Artificial Intelligence Based Medical Imaging Market Is Estimated To Witness High Growth Owing To Opportunity Of Improved Diagnostic Accuracy

Artificial Intelligence (AI) based medical imaging helps radiologists and clinicians analyze medical images like CTs, MRIs, X-rays and mammograms. AI algorithms are trained on vast amounts of imaging data to help detect diseases and injuries earlier and more accurately. The technology integrates deep learning and artificial intelligence to provide computer aided detection and diagnosis. It has advantages like improved consistency by reducing human error, efficient handling of large volume of data and ability to detect subtle findings. The growing need for automated analysis of medical images due to shortage of specialists and increasing workload on radiologists is driving the demand for AI based medical imaging solutions.

The global Artificial Intelligence Based Medical Imaging Market is estimated to be valued at US$ 4 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The key opportunity for growth in the AI based medical imaging market is improved diagnostic accuracy. AI algorithms can analyze larger, more complex datasets, sometimes detecting subtle patterns that human doctors may miss. When AI systems are combined with human expertise, it can potentially improve disease detection rates. For example, AI has shown to be more accurate than humans in detecting breast cancer in mammograms and detecting skin cancer. Its use in predictive healthcare can also help identify patients who are at high risk of diseases, even before symptoms appear. This early detection improves disease management and outcomes. As more imaging data is fed into AI systems over time, their capability to detect diseases will continue improving at a faster rate than humans, further increasing their adoption in healthcare.

Porter's Analysis

Threat of new entrants: The threat of new entrants in the Dodecanedioic Acid market is moderate as it requires high capital investments to enter the market. However, new players can pose threat to existing players through product innovations.

Bargaining power of buyers: The bargaining power of buyers in the Dodecanedioic Acid market is moderate. Buyers have various suppliers to choose from which gives them moderate bargaining power.

Bargaining power of suppliers: The bargaining power of suppliers is high as suppliers have control over raw materials prices and supply. Substitutes can also limit supplier power.

Threat of new substitutes: Threat of substitutes is moderate as there are substitutes available for Dodecanedioic Acid in industrial applications.

Competitive rivalry: The competitive rivalry in the market is high due to presence of numerous international players.

SWOT Analysis

Strength: Growing demand from end use industries like resins, coatings, adhesives etc. Easy availability of raw materials.

Weakness: High raw material and production costs. Threat from substitutes.

Opportunity: Increasing R&D activities to develop new applications. Growing market in Asia Pacific.

Threats: Stringent environmental regulations. Volatility in raw material prices.

Key Takeaways

The global Dodecanedioic Acid market growth is expected to witness high growth over the forecast period of 2024-2031. The market size for 2024 is estimated to be US$ 720.37 Mn registering a CAGR of 8.9% during the forecast period.

Regional analysis: Asia Pacific dominates the global Dodecanedioic Acid market and is expected to maintain its dominance during the forecast period. China is the major producer and consumer of Dodecanedioic Acid accounting for over 35% of the global demand. Other major markets include India and Japan.

Key players: Key players operating in the Dodecanedioic Acid market include The Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd, Shriram Coconut Products Limited, Star Heritage Products, and Pulau Sambu Singapore Pte Ltd. These players are focused on expanding their production capacities and global footprint through strategic partnerships and collaborations.

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