrial robots will be deployed in factories as a
consequence of Industry 4.0 revolution, around the world by 2020. Thus, the
booming industrial automation market, which can be easily fathomed from the
statistics mentioned above by IFR, is expected to create lucrative
opportunities for the global 3D imaging market.
The global 3D Imaging Market value attained an impressive
mark of $7.5 billion in 2018, and the demand is anticipated to propel at a
remarkable CAGR of 22.4%, during the forecast period 2019-2025.
Additionally, there is an escalating demand in the 3D
imaging market on account of the various applications of 3D imaging in the
media and entertainment industry. The high demand for 3D movies, 3D
televisions, and videogames have raised the need for 3D imaging to create image
depth and binocular stereoscopy in movies and videogames. According to the latest
entertainment and media statistics published by SelectUSA, a program led by the
U.S. Department of Commerce, the U.S. media and entertainment industry was
valued at $735 billion in 2017, and it is expected to reach more than $830
billion by 2022. Thus, the flourishing media and entertainment industry is
fuelling the growth of the 3D imaging market.
3D Imaging Market Gaining Maximum Growth from the North
Geographically, North America held the maximum share in
the global 3D imaging market with a demand share of 33.8% in 2018. The
increasing adoption of 3D imaging technologies by the healthcare industry in
the high economic countries such as the U.S. and Canada is the prime reason
behind the boisterous rate of regional growth. Moreover, the healthcare
industry in this region is accelerating at high speed, which can be fathomed
from the statistics by SelectUSA, according to which the U.S. remains the
largest healthcare technology market in the world valued at $156 billion, in
2017 and it is expected to reach $208 billion by 2023. Thus, the booming health
care industry has aided the growth of the 3D imaging market in North America.
Furthermore, the use of 3D imaging in the gaming sector in the U.S. has also
promoted the growth of the market for 3D imaging in North America. As the
leading form of entertainment today, video games became an integral part of
American culture. Over 166 million adults in the United States play video
games, resulting in a total video game sales around $43.4 billion in 2018,
according to the Entertainment Software Association. These factors have
rendered North America with maximum market share and are expected to secure the
dominance of this region throughout the forecast period.
Healthcare Sector to Emerge as Leading Application
Segment in the 3D Imaging Market—
Based on application, the 3D imaging market is segmented
into gaming, industrial, healthcare, automotive, aerospace and defense, and
others. Among this healthcare, the segment is expected to generate maximum
revenues to the market. This is mainly attributed to the fact that 3D imaging
has numerous applications in the healthcare and medical industry. 3D imaging
facilitates diagnoses, treatment, and surgical planning and increases clinical
productivity. It helps the physicians to capture images at multiple angles and
display tissues at different depths along with enhanced resolutions and more
intricate details to provide a better understanding of the patient condition.
Other beneficial features of 3D imaging are it decreases exploratory surgery,
minimizes operation time, facilitates comprehensive visibility for diagnosis,
and reduces the risk of complications.
Moreover, the integration of medical systems with
telesurgery and picture archiving and communication system (PACS) have fueled
the adoption of 3D imaging technology in the pharmaceutical industry. Thus, the
technological advancements, coupled with the rising awareness about the
aforementioned benefits of this technology, has stimulated the 3D imaging market
growth. Therefore, the thriving healthcare industry is anticipated to propel
the growth of the 3D imaging market. Thus, the key application segment is
poised to prosper at a notable CAGR of 24.8%, during the forecast period.
Imaging Market Companies:
The prominent companies in the that are striving to build
their brand name in the 3D imaging market are Agilent Technologies, Able
Software Corporation, Frontop Digital Technology Co., Google Inc., GE
Healthcare Company, Konica Minolta Inc., Apple Inc., and Lockheed Martin
Corporation. These key players are adopting business strategies such as
mergers, acquisitions, expansions, product launches, partnerships, and joint
ventures, to sustain competition and increase their market share.
· Konica Minolta Inc. has partnered with STEAMtrax, a 3D printing solutions provider. This partnership is intended to facilitate 3D printing technology integrated with the engineering curriculum and hands-on science to all the educational institutes in North America.
· Lockheed Martin recently launched drone software, “Hydra Fusion Tools Drone Software” that enables drones to form 3D terrain maps in real-time and provides tactical information and mapping data of inaccessible areas.
Other companies operating in the market include Mazor
Robotics Ltd., North Grumman Corporation, Panasonic Corporation, Tomtech
Imaging Systems GmbH, Sony Corporation, Visage Imaging Inc., and Zebra Imaging.
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