Healthcare Data Annotation Tools Market Key Trends and Forecast Report 2024-2033

"Exploring the Global Healthcare Data Annotation Tools Market: A Comprehensive Overview

Insights into Healthcare Data Annotation Tools Market: Global Trends and Analysis

Healthcare Data Annotation Tools Industry - Key Market Dynamics and Trends

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 29.0%. The growth in the historic period can be attributed to clinical trials and drug development, rising awareness of healthcare data quality, increasing volume of healthcare data, rise of artificial intelligence (ai) in healthcare, 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 growth in the forecast period can be attributed to expansion of telehealth services, increasing embrace of ai-driven healthcare solutions, growth in genomic data annotation, regulatory compliance requirements, continued digital transformation in healthcare. Major trends in the forecast period include digital transformation acceleration, integration of ai and machine learning, genomic data annotation, image annotation techniques, collaborative annotation platforms.

Market Overview -
Healthcare data annotation tools are software applications that enable the categorization and labeling of medical data for use in artificial intelligence (AI) applications. These tools are used to enrich data for training and deploying machine learning models in various healthcare applications, such as medical diagnosis and treatment.

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Telehealth's Influence On The Healthcare Data Annotation Tools Market
Increasing usage of telehealth is expected to propel the growth of the healthcare data annotation tools market in the coming years. Telehealth refers to the application of electronic information and telecommunication technologies to support long-distance clinical health care, patient and professional health-related education, health administration, and public health. Healthcare data annotation tools are used in telemedicine to accurately identify and categorize medical data, allowing for more effective evaluation, therapy planning, and remote patient monitoring. For instance, in February 2023, according to a survey conducted by Rock Health, a US-based health technology company, in a survey of 8,014 respondents, 76% of people over the age of 55 have used telemedicine, and 80% of all respondents reported having accessed care via telemedicine at some point in their lives, up 8% from 72% in 2021. Therefore, increasing usage of telehealth is driving the healthcare data annotation tools market.

Competitive Landscape -
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

Advancements In AI And Machine Learning Healthcare Data Annotation Tools
Major companies operating in healthcare data annotation tools are focused on developing new technological solutions, such as AI-based healthcare data annotation tools, to assist in speeding up the annotation of videos for AI development. AI-based healthcare data annotation tools are software solutions that leverage artificial intelligence (AI) technologies to annotate and label healthcare-related data. For instance, in August 2023, iMerit Technology, a US-based artificial intelligence (AI) data solutions company, launched Ango Hub, an end-to-end enterprise-grade technology platform designed to deliver a full suite of data annotation tools for AI and analytics on a single platform. This platform is designed to deliver a full suite of data annotation services, leveraging automation at every stage, from data preparation and selection to workflow design, specific annotation tools, quality assurance, and reporting. Ango Hub has been used for medical image annotation. iMerit's Ango Hub is a new purpose-built app based on a generative AI framework designed to expedite development in important vertical areas such as medical artificial intelligence.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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