3D Imaging Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2021
Albany, NY -- (SBWIRE) -- 05/02/2018 -- The global 3D imaging market depicts a vendor landscape characterized by a highly intense competition present between individual players, says Transparency Market Research on the basis of a report compiled by expert analysts. The landscape has a substantially consolidated nature owing to the presence of few well-established and popular businesses. Participating in mergers & acquisitions, facilitating product differentiation, and expanding product portfolios are three chief strategies implemented by most players operating in the global 3D imaging market.
With numerous new players entering this scenario in the next few years, the competition is likely to get more intense. Lockheed Martin Corporation, Hewlett-Packard Corporation, Philips Healthcare, Microsoft Corporation, Google Inc., Panasonic Corporation, and GE Healthcare are key players operating in the global 3D imaging market.
The global 3D imaging market is expected to grow at meteoric CAGR of 26.8% achieved during the forecast period ranging from 2015-2021. The market is estimated to clock a revenue worth US$17.99 bn by the year 2021, which is a mammoth increase from an initial revenue of US$3.51 bn registered in 2014.
Mushrooming Healthcare Sector Stokes Market Growth
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A widespread use of 3D imaging technology in healthcare and automotive industry is primarily driving the global 3D imaging market to achieve immense growth. Especially in the healthcare sector, individual domains such as surgery, research, diagnosis of diseases, and provision of treatment employ extensive use of 3D imaging technologies. Rising prevalence of cancer, heart diseases, complex surgeries, and several other ailments has stoked the demand for efficient techniques in the healthcare sector, wherein diagnosis and treatment of the diseases does not require much effort. 3D imaging being one such technology that has proven to be highly useful aid in the field of medicine. Hence, the rising percentage of above-described diseases is notably propelling the market's growth. Besides healthcare, 3D imaging is a highly helpful in terms of designing various gadgets, automobiles, robots, drones, and other related technologies. A positive growth observed to occur in these industries is also notably fueling the global 3D market's growth.
Lack of Skilled Workforce Dampens Expansion Rate
However, high costs required for initial set up of the 3D imaging equipment might discourage small-scale businesses with limited funding to operate in this market, thus hindering its growth. Lack of skilled workforce as well as less awareness about the use of such equipment also poses as prime hindrance to the global 3D imaging market's growth. Nevertheless, cost-effective innovative valve variations are being introduced by numerous businesses operating in the market, which is further expected to offset some of the restraints acting on the global 3D imaging market.
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