NLP In Healthcare and Life Sciences Market is Expected to Reach USD 4.9 Bn by 2027, with a Growing CAGR of 19.4%

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)

• Asia Pacific
• North America
• Latin America
• Europe
• 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 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:

• Global NLP In Healthcare And Life Sciences Market by Component Outlook (Revenue, USD Billion, 2021-2027)
  • Solution
    • Population Health Management
    • Counter Fraud Management
    • Clinical Variation Management
    • Other Solutions (claim management and risk adjustment)
  • Services
    • Professional Services
    • Managed Services
• Global NLP In Healthcare And Life Sciences Market by NLP Type Outlook (Revenue, USD Billion, 2021-2027)
  • Statistical
  • Rule-based
  • Hybrid
• Global NLP In Healthcare And Life Sciences Market by Application Outlook (Revenue, USD Billion, 2021-2027)
  • Pattern and Image Recognition
  • Reporting and Visualization
  • IVR
  • 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

Key Findings:

• 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

Company Profiles and Competitive Intelligence

The key players operating in the NLP in healthcare and life science market are:

1. Google Inc.
2. Apixio
3. Microsoft Corporation
4. 3M India Ltd
5. IBM Corporation
6. Amazon Web Services Inc.
7. Health Fidelity Gnani.ai
8. CloudMedx
9. Inovalon  Lexalytics
10. Conversica Inc.
11. Caption Health
12. Dolbey
13. Oncora Medical
14. Cerner Corporation
15. Corti 
16. ForeSee Medical
17. Linguamatics (an IQVIA Company)
18. Press Ganey
19. Babylon
20.  Notable
21. Stats LLC
22. Biofourmis
23. Sparkcognition
24. Narrative Science
25. Wave Health Technologies
26. Flatiron
27. Averbis  Clinithink  Apixio
28. Suki
29. Clinithink
30. Nuance Communications Inc.
31. Lexalytics            

Recent News:

• 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.