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According to the ‘Worldwide Healthcare Data Collection and Labelling Industry’ the global healthcare data collection and labelling market size is expected to reach 4.5 billion USD by 2030 and expanding at a Compound Annual Growth Rate (GAPR) of 26.9% from 2022 to 2030. So why the significant growth in this area?

There are 3 major reasons that are causing the growth of the market and the amount of money it generates:

  • Increased adoption of AI. 
  • Technological advancements in the industry.
  • The outsourcing of data labelling.

The market has been driven by the increased adoption of artificial intelligence and machine learning across the globe. This fostering of new technological advancements in the industry is causing the demand for data labelling to rise. Therefore, it is of no surprise that many hospitals and private medical institutions are outsourcing data labelling services for better management. This better use of technological advancements not only provides better disease treatment but generates billions for the data collection and labelling industry. 

What is data labelling?

When it comes to AI and machine learning, data labelling is the process of identifying and using the raw data. These come in variety of forms such as images, text files, videos etc.

Through a variety of models and algorithms, these add one or more meaningful and informative labels to provide context so that the machine learning model can learn from it and make the correct decisions in the future.

So, why is data labelling crucial in healthcare?

The main benefit of medical labelling is that it creates a system that everyone can understand. This includes both medical and non-medical personnel, making it fully accessible and easy to understand. It also enables the development of AI models for treatment and diagnosis as well as accelerating digital innovation. 

To implement a good labelling system within a company, a sound data management strategy is crucial. Read the 5 steps on how pharmaceuticals can create an effective data strategy.

In conclusion, healthcare data collection and labelling are rapidly growing, it will not only be more beneficial for the treatment of diseases and medical practice but also generates multi billions for companies for the industry and markets. 

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