Dublin, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The "Healthcare Data Annotation Tools Market Size, Share & Trends Analysis Report By Type (Text, Audio), By Technology (Manual, Automatic), By End-user, By Application, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global healthcare data annotation tools market size is expected to reach USD 916.8 million by 2030, growing at a CAGR of 27.5% from 2023 to 2030
Artificial intelligence and machine learning (AI/ML) in the medical field is majorly used in diagnostics and management of treatment. Accurate diagnosis is a fundamental aspect of healthcare systems globally; however, according to an article published by Southern Medical Association in October 2021, in the U. S., approximately 5% of patients receive inaccurate diagnoses with errors occurring in serious medical conditions that have potential risk of serious harm for the patient. 
Using AI/ML, healthcare professionals can make better decisions based on more precise diagnoses by saving time, reducing costs, and improving medical records management overall. Thus, Al/ML in healthcare helps in identifying new cancer treatments to improve patient care with quicker, more accurate, and quality treatment. Moreover, increasing FDA approvals of AI/ML-enabled medical devices are anticipated to boost the demand for healthcare data annotation tools during the forecast period.
For instance, in 2022, the FDA authorized 91 AI/ML-enabled medical devices. In addition, in 2021, 115 submissions were authorized by the FDA, an 83% increase from 2018. The number of initiatives being undertaken for the implementation of eHealth is rising globally. The adoption of eHealth is rising in developing countries.
Countries such as India, China, Brazil, and Mexico are some of the developing economies that have undertaken initiatives for eHealth. Several apps such as Practo, AssistRx, and Wareed have been launched in various parts of the world over the last decade to help patients book appointments, track their consultations & medical prescriptions, and store their healthcare information over the course of the treatment.
For instance, in February 2022, Teladoc Health, Inc. launched Chronic Care Complete, a first-of-its-kind complete chronic condition management solution aimed at improving healthcare outcomes. Thus, initiatives pertaining to the adoption of digital health are expected to positively influence the healthcare data annotation tools industry over the forecast period.
Technological advancements in annotation tools by key players in the market are one of the key factors boosting market growth. For instance, in 2021, Deepen AI introduced the world's most intuitive AI-powdered video and image annotation tool to decrease annotation time by more than half while retaining a high level of accuracy.
Similarly, in March 2023, SciBite introduced a structured data annotation tool Workbench to help organizations implement a FAIR approach for data management, making data, accessible, findable, reusable, and interoperable. Hence, the introduction of such novel tools by major players is driving market growth.
Furthermore, healthcare organizations in the age of data are under enormous pressure to improve the quality of care and patient experiences, while continuously reducing healthcare delivery costs is boosting funding and investments, which is accelerating the development of data annotation software and solutions.
For instance, in November 2022, RedBrick AI, a healthcare startup company secured funding of USD 4.6 million from Sequoia India and others. The funding aims to accelerate the development and increase the adoption of artificial intelligence in healthcare by solving medical data annotation issues. Hence, rising healthcare expenditure and funding for data annotation tools are propelling market growth.
Healthcare Data Annotation Tools Market Report Highlights
- Based on type, the image/video segment held the largest revenue share of 60.4% in 2022 owing to the applications of image/ video annotation in medical imaging, cancer detection, dental imaging, bone fracture, endoscopy, and robotic surgery
- Based on technology, the semi-supervised segment held the largest revenue share of 39.8% in 2022. This can be attributed to the benefits of semi-supervised technology including reduced annotation expenses and decreased preparation time
- Based on application, the diagnostic support segment dominated the market in 2022 with the largest revenue share of 32.9%. These software solutions in diagnostics identify anomalies in X-Ray scans, CT scans, and MRIs and eliminate interpretation errors or missed crucial issues during the initial diagnosis to provide precise and quick results
- In terms of region, the North America region dominated the market with the largest revenue share of 43.84% in 2022, due to the factors such as the rising adoption of electronic health records, favorable government efforts aimed at developing healthcare data annotation tools, and increasing investments from private & public organizations in the region
Company Profiles/Listing
- Infosys Limited
- Shaip
- Innodata
- Ango AI
- Capestart
- Lynxcare
- iMerit
- Anolytics
- V7
- SuperAnnotate LLC
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $129.9 Million |
| Forecasted Market Value (USD) by 2030 | $916.8 Million |
| Compound Annual Growth Rate | 27.5% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Healthcare Data Annotation Tools Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.1.1. Growing adoption of AI/ML-based technologies for medical diagnosis
3.2.1.2. Rising healthcare funding and investments prompting cost-cutting initiatives
3.2.1.3. Increase in the number of initiatives supporting eHealth and digital health
3.2.1.4. Technological advancements of data annotation tools
3.2.2. Market Restraint Analysis
3.2.2.1. Requirement of skilled professionals for medical data annotation
3.2.2.2. High costs associated with manual labeling of complex images
3.2.3. Industry Challenge
3.3. Healthcare Data Annotation Tools Market Analysis Tools
3.3.1. Industry Analysis - Porter's
3.3.2. PESTEL Analysis
3.4. Pain Point Analysis
Chapter 4. Healthcare Data Annotation Tools Market: Type Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Healthcare Data Annotation Tools Market: Type Movement Analysis, 2022 & 2030 (USD Million)
4.3. Text
4.3.1. Text Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4. Image/Video
4.5. Audio
Chapter 5. Healthcare Data Annotation Tools Market: Technology Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Healthcare Data Annotation Tools Market: Technology Movement Analysis, 2022 & 2030 (USD Million)
5.3. Manual
5.3.1. Manual Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.4. Semi-Supervised
5.5. Automatic
Chapter 6. Healthcare Data Annotation Tools Market: End-user Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Healthcare Data Annotation Tools Market: End-user Movement Analysis, 2022 & 2030 (USD Million)
6.3. Hospitals
6.3.1. Hospitals Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4. Diagnostic Imaging Centers
6.5. Healthcare Technology Companies
6.6. Others
Chapter 7. Healthcare Data Annotation Tools Market: Application Estimates & Trend Analysis
7.1. Segment Dashboard
7.2. Healthcare Data Annotation Tools Market: Application Movement Analysis, 2022 & 2030 (USD Million)
7.3. Virtual Assistants
7.3.1. Virtual Assistants Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
7.4. Conversational Bots
7.5. Diagnostic Support
7.6. Drug Development Process
7.7. Robotic Surgery
7.8. Medical Documents
Chapter 8. Healthcare Data Annotation Tools Market: Regional Estimates & Trend Analysis
8.1. Healthcare Data Annotation Tools Market Share, By Region, 2022 & 2030, USD Million
Chapter 9. Competitive Landscape
9.1. Company Categorization
9.2. Company Market Positioning
9.3. Participant's Overview
9.4. Financial Performance
9.5. Product Benchmarking
9.6. Company Heat Map Analysis
9.7. Strategy Mapping
For more information about this report visit https://www.researchandmarkets.com/r/hj04zs
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