The Global NLP in healthcare and life sciences market is forecasted to grow at a high rate owing to the accelerating demand improving EHR data usability to improve healthcare delivery and outcome
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 is anticipated to witness significant growth during the forecast period owing to the increasing advantages provided by the NLP technology in 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, categorise, analyse and restructure the information to obtain valuable insights.
Several healthcare organizations coupled with technology companies are innovating the NLP programs to benefit the healthcare and life sciences sector which in turn is driving the market for global NLP In healthcare and life sciences market. For instance, in August 2019, UCHealth, the US-based not-for-profit health care system launched a new Virtual Assistance named ‘Livi’ which is powered by conversational Artificial Intelligence (AI) and is made available on smart speaker devices. Livi is a smart assistant for patients. The tool is expected to secure messaging with physicians, deliver custom support, managing appointments, and providing test results among other tasks.
Global NLP In Healthcare And Life Sciences Market by Region Outlook (Revenue, USD Billion, 2021-2027)
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 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 North America region are dedicated on finding new solutions to the market. For instance, in September 2021, Yext, a New York-based technology company operating in the area of online brand management announced a launch of 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:
Company Profiles and Competitive Intelligence
The key players operating in the NLP in healthcare and life science market are: