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Healthcare Data Annotation Tools Market Growing Demand, Top Trends, Key Drivers, Companies And Forecast To 2033
Healthcare Data Annotation Tools Market
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Healthcare Data Annotation Tools Market 2024 Key Insights:
• The healthcare data annotation tools market is expected to grow to $0.67 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%.
• Telehealth's Influence On The Healthcare Data Annotation Tools Market
• Advancements In AI And Machine Learning Healthcare Data Annotation Tools
• Asia-Pacific was the largest region in the healthcare data annotation tools market in 2023
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