Healthcare Data Annotation Tools Market Size Report, 2023-2032
The global healthcare data annotation tools market size was exhibited at USD 185.9 million in 2022 and is projected to hit around USD 2,110.48 million by 2032, growing at a CAGR of 27.5% during the forecast period 2023 to 2032.
Key Pointers:
Healthcare Data Annotation Tools Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 237.02 million |
| Market Size by 2032 | USD 2,110.48 million |
| Growth Rate From 2023 to 2032 | CAGR of 27.5% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Type, Technology, Application |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | Infosys Limited; Shaip; Innodata; Ango AI; Capestart; Lynxcare; iMerit; Anolytics; V7; SuperAnnotate LLC |
AI/ML in 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 on Southern Medical Association in October 2021, in the U.S. approximately 5% of patients receive inaccurate diagnosis with errors occurring majorly in serious medical conditions that has potential risk of serious harm for the patient.
By 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, accurate and quality treatment. Moreover, increasing FDA approvals of AI/ML enabled medical devices is anticipated to boost the demand during the forecast period. For instance, in 2022, the FDA authorized 91 artificial intelligence or machine learning 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 different 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 market in the forecast period.
Technological advancements in annotation tools by key players in the market is one of the key factors boosting the 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 organization implement a FAIR approach for data management, making data, accessible, findable, reusable, and interoperable. Hence, introduction of such novel tools by major players are driving the market.
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 the funding and investments to accelerate 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 the market growth.
Some of the prominent players in the Healthcare Data Annotation Tools Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Healthcare Data Annotation Tools market.
By Type
By Technology
By Application
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers