Healthcare Data Collection and Labeling Market was valued at USD 1.1 billion in 2024 and is anticipated to surpass USD 18.3 billion by 2037, registering a CAGR of 25.8% during the forecast timeline i.e. 2025-2037. In 2025, the industry size of healthcare data collection and labeling is estimated at USD 1.4 billion.
The growing adoption of AI and ML are transforming the collection and labeling of healthcare data through the automation of the annotation process. This reduces the need for manual intervention and improves the speed and accuracy of data labeling. According to the National Library of Medicine, October 2023, over 80% of the available healthcare data is unstructured. These data sources are being extracted and labeled using natural language processing (NLP) technology.
Furthermore, platforms that facilitate cooperative data labeling and sharing between researchers, physicians, and AI developers are also gaining popularity. By pooling collective expertise, these platforms improve the labeled data's accuracy and dependability. For instance, in October 2023, Microsoft unveiled new AI and data solutions, Microsoft Fabric to help healthcare organizations gain insights and enhance the experiences of patients and clinicians. These developments in technology are revolutionizing the market by producing more accurate, scalable, and efficient solutions that improve patient care and advance medical research around the world.
In December 2021, Summa Linguae Technologies announced the acquisition of Datamundi, aiming to expand the range of services available to customers and complement their current data solutions offerings. Additionally, the industry's growing focus on voice and image data annotation will be aided by this acquisition. Thus, expanding the global portfolio in advanced data analytics tools and technologies used by healthcare providers. Such factors act as significant growth drivers for the global healthcare data collection and labeling market.
Author Credits: Radhika Pawar
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