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Telehealth's Influence On The Healthcare Data Annotation Tools Market: Powering Innovation and Expansion in the Healthcare Data Annotation Tools Market by 2025
Healthcare Data Annotation Tools
What Is the Expected CAGR for the Healthcare Data Annotation Tools Market Through 2025?
The market size for healthcare data annotation tools has seen exponential growth in the past few years. It is projected to escalate from $0.25 billion in 2024 to approximately $0.31 billion by 2025, boasting a compound annual growth rate (CAGR) of 28.3%. Factors like ongoing clinical trials and drug development, heightened consciousness about healthcare data quality, a surge in healthcare data volume, and the emergence of artificial intelligence in the healthcare sector have contributed to the growth observed during the historic span.
What's the Projected Size of the Global Healthcare Data Annotation Tools Market by 2029?
The market size for healthcare data annotation tools is predicted to witness significant growth in the coming years, inflating to $0.86 billion by 2029 with an annual compound growth rate (CAGR) of 28.4%. This surge during the projection period can be credited to the proliferation of telehealth services, growing adoption of AI-enabled healthcare solutions, the upsurge in genomic data annotation, regulatory compliance needs, and ongoing digital transformation in the healthcare sector. Major anticipated trends during this period involve the hastening of digital transformation, the merge of AI and machine learning, genomic data annotation, image annotation methods, and cooperative annotation platforms.
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Top Growth Drivers in the Healthcare Data Annotation Tools Industry: What's Accelerating the Market?
The upward trend in telehealth utilization is predicted to fuel the expansion of the healthcare data annotation tools market in the foreseeable future. Telehealth involves leveraging electronic information and telecommunication tools to facilitate remote health care, health-related education for both patients and professionals, health administration, and public health. In the context of telemedicine, these data annotation tools for healthcare play a vital role in identifying and classifying medical data precisely, thereby enabling more efficient assessment, treatment planning, and remote monitoring of patients. As an illustration, the Health Information National Trends Survey (HINTS), a United States-based government body, reported in 2024 that nearly 40% of US adults made use of telehealth facilities in 2022, although considerable access obstacles still exist. As a consequence, the rising adoption of telehealth services is steering the growth of the healthcare data annotation tools market.
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What Trends Will Shape the Healthcare Data Annotation Tools Market Through 2029 and Beyond?
Top-tier companies in the healthcare data annotation tools market are concentrating on creating innovative tech solutions like AI-based healthcare data annotation tools to hasten the process of annotating videos for AI growth. Such tools are software systems that employ AI technologies to label and annotate data germane to healthcare. For instance, in August 2023, iMerit Technology, an AI data solutions firm based in the US, unveiled Ango Hub. This comprehensive enterprise-level tech platform is specifically structured to provide a complete range of data annotation tools for AI and analytics, all on one platform. The platform offers end-to-end data annotation services, incorporating automation at every phase- from data compilation and selection to workflow architecture, unique annotation tools, quality check, and reporting. Ango Hub has found applications in medical image annotation. Ango Hub by iMerit is a newly developed app, constructed on a generative AI framework aimed to accelerate development in critical sectors like medical AI.
What Are the Main Segments in the 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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Which Top Companies are Driving Growth 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 AI, Inc, SuperAnnotate LLC, Label Your Data, Lynxcare, Playment, V7, Trillbit, NetraMark Corp, Keymakr Inc, Dataloop AI, Kotwel, Haidata
Which Regions Will Dominate the Healthcare Data Annotation Tools Market Through 2029?
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.
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