What Fueled The Previous Growth In The Healthcare Data Annotation Tools Market?
The healthcare data annotation tools market has seen considerable growth due to a variety of factors.
• In recent times, the market size for healthcare data annotation tools has seen significant growth. It is projected to increase from $0.25 billion in 2024 to $0.31 billion in 2025, with a compound annual growth rate (CAGR) of 28.3%.
Factors that contributed to the growth during the historical period include clinical trials and drug development, heightened awareness of healthcare data quality, the surge in the volume of healthcare data, the emergence of artificial intelligence (AI) in healthcare, and advances in clinical trials and drug development.
What Is The Expected Growth In The Healthcare Data Annotation Tools Market Size Evolve over the Forecast Period?
The healthcare data annotation tools market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for healthcare data annotation tools is projected to experience rapid growth in the next several years. Its growth is expected to reach $0.86 billion by 2029, with a compound annual growth rate (CAGR) of 28.4%.
The growth during this forecasted period can be credited to the expansion of telehealth services, increased adoption of AI-based healthcare solutions, the rise in genomic data annotation, regulatory compliance obligations, and the incessant digital transformation in healthcare. Key trends anticipated within this timeframe involve the acceleration of digital transformation, the merger of AI and machine learning, genomic data annotation, image annotation methods, and cooperative annotation platforms.
What Main Forces Are Fueling Expansion In The Healthcare Data Annotation Tools Market?
The escalating use of telehealth is projected to drive the future growth of the healthcare data annotation tools market. Telehealth is the use of electronic information and telecommunication tools to facilitate remote clinical healthcare, health-related education for professionals and patients, health administration, and public health. Telehealth utilizes healthcare data annotation tools to accurately identify and categorize medical data. This allows for improved assessment, therapy planning, and patient monitoring from a distance. For example, the Health Information National Trends Survey (HINTS), a US government agency, reported in January 2024 that around 40% of US adults used telehealth services in 2022, although significant accessibility challenges persist. Hence, the growing use of telehealth is propelling the healthcare data annotation tools market.
What Are The Primary Segments In The Global Healthcare Data Annotation Tools Market?
The healthcare data annotation tools market covered in this report is segmented –
1) By Type: Text, Image And Video, Audio
2) By Technology: Manual, Semi-Supervised, Automatic
3) By Application: Virtual Assistants, Conversational Bots, Diagnostic Support, Drug Development Process, Robotic Surgery, Medical Documents
4) By End-User: Hospitals, Diagnostic Imaging Centers, Healthcare Technology Companies, Other End-Users
Subsegments:
1) By Text: Natural Language Processing (NLP) Annotation, Entity Recognition, Text Classification, Sentiment Analysis
2) By Image and Video: Medical Image Labeling, Object Detection, Semantic Segmentation, Video Frame Annotation
3) By Audio: Speech Recognition Annotation, Voice Data Labeling, Audio Transcription, Speaker Identification
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What Trends Are Reshaping The Future Of The Healthcare Data Annotation Tools Market?
Key players in the healthcare data annotation tools industry are zeroing in on creating novel technology-based solutions, such as AI-empowered healthcare data annotation tools, which aid in hastening the video annotation process for AI progression. These AI-based tools for healthcare data annotation are software solutions employing AI technology to label and annotate data related to healthcare. As an illustration, iMerit Technology, an American company specializing in AI data solutions, introduced Ango Hub in August 2023. This comprehensive enterprise-standard technology platform is aimed at providing an all-inclusive range of data annotation tools for AI and analytics on a unified platform. The platform offers a comprehensive array of data annotation services with an emphasis on automation at every juncture, including data preparation and selection through to workflow design, particular annotation tools, quality control, and reporting. Ango Hub has found use in medical image annotation. The app, Ango Hub, is a newly designed offering by iMerit, built on a generative AI framework and is intended to accelerate development in vital sectors like medical AI.
Who Are the Key Players In The Healthcare Data Annotation Tools Market?
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
• Analytics
• Innodata
• Cogito Tech LLC
• Defined.ai
• Shaip
• Sama AI
• Explorium
• Labelbox
• Alegion AIInc
• SuperAnnotate LLC
• Label Your Data
• Lynxcare
• Playment
• V7
• Trillbit
• NetraMark Corp
• Keymakr Inc
• Dataloop AI
• Kotwel
• Haidata
What Is The Most Dominant Region In The Healthcare Data Annotation Tools Market?
Asia-Pacific was the largest region in the healthcare data annotation tools market in 2024. 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.
