NLP in Healthcare and Life Sciences Market

NLP in Healthcare and Life Sciences market witnessed for USD 1,450 million in 2020, growing at a robust CAGR of 19.4% during forecast period.

Introduction of the NLP in Healthcare and Life Sciences Market Report
Natural language processing is the ability of the computer to understand the human language and text. The adoption of NLP in healthcare and life science is increasing because of its potential to search, analyse and interpret a vast amount of patient data.

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Market Dynamic
Key Drivers and Emerging Trends
The factors driving the NLP in Healthcare and Life Sciences market include raising focus on enhancing consumer service in the field of healthcare and life science. Digital transformation in healthcare is growing rapidly providing streamline operation, understand patient requirement, build loyalty, and trust and offer better user experience. Moreover, digital transformation in healthcare industry includes Telemedicine, Big-Data, Internet of things and AI. In addition, the growing need to analyze and extract information from a native text and a massive amount of clinical data are witnessing the adoption of NLP in healthcare and life science.

NLP in the healthcare and life science market focuses on increasing digital technology adoption and for better healthcare service. In addition, increasing demand for improving EHR (Electronic Health Recorder) data to improve healthcare delivery and outcome and a rising need for predictive analytics technology to reduce risk and improve significant health concerns. For instance, in 2020, Google launched healthcare natural language API and AutoML entity extraction for healthcare. These technologies will help healthcare practitioners review and analyze medical reports systematically and boost efficiency.

Restraint in the NLP in Healthcare and Life Sciences Market
However, the development of NLP in the Healthcare and Life science market is highly expensive and requires huge investment. In addition, an increasing number of a cyberattack on a healthcare organization further restricts adoption. For instance, in 2019, According to The American Medical Collection Agency (AMCA), a data breach at Quest Diagnostics, a technology company in the U.S., affecting 12 million patients’ personal information.

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Component Type – Segment Analysis
Based on the Component Type, the solution segment is expected to grow at a higher CAGR rate during the forecast period. The solution can be applied to the data collected from various sources to drive meaningful insight and make the decision based on the data. In addition, NLP in the healthcare sector can help to enhance the accuracy of EHRs and ensure the complete transformation of free text into standard data.

Application – Segment Analysis
Based on the Application, IVR (Interactive Voice Response) is expected to grow at a higher CAGR rate during the forecast period. IVR serves as an effective telehealth application that improves access to healthcare by continuing care beyond hospital premises. In addition, IVR is an automated telephony system that interacts with a caller, gathers information, and routes call to appropriate recipients.

Deployment Mode – Segment Analysis
Based on the Deployment Mode, Cloud is expected to grow at a higher CAGR rate during the forecast period. Healthcare organizations are inclining towards cloud-based NLP solutions owing to their advantages such as user-friendly, streamlined access to vital patient data and others. For instance, in 2019, Lexalytics announced that its whole text analytics and NLP (Natural language processing) product is now accessible for deployment in the cloud.

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Regional – Segment Analysis:
Based on the region, Asia Pacific is expected to grow at a higher CAGR rate during the forecast period due to increasing awareness and increasing investment in AI across healthcare and life science. Healthcare organizations are inclining towards AI as it is reinventing and revitalizing modern healthcare through machine that can predict, learn, and act to surgery, surveying chronic diseases. In addition, AI provides numerous advantages such as reduction in error, increases speed, reduce cost, and learning algorithm. Japan, China, and South Korea have displayed ample growth opportunities in the NLP healthcare and life-science market. For instance, in 2019, Synyi medical AI funded by Tencent, started with NLP ability in Chinese language and focused on hospital for specific research data to create primary smart analytics platform.

Top Market Players
Various notable players operating in the market, include, Microsoft, Google, IBM, AWS, Cerner, CloudMedx, Health Fidelity, Alphabet Inc, Dolbey Systems, Inc, ForeSee Medical, among others.

Key Developments:

• • In 2021, IBM partnered with Graticule, Inc to combine IBM Watson Health and Graticule. This partnership will offer a real-world solution that will help life science organizations to solve challenges in rare disease research.
  • In 2021, Google partnered with HCA Healthcare to create a new data analytics platform that will leverage information from the healthcare system.

