Healthcare Data Collection And Labeling Industry Overview
The global healthcare data collection and labeling market size was valued at USD 526.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 26.9% from 2022 to 2030.
The healthcare industry witnessed the penetration of artificial intelligence and machine learning during the COVID-19 pandemic. The data collection is anticipated to witness growth due to the adoption of technology and medical imaging techniques for the early and accurate diagnosis of diseases. Various market players are undertaking strategic initiatives to build a robust artificial intelligence network by outsourcing data collection and labeling services. For instance, Centaur labs provide medical labeling solutions such as medical audio labeling, medical image labeling, medical text labeling, radiology labeling, ECG labeling, and labeling for cardiology.
Gather more insights about the market drivers, restrains and growth of the Global Healthcare Data Collection And Labeling Market
According to the WHO, there were about 247 million confirmed cases of COVID-19 worldwide as of November 2021 with over 5 million deaths. Although RT-PCR testing is still widely used to diagnose COVID-19, there was a shortage of testing kits, and hence reliability of test results was a challenge in many countries. Medical imaging was used in many developed countries to detect the symptoms of COVID-19. Imaging techniques proved to be a powerful tool to minimize the risk of the spread of the virus. In recent years, medical imaging techniques have seen rapid progress due to artificial intelligence, machine learning, and deep learning. Data collection and labeling are used for training these AI algorithms.
Data collection is the process of systematically evaluating, measuring, and acquiring information to respond to hypotheses, study questions, and evaluate outcomes. Artificial intelligence-based solutions can be trained to recognize marked and labeled data. Medical images, X-rays, CT scan images, and magnetic resonance imaging are common sources of information. Video, text, audio, and image formats are all used to collect data. These are mostly used in the healthcare industry and are expected to play a significant part in medical imaging, which uses computer vision technology for early diagnosis, minimizing risk, and discovering trends.
AI systems have advanced in image-recognition tasks, which are relevant to disease diagnosis, detection of various disease patterns, and interpreting and analyzing the vast amount of unstructured data. As medical imaging uses computer vision technology to sense patterns and detect disease or injury, data collecting, and labeling play a key role in the healthcare industry. Data labeling contributes to the training of artificial intelligence systems in extracting information collected from medical pictures, such as MRI, X-ray, and CT scan images.
Artificial intelligence is widely employed in the healthcare sector for a variety of applications, such as early disease detection, identifying emerging risks, initiating drug discovery, enhancement of social distancing measures, and offering alternative methods to assist healthcare professionals. It also assists medical professionals in the automatic creation of reports of patients. As extremely precise data labeling is required for training artificial intelligence algorithms, the market for healthcare data collection and labeling will witness positive growth over the forecast period.
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- Medical Imaging Market – The global medical imaging market size was valued at USD 28.02 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. The increasing prevalence of lifestyle-related diseases, rising demand for early detection tools, technological advancements to improve turnaround time, increased investment & reimbursement initiatives undertaken by the government, and expansions of new facilities by market players in developing nations, are said to boost the market growth.
- Artificial Intelligence In Healthcare Market – The global artificial intelligence in healthcare market size was valued at USD 10.4 billion in 2021 is expected to expand at a compound annual growth rate (CAGR) of 38.4% from 2022 to 2030. The growing datasets of patient health-related digital information, increasing demand for personalized medicine, and the rising demand for reducing care expenses are some of the major driving forces of the market growth.
Healthcare Data Collection And Labeling Market Segmentation
Grand View Research has segmented the global healthcare data collection and labeling market based on data type and region:
Healthcare Data Collection And Labeling Data Type Outlook (Revenue, USD Million, 2017 – 2030)
Healthcare Data Collection And Labeling Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- September 2021: Centaur labs raised funding of USD 15 million. The investors were Matrix Partners, Susa Ventures, Y Combinator, and Global Founders Capital.
- August 2021: Snorkel AI raised USD 85 million at a valuation of USD 1 billion to create an AI training database automatically and develop trained AI data companies that spend months doing it manually, which decreases the AI development process.
- November 2020: Alegion, an Austin-based company that provides data labeling solutions, announced the launch of Alegion Control, a self-service software solution that would optimize data annotation by offering direct access to its data labeling platform.
Key Companies profiled:
Some prominent players in the global healthcare data collection and labeling market include
- Labelbox, Inc.
- Cogito Tech LLC
- Appen Limited
- Snorkel AI
- Centaur labs
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