Healthcare Data Collection and Labeling Market – Overview
The global healthcare data collection and labeling market is expected to grow at a favorable rate from 2021 to 2031 (forecast period). During the COVID-19 pandemic, the healthcare industry experienced the penetration of artificial intelligence and machine learning. The introduction of technology and medical imaging techniques for the early and precise identification of illnesses is expected to increase data collecting. Several industry participants are launching strategic endeavors to develop a strong artificial intelligence network by outsourcing data collecting and labeling services. Centaur labs, for example, offer medical labeling solutions such as medical audio labeling, medical text labeling, medical picture labeling, ECG labeling, radiology labeling, and cardiology labeling. Such factors are expected to drive the global healthcare data collection and labeling market during the forecast period.
Healthcare Data Collection and Labeling Market – Competitive Landscape
Leading players in the healthcare data collection and labeling market are Alegion, Appen Limited, Labelbox, Inc, iMerit, Shaip, Snorkel AI, Infloks, Datalabeller, Cogito Tech LLC, and Centaur labs.
To get a competitive edge in the healthcare data collection and labeling market, the leading players are working on growing their customer base. Companies are engaging in a variety of strategic actions, including acquisitions, collaborations, mergers, and partnerships with other industry leaders. Centaur labs got USD 15 million in investment in September 2021. Matrix Partners, Y Combinator, Susa Ventures, and Global Founders Capital were among the investors.
Healthcare Data Collection and Labeling Market – Trends and Opportunities
The global adoption of artificial intelligence and machine learning is expected to boost the global healthcare data collection and labeling market. Due to technical improvements in the industry, the demand for data labeling is increasing. Several hospitals and commercial medical organizations are outsourcing data labeling services to improve illness management.
Medical institutions are increasingly relying on medical data such as images, videos, and patient reports to make rapid and precise illness diagnoses. Medical image labeling is superior to conventional methods of illness diagnosis, prevention, and therapy. It provides comparable data with greater precision in illness identification.
During the early stages of COVID-19 diagnosis, imaging modalities were widely employed. The collecting of data is essential for training artificial intelligence systems. Medical imaging diagnostic technologies and AI algorithms have advanced in the identification of patterns linked to illness diagnosis in conjunction with machine learning. At the start of the COVDI-19 pandemic, there was a global scarcity of medical experts. To address the issue, several wealthy countries opted for AI-assisted solutions. Data collecting and labeling systems based on AI have been shown to be beneficial. As a result, the future market demand for healthcare data collection and labeling is projected to grow during the forecast period.
Healthcare Data Collection and Labeling Market – Regional Landscape
The North America healthcare data collection and labeling market is expected to expand due to the growing use of AI-based solutions in healthcare during the early phase of the COVID-19 pandemic, Medical imaging is being used in the region's healthcare facilities for early and accurate diagnosis, and it also creates automated reports for specific patients.
The healthcare data collection and labeling market in Asia Pacific is projected to experience growth during the forecast period. The growth can be linked to the rising usage of medical imaging in the healthcare business in emerging nations like India and China. Moreover, governments are undertaking several initiatives to enhance the usage of AI in healthcare.
China is expected to be the largest revenue generator in healthcare data collection and labeling market in Asia Pacific. Face recognition surveillance system adoption in China is projected to support market growth. Furthermore, rapid technology improvements, an increase in smartphone and tablet users, and the growing popularity of social networking sites are all key contributors to healthcare data.
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