Healthcare Data Annotation Tools Global Market Report 2024

The healthcare data annotation tools market size has grown exponentially in recent years. It will grow from $0.19 billion in 2023 to $0.25 billion in 2024 at a compound annual growth rate (CAGR) of 29%. The historical growth in the industry can be attributed to various factors, including the emphasis on clinical trials and drug development, a heightened awareness of the importance of healthcare data quality, an increase in the volume of healthcare data, and the growing integration of artificial intelligence (AI) in healthcare, particularly in the context of clinical trials and drug development.

The healthcare data annotation tools market size is expected to see exponential growth in the next few years. It will grow to $0.67 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of telehealth services, a widespread adoption of AI-driven healthcare solutions, increased demand for genomic data annotation, the imperative of regulatory compliance requirements, and the ongoing digital transformation in the healthcare sector. Key trends expected in this period encompass the acceleration of digital transformation, the integration of AI and machine learning technologies, advancements in genomic data annotation, the development of image annotation techniques, and the emergence of collaborative annotation platforms.

The growing adoption of telehealth is poised to propel the expansion of the healthcare data annotation tools market. Telehealth, which utilizes electronic information and telecommunication technologies to support remote clinical healthcare, patient education, and health administration, is witnessing increased utilization across various demographics. Healthcare data annotation tools play a crucial role in telemedicine by accurately identifying and categorizing medical data, facilitating efficient evaluation, therapy planning, and remote patient monitoring. As per a survey conducted by Rock Health in February 2023, a significant portion of respondents, including 76% of individuals over the age of 55, have utilized telemedicine services. This widespread adoption of telehealth is driving demand for healthcare data annotation tools.

Key players in the healthcare data annotation tools market are concentrating on the development of innovative technological solutions, particularly AI-based healthcare data annotation tools, to streamline the annotation process for AI development. These AI-powered tools leverage artificial intelligence technologies to annotate and label healthcare-related data accurately. For example, iMerit Technology introduced Ango Hub in August 2023, an end-to-end enterprise-grade technology platform that offers a comprehensive suite of data annotation tools for AI and analytics. Ango Hub leverages automation across various stages, including data preparation, workflow design, annotation tools, quality assurance, and reporting, to expedite the development of AI applications. Notably, Ango Hub has been deployed for medical image annotation, showcasing its effectiveness in accelerating development efforts in crucial verticals such as medical artificial intelligence. By offering advanced AI-based annotation capabilities, companies such as iMerit are contributing to the growth and advancement of the healthcare data annotation tools market.

In July 2021, TELUS International, a prominent Canadian company known for its expertise in data annotation and labeling, finalized the acquisition of Playment for an undisclosed sum. This strategic move significantly augments TELUS International's capabilities to meet the increasing demand for diverse datasets essential for artificial intelligence applications. Additionally, the acquisition reinforces TELUS International's standing in the international data annotation sector. Playment, based in India, operates as a platform for data annotation, specializing in providing services to sectors such as healthcare and others.

Major companies operating in the healthcare data annotation tools market report are Infosys BPM, iMerit Technology, Appen Limited, Scale AI, Hive AI, CloudFactory Limited, Turing, Capestart, Anolytics, Innodata, Cogito Tech LLC, Defined.ai, Shaip, Sama AI, Explorium, Labelbox, Alegion AI, Inc, SuperAnnotate LLC, Label Your Data, Lynxcare, Playment, V7, Trillbit, NetraMark Corp, Keymakr Inc, Dataloop AI, Kotwel, Haidata.

Asia-Pacific was the largest region in the healthcare data annotation tools market in 2023. The regions covered in the healthcare data annotation tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the healthcare data annotation tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Healthcare data annotation tools refer to software applications designed for categorizing and labeling medical data to support artificial intelligence (AI) applications. These tools play a crucial role in enhancing data for the training and deployment of machine learning models in various healthcare applications, including medical diagnosis and treatment.

The primary types of healthcare data annotation tools encompass text, image, video, and audio annotation. Text data annotation involves labeling specific information within medical texts, such as medical conditions, treatments, and symptoms, to generate labeled datasets used in training Natural Language Processing (NLP) models within the healthcare domain. These technologies are broadly classified into manual, semi-supervised, and automatic methods and find applications in various areas, including virtual assistants, conversational bots, diagnostic support, drug development processes, robotic surgery, and managing medical documents. End users of these tools span across hospitals, diagnostic imaging centers, healthcare technology companies, and other relevant entities.

The healthcare data annotation tools research report is one of a series of new reports that provides healthcare data annotation tools market statistics, including the healthcare data annotation tools industry's global market size, regional shares, competitors with an Healthcare data annotation tools market share, detailed healthcare data annotation tools market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare data annotation tools industry. This healthcare data annotation tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The healthcare data annotation tools market consists of the revenues earned by entities by providing services such as medical data annotation, dataset management, workforce management, accuracy assurance, smart interpolation, and continuous monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. The healthcare data annotation tools market also includes sales of monitors, annotation devices, and medical IoT products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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