Healthcare Data Annotation Tools Market Size, Share & Trends Analysis Report By Type (Text, Image/Video, Audio), By Technology, By Application, By Region, And Segment Forecasts, 2023 - 2030

Healthcare Data Annotation Tools Market Size, Share & Trends Analysis Report By Type (Text, Image/Video, Audio), By Technology, By Application, By Region, And Segment Forecasts, 2023 - 2030

Healthcare Data Annotation Tools Market Growth & Trends

The global healthcare data annotation tools market size is expected to reach USD 916.8 million by 2030 and is expected to expand at 27.5% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. 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.

Healthcare Data Annotation Tools Market Report Highlights

• Image/video segment held the largest share of 2022 owing to the applications of the image/ video annotation in medical imaging, cancer detection, dental imaging, bone fracture, endoscopy, and robotic surgery.
• By technology, the semi-supervised segment accounted for the largest share in 2022. This can be attributed to the benefits of semi-supervised technology including reduced annotation expenses and decreased preparation time.
• By application, diagnostic support segment dominated the market in 2022. These software solutions in diagnostics eliminate the interpretation errors or missing crucial issues by identifying anomalies in X-Ray scans, CT scans, and MRI and provides precise and quick results.
• North America dominated the regional market in 2022, due to the factors such as 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.

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