The global NLP in healthcare and life sciences market is anticipated to witness significant growth during the forecast period owing to the increasing advantages provided by the NLP technology in the healthcare and life sciences sector.
According to an article published in Healthtech magazine in May 2020, the natural language processing tools are observed to be improving the operational processes in care delivery for healthcare providers and professionals.
The NLP enables computers to understand conversations, narratives, and even typed remarks and thus gather, categorize, analyze, and restructure the information to obtain valuable insights.
The Global NLP in Healthcare and Life Sciences Market was valued at USD 1.4 Bn in 2020 and is expected to reach USD 4.9 Bn by 2027, with a growing CAGR of 19.4% during the forecast period (2021-2027).
The Global NLP in healthcare and life sciences market Report presents an In-detail overview of the Global Industry by product types, Segmentation of applications, Key players, and regions, market share, and Growth Factors.
The report also presents a detailed analysis of the competitor’s landscape of the market.
Also, a study, Companies in Industrial Cyber Security from different regions were identified and their Strategies, regional availability, and distribution channels are Covered through Detail discussions.
Global NLP In Healthcare And Life Sciences Market by Region Outlook (Revenue, USD Billion, 2021-2027)
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
In terms of geography, the North American region is holding up on the major sector in the NLP in healthcare and life sciences market during the forecast period.
The dominance is primarily attributed to the large presence of key market players in the region.
Organizations present in the market such as Google Inc., Microsoft Corporation, IBM Corporation, and Amazon Web Services Inc. among others are responsible for creating new innovations, easy availability, technological advancements, and increased capital in the NLP in healthcare and life sciences market.
Several companies based in the North American region are dedicated to finding new solutions to the market.
For instance, in September 2021, Yext, a New York-based technology company operating in online brand management announced the launch of a new AI-powered doctor finder solution.
The technological solution is expected to benefit healthcare providers to connect patients to the right healthcare provider by understanding the meaning behind what they’re searching for online.
The Global NLP In Healthcare and Life Sciences Market Segmentation:
- Global NLP In Healthcare and Life Sciences Market by Component Outlook (Revenue, USD Billion, 2021-2027)
- Population Health Management
- Counter Fraud Management
- Clinical Variation Management
- Other Solutions (claim management and risk adjustment)
- Professional Services
- Managed Services
- Global NLP In Healthcare and Life Sciences Market by NLP Type Outlook (Revenue, USD Billion, 2021-2027)
- Global NLP In Healthcare and Life Sciences Market by Application Outlook (Revenue, USD Billion, 2021-2027)
- Pattern and Image Recognition
- Reporting and Visualization
- Summarization and Categorization
- Predictive Risk Analytics
- Text and Speech Analytics
- Other Applications (sentiment analysis, question answering, email filtration, and spelling correction)
- Global NLP In Healthcare and Life Sciences Market by End User Outlook (Revenue, USD Billion, 2021-2027)
- NLP for Patients
- NLP for Researchers
- NLP for Physician
- NLP for Clinical Operators
Company Profiles and Competitive Intelligence
The key players operating in the NLP in healthcare and life science market are:
Google Inc., Apixio, Microsoft Corporation, 3M India Ltd, IBM Corporation, Amazon Web Services Inc., Health Fidelity Gnani.ai, CloudMedx, Inovalon Lexalytics, Conversica Inc., Caption Health, Dolbey, Oncora Medical, Cerner Corporation, Corti, ForeSee Medical, Linguamatics (an IQVIA Company), Press Ganey, Babylon, Notable, Stats LLC, Biofourmis, Sparkcognition, Narrative Science, Wave Health Technologies, Flatiron, Averbis Clinithink Apixio, Suki, Clinithink, Nuance Communications Inc., Lexalytics
This Report in NLP in healthcare and life sciences market study is the aftereffect of data acquired from interviews with top leaders, key examination, and novel sources. It likewise gives us data about worldwide measurements and worldwide economic situations. The extent of this market concentrate on goes from economic situations to near value, benefit, central member, and cost of a specific market region. This Digital Transformation in the Healthcare market businesses can simply decide.
- Based on the component, the solution segment held the largest market share in 2020
- Based on NLP type, hybrid NLP in healthcare and life sciences accounted for a largest market share in 2020
- Based on applications, the Interactive Voice Response (IVR) segment held the largest market share in 2020
- Based on end user, the NLP for physician is anticipated to dominate the market in forecast period
- Based on regions, the North America region is anticipated to hold a market share of 33.7% in the year 2027 in the NLP in healthcare and life sciences market analysis
- In September 2021, 3M India Ltd announced a collaboration with Smile Foundation to launch a mobile healthcare unit to provide healthcare related assistance and support the rural areas in India.
- In November 2020, Centene Corporation, the US-based publicly traded and managed care company announced its successful acquisition over Apixio Inc., a computing solution for healthcare payers and providers. The acquisition is expected to extract patient clinical data from medical charts, physician notes, and other documents and convert the data into clinical and administrative guidance.
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