Segments covered in the Report:
The global NLP in Healthcare and Life Sciences market has been segmented on the basis of Component Type, Application, Deployment Mode, and key regions. Based on Component Type, the market is segmented into Solutions, Services. Based on Application, the market is segmented into IVR, Predictive Risk Analytics. Based on Deployment Mode, the market is segmented into On-premises, Cloud. Based on region market is segmented into Asia Pacific, Europe, North America, and RoW.

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Key questions answered in this research report:

• • At what pace is global NLP in Healthcare and Life Sciences market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in NLP in Healthcare and Life Sciences market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global NLP in Healthcare and Life Sciences market?
  • Which Component Type generated maximum revenues in 2020 and identify the most promising Component Type during the forecast period?
  • What are the various Application areas of global NLP in Healthcare and Life Sciences market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global NLP in Healthcare and Life Sciences Market by Component Type

• • Solutions
  • Services

Global NLP in Healthcare and Life Sciences Market by Application

• • IVR
  • Predictive Risk Analytics

Global NLP in Healthcare and Life Sciences Market by Deployment Mode

• • On-premises
  • Cloud

Global NLP in Healthcare and Life Sciences Market by Region

• • North America NLP in Healthcare and Life Sciences Market (Option 1: As a part of the free 25% customization)
    • North America NLP in Healthcare and Life Sciences Market by Component Type
    • North America NLP in Healthcare and Life Sciences Market by Application
    • North America NLP in Healthcare and Life Sciences Market by Deployment Mode
    • US NLP in Healthcare and Life Sciences Market All-Up
    • Canada NLP in Healthcare and Life Sciences Market All-Up
  • Europe NLP in Healthcare and Life Sciences Market (Option 2: As a part of the free 25% customization)
    • Europe NLP in Healthcare and Life Sciences Market by Component Type
    • Europe NLP in Healthcare and Life Sciences Market by Application
    • Europe NLP in Healthcare and Life Sciences Market by Deployment Mode
    • UK NLP in Healthcare and Life Sciences Market All-Up
    • Germany NLP in Healthcare and Life Sciences Market All-Up
    • France NLP in Healthcare and Life Sciences Market All-Up
    • Spain NLP in Healthcare and Life Sciences Market All-Up
    • Rest of Europe NLP in Healthcare and Life Sciences Market All-Up
  • Asia-Pacific NLP in Healthcare and Life Sciences Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific NLP in Healthcare and Life Sciences Market by Component Type
    • Asia-Pacific NLP in Healthcare and Life Sciences Market by Application
    • Asia-Pacific NLP in Healthcare and Life Sciences Market by Deployment Mode
    • China NLP in Healthcare and Life Sciences Market All-Up
    • India NLP in Healthcare and Life Sciences Market All-Up
    • Japan NLP in Healthcare and Life Sciences Market All-Up
    • Rest of APAC NLP in Healthcare and Life Sciences Market All-Up
  • RoW NLP in Healthcare and Life Sciences Market (Option 4: As a part of the free 25% customization)
    • RoW NLP in Healthcare and Life Sciences Market by Component Type
    • RoW NLP in Healthcare and Life Sciences Market by Application
    • RoW NLP in Healthcare and Life Sciences Market by Deployment Mode
    • Brazil NLP in Healthcare and Life Sciences Market All-Up
    • South Africa NLP in Healthcare and Life Sciences Market All-Up
    • Saudi Arabia NLP in Healthcare and Life Sciences Market All-Up
    • UAE NLP in Healthcare and Life Sciences Market All-Up
    • Rest of world (remaining countries of the LAMEA region) NLP in Healthcare and Life Sciences Market All-Up

Major Players Operating in the NLP in Healthcare and Life Sciences (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Microsoft
  • Google
  • IBM
  • AWS
  • Cerner
  • CloudMedx
  • Health Fidelity
  • Alphabet Inc
  • Dolbey Systems, Inc
  • ForeSee Medical