Healthcare Data Collection and Labelling Market Size, Share, and Analysis, By Data Type (Image, Audio, Video, Text, and Others), By Service Providers (Public and Private), By End-User (Biotechnology Companies, Diagnostic Centers, Hospitals, Medical Device Manufacturers, Pharmaceuticals, and R & D Centers), and Regional Forecast, 2024-2032

Healthcare data collection and labelling is used to predict raw data and tag it while adding meaningful labels for context as for a machine learning model to identify it. This requires the involvement of all types of organizations that have an existing infrastructure of medical services and records. Proper patient and healthcare data collection can help in improving the quality of services provided to the patients globally. Most hospitals and private medical institutions are outsourcing data labelling for better medical management.

The market is driven by the increased adoption of incoming technologies, machine learning and artificial intelligence by key players. Some of the driving factors include rising demand for quality data sets for better image and early disease diagnosis through machine learning, and to separate between the requirements of the product annotations by potential buyers.

The continuous rise in demand for better healthcare facilities, creating holistic view of patients and, rise in awareness among population, for enhanced outcomes in healthcare is such as to boost the market.

• For example, AI based algorithms and machine learning is enabling for early and accurate medical image analysis and diagnostics to specify abnormalities in CT scan or X-ray reports of dentistry annotations, kidney stones and other conditions.


• For instance, in November 2020, Alegion Inc., announced the launch of Alegion Control, a new service software solution designed to optimize data annotation, which is used to configure and annotate data for their AI initiatives.

Impact of COVID-19 on the Healthcare Data Collection and Labelling Market

As a result, over the projection period, COVID-19 has positively impacted the healthcare data collection and labelling market.

The global healthcare data collection and labelling markets, experienced penetration of artificial intelligence and machine learning due to the impact of COVID-19. The introduction of technology and medical imaging techniques for early and precise detection of diseases is expected to increase data collection.

• For example, Centaur Labs offers medical labelling solutions such as medical audio and text labelling, ECG labelling, Radiology Labelling and cardiology labeling.


• The North America healthcare data collection and labeling market is expected to expand during the early phase of the COVID-19 pandemic, driven by the growing use of AI-based solutions in healthcare. Medical imaging is being used in the region's healthcare facilities for early and accurate diagnosis, also creating automated reports for specific patients.

Key Insights

The report will cover the following key insights:

• Key Procedures for Extraction of Healthcare Data from Healthcare Entities


• Impact Of COVID-19 on the Healthcare Data Collection and Labelling Market


• Technological Advancements in Healthcare Data Collection and Labelling Market


• Key Industry Developments Mergers, Acquisitions, and Collaborations

Analysis by Data Type

In 2021, image and video type data segment is the prominently growing segment and is providing with higher revenue rate over the companies as of the use of semantic segmentation and polygon image annotation for diagnosis of rare diseases. The growth was driven by implementation of artificial intelligence algorithms in the healthcare industry.

Regional Analysis

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North America contributed the most in the healthcare data collection and labelling market owing to the increased adoption of AI Techniques in healthcare. Asia Pacific is expected to expand at the fastest CAGR over the projected time.

China is expected to be the largest revenue generator in healthcare data collection and labeling market in Asia Pacific. High demand for medical imaging systems in healthcare industry for detection of many diseases and high government investments to develop innovative data collection and labelling software due to privacy concerns, in China is projected to support the market growth

Key Players Covered

• The report will include the profiles of key players such as Reality AI, Labelbox, Inc., Alegion, Appen Limited, iMerit, Cogito Tech LLC, Shaip, Snorkel AI, Datalabeler, Infolks, Summa Linguae Technologies and others.

Segmentation

Key Industry Developments

• In January 2022, Labelbox, a startup developing an annotation and labeling platform, announced that it had raised USD 40million raising its total to USD 79million. In addition to providing capital for the company's plans, the funds will be used to acquire new customers, expand its product base and grow its workforce worldwide.


• In December 2021, Summa Linguae Technologies announced the acquisition of Datamundi, which will complement their current data solutions offerings by enhancing the range of services offered to the clients. This acquisition will also help in expanding the voice and image data annotation, a growing focus of the industry.