3D Reconstruction Market Estimated To Witness High Growth Owing To Increased Adoption In Medical Applications
Market Overview:
3D reconstruction is the process of capturing the shape and appearance of real objects. It builds 3D models of objects from a series of images or other measurements taken from different angles around it in 2D or 3D. Major applications of 3D reconstruction include medical imaging, reverse engineering, culture heritage, industrial inspection, entertainment, security and surveillance, and civil engineering. It is widely used in medical imaging for diagnosis and planning various therapies such as orthopedic surgeries, cardiovascular procedures, dental procedures, neurosurgeries, and more.
Market Dynamics:
The growth of the 3D reconstruction market is driven by increased adoption of 3D reconstruction in medical imaging applications and increasing expenditure on healthcare globally. According to the World Health Organization (WHO), global health expenditure is expected to grow at an annual rate of 5.4% between 2015 and 2030. WHO estimates that the world will spend nearly US$ 8.7 trillion on healthcare by 2020. This rising healthcare spending is translating into greater adoption of advanced medical imaging technologies including 3D reconstruction. There has also been increasing demand from sectors such as entertainment, industrial inspection, architecture and security & surveillance, which is another major market driver. However, high costs of 3D imaging systems and lack of skilled professionals limit the market growth to some extent.
The global 3D Reconstruction Market Demand is estimated to be valued at US$ 1027.92 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
WOT Analysis
Strength: 3D reconstruction technology offers accuracy and reliability in data collection. It provides a complete virtual model of the object or environment captured. The technology also allows to collect large amounts of visual data efficiently.
Weakness: 3D reconstruction requires specialized and expensive hardware such as 3D scanners, cameras and software. The data processing can be complex and time consuming.
Opportunity: The healthcare industry is adopting 3D reconstruction for medical imaging and surgical planning. There is growth opportunity in architecture engineering and construction sector for creating virtual models of buildings and infrastructure. Autonomous vehicles also provide scope for 3D reconstruction to enable surroundings perception.
Threats: High initial investment and running costs pose threat for small businesses to adopt 3D reconstruction technology. Privacy issues related to data collection can restrict the growth. Rapid changes in technology can make existing solutions obsolete quickly.
Key Takeaways
The global 3D Reconstruction market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing demand from healthcare, AEC and automotive industries. Growing application of 3D scanning and modeling in product design and engineering is also fueling the market growth.
Regional analysis: North America dominated the global market in 2023 with market size of US$ 378.12 Mn accounting over 36% share due to presence of major players and strict regulations regarding 3D documentation. Asia Pacific is expected to be the fastest growing region exhibiting a CAGR of 10.2% during the forecast period owing to rapid industrialization and infrastructure growth in developing countries of the region.
Key players: Key players operating in the 3D Reconstruction market are Quorum Technologies Inc., Pix4D SA, Photometrix Ltd., Koninklijke Philips NV, Agisoft LLC, PhotoModeler Technologies, Intel Corporation, Faro Technologies Inc., Autodesk Inc., General Electric Company, and Vi3Dim Technologies. The companies are focusing on product innovations through investments in R&D and partnerships.
Read More: https://blogger-veritas.blogspot.com/2023/11/cloud-computing-is-fastest-growing_30.html
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