Natural Language Processing Nlp In Healthcare And Life Sciences Market | Contrive Datum Insights

The Global Natural Language Processing (NLP) In Healthcare And Life Sciences Market size is valued at USD 1.46 Billion in 2022 and is projected to reach USD 5.90 Billion by 2030, growing at a CAGR of 19.03% from 2022 to 2030.

Natural Language Processing (NLP) in Healthcare and Life Sciences Market Overview:

Natural language processing (NLP) is a groundbreaking technology that helps machines understand both textual and oral human language by evaluating human-computer communication. NLP techniques extract data from vast amounts of clinical information and increase actionability for better preparation and evaluation.

Customer requests for electronic health records that can record, analyze, and differentiate relevant descriptive information as well as ambiguous data captured through natural language processing apps are growing significantly. Additionally, the healthcare and life sciences industry is experiencing significant technological advancements as customer expectations for improved healthcare services increase. Additionally, patients are becoming more conscious of their health and using predictive analytics to reduce health-related risks and improve medical conditions. In addition, natural language processing applications connect healthcare professionals and patients' social media data through webpages, Google searches, and social networking sites, enabling healthcare professionals to enhance customer engagement and transformation based on consumer preferences. All of these aspects have helped advance natural language processing in the medical and life sciences markets. Nonetheless, this business is hampered by special medical sublanguages ??and poor input information integrity.

The use of predictive analytics to minimize risk and mitigate critical health concerns is increasing, as is the ability to interpret context from unrelated data streams and the application of EHR data for improved patient care. It is responsible for the expansion of the natural language processing (NLP) market in medical and life sciences. Constraints that limit natural language processing (NLP) in the medical and life sciences business include inadequate data integrity in the source and certain sub-medical languages. As far as possible, NLP systems are trained to capture the content of patient medical information. One of the obstacles facing the field of natural language processing (NLP) in the medical and life sciences is concerns about data confidentiality and transparency, which hinder researchers from progressing.

Natural Language Processing (NLP) in Healthcare and Life Sciences market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Natural Language Processing (NLP) in Healthcare and Life Sciences market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• In May 2021, IBM Corporation partnered with Gratitude to combine IBM Watson Health with Gratitude. This integration will provide a real-world evidence solution to help life sciences companies overcome challenges in rare disease research, such as enrolling in clinical trials, generating external controls, and reimbursement for treatments.
• In May 2021, Google and HCA Healthcare teamed up to develop a new data analytics platform that will use data from the healthcare system's 32 million patient visits per year.

Major Market Segments Covered in Natural Language Processing (NLP) in Healthcare and Life Sciences Industry Research:

Market Key Players:
IBM Corporation, Google, Hewlett Packard Enterprise Company, Fidelity, 3M, Apixio, Nuance Communications, Inc., Linguamatics, Microsoft Corporation, Dolbey Systems, Inc., Modal IP PLC, Clinithink Inc., Cerner Corporation

By Type:

• Technology
• Services

By Deployment Mode:

• Cloud
• On-premises

By Application:

• Machine Translation
• Question Answering
• Automated Information Extraction
• Others

By Region:

Regionally, North America had the highest share in 2021. The North American market is expected to grow significantly due to the presence of major players and market demand for NLP. A surge in AI tools used by enterprises across life sciences has raised the prospects. Extensive research creating AI technologies and methodologies for quality control in clinical scientific research, population health care and patient safety has broadened the horizon for competitors in the region to expand their market share. The United States has also been at the forefront of using natural language processing platforms and big data to improve public health.

Additionally, the Asia Pacific natural language processing in medical and life sciences market is expected to grow at a significant rate during the forecast period. This increase can be attributed to digital infrastructure and government's role in advancing technology across different sectors. For example, according to MeiTy, “digital India” is a large-scale initiative by the Government of India that aims to prepare the country for a knowledge-based economy and empower its citizens with new technologies.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Belgium
  • The Netherlands
  • Luxembourg
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Benelux Union
• Rest of Europe
• Asia-Pacific
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

Growth Drivers

Natural language processing in the medical and life sciences market has witnessed extensive development over the past few decades, driven by factors such as increasing market demand for improved customer service. Customer market demand for better healthcare and life sciences services is expected to drive natural language processing in healthcare and life sciences market expansion.

Major players in global NLP in the healthcare and life sciences market are focusing on expanding digital skills in the healthcare industry. Natural language processing is a subset of artificial intelligence (AI) that facilitates human-machine interaction. For example, in September 2021, Melax Tech, an AI-powered software provider of natural language processing technology, launched Mercury Natural Language Processing. The new software includes a clinical NLP pipeline to extract useful unstructured text medical data for quantitative analysis in medicine and pharmaceuticals.

Mercury NLP provides quick and easy access to text data in many forms, and the program can be used in a HIPAA-compliant cloud environment or on-premises. Melax Tech's Mercury NLP software extracts textual data in real time from diagnoses, recommended medications, tests, lab results, discharge plans, and more. The technology can also be used to improve public health by analyzing the social determinants of health data. These polishing solutions increase productivity in back-office and clinical environments while reducing the number of workers required by the medical and life sciences industries.

Natural Language Processing (NLP) in Healthcare and Life Sciences Market report scope:

Key Takeaways from this Natural Language Processing (NLP) in Healthcare and Life Sciences Report

• Estimate Natural Language Processing (NLP) in Healthcare and Life Sciences market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Natural Language Processing (NLP) in Healthcare and Life Sciences market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.

Frequently Asked Questions-

What is the CAGR of Natural Language Processing (NLP) in Healthcare and Life Sciences market?

The Natural Language Processing (NLP) in Healthcare and Life Sciences Market is growing at a CAGR of 19.0% During Forecast Period.

What are the key types of Natural Language Processing (NLP) in Healthcare and Life Sciences market?

Technology, Services

What are the key applications of Natural Language Processing (NLP) in Healthcare and Life Sciences market?

Machine Translation, Question Answering, Automated Information Extraction, Others

Who are the key players in Natural Language Processing (NLP) in Healthcare and Life Sciences market?

IBM Corporation, Google, Hewlett Packard Enterprise Company, Fidelity, 3M, Apixio, Nuance Communications, Inc., Linguamatics, Microsoft Corporation, Dolbey Systems, Inc., Modal IP PLC, Clinithink Inc., Cerner Corporation