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 Definition:
Natural Language Processing (NLP) is the capability of a computer program to understand and deliver the data in the form of latest human language, speech terms and text. NLP in healthcare sector is used in various forms such as in providing optimal quality of health care and boosting outcomes and automating the virtual patient conversational activities. NLP is generally used in email filtration, predictive texting, digital phone calls, smart assistance, and language translations among others.
The Global NLP in Healthcare and Life Sciences Market Dynamics:
The global NLP in healthcare and life sciences market is experiencing a significant rise in terms of Compound Annual Growth Rate (CAGR) during the forecast period. The growth of the market is majorly attributed to the accelerating need to analyze and extract important insights related to medical history and healthcare data from the descriptive text and large amount of clinical data. The NLP technology helps in translating the narrative data or conversation between the patient and healthcare professional into the free text and gets stored in the electronic Health Record Systems (EHRs). Several healthcare providing organizations are shifting to incorporate NLP in their system owing to its beneficial advantages. For instance, according to article published by bollyinside, in September 2021, around 36% of healthcare providers worldwide are planning to implement NLP in the same year. With the increasing demand from the healthcare industry, the market for global NLP in the healthcare and life sciences market is experiencing a significant boost.
In addition, healthcare companies are utilizing NLP technology to help patients with a better understanding of their medical conditions and care plans through various forms such as patient portals, mobile applications or via intelligent, web-based chatbots, and many more. For instance, in April 2020, Renown Health, the US-based healthcare company launched an Artificial Intelligence (AI) healthcare chatbot and live chat solution with the help of Loyal, a software solution that improves online customer and patient service to leading health systems and hospitals.
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 sciences market are:
Based on the components, the solution segment accounted for the largest market share in the overall NLP in healthcare and life sciences market size owing to increased application of NLP solutions in the healthcare sector
Based on component, the NLP in healthcare and life sciences market is categorised into solution and services. The solution segment held the major market share in the year 2020 and is anticipated to witness growth during the forecast period. The solution segment is further bifurcated into population health management, counter fraud management, clinical variation management, and other solutions. Solutions in NLP in healthcare and life sciences market is extensively applied to the data gathered from numerous sources to analyze and extract informative insights which would be used to take better decisions based on the information gathered by varied data collecting systems in the hospitals such as sensors, voice recorder, digital healthcare tools etc. NLP in healthcare and life sciences market aids in enhancing the accuracy of Electronic Health Record (EHRs) and makes the documentation easier by converting free text into standardised text and help healthcare professionals to maintain and analyze data collected and standardized by the EHR systems.
Based on regions, the market for NLP in healthcare and life sciences in North America accounted for the largest share in 2020 owing to well-established technological infrastructure, followed by Asia Pacific and Europe
Geographically, in the year 2020, the North American region held the dominance in market share in the NLP in healthcare and life sciences market and is anticipated to continue its dominance throughout the forecast period. The growth is majorly attributed to the early incorporation of the NLP technology and the rapid development in technological infrastructure in the healthcare and life sciences market. The key players along with the startups are significantly contributing in the NLP in healthcare and life sciences market owing to the increasing presence of such a technological backbone that helps in continuous advancements and continues the supply of technology in the region.
For instance, in September 2021, Melax Technologies, Inc., the US-based major player in biomedical natural language processing technology involved in empowering businesses, laboratories, and other life sciences organizations using NLP technology, launched a new Mercury NLP, an AI Technology to improve healthcare research through Text Extraction & Normalization. The new software is anticipated to render clinical NLP pipelines to facilitate quantitative analytics with the extraction of informative unstructured medical data in the medical sector and pharmaceutical sector, among others.
The report also provides an in-depth analysis of NLP in healthcare and life sciences market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report. Get Sample Copy
COVID-19 Impact on the NLP in Healthcare and Life Sciences Market Analysis
The lockdown situations and the economic shutdown worldwide led to disruptions in the supply chain of the NLP in healthcare and life sciences market. Some of the major challenges included the insufficient supply of raw material needed for manufacturing instruments and irregularities in transportation facilities.
The impact of COVID-19 has also been estimated to be positively affecting the market. Several healthcare professionals along with the vendors for NLP technology observed the capability of NLP technology to enable fast, comprehensive, and systematic, insight generation from the unstructured textual data sources such as clinical trial records, internal sources, social media, news reports, and scientific literature, among others. Moreover, the usage of NLP technology is being implemented for the evaluation of COVID-19 treatments during the pandemic. For instance, in April 2020, Linguamatics, an iQvia company, introduced ‘The Linguamatics NLP COVID-19 Evidence Hub’. The hub is expected to integrate the COVID-19 related information in two document sets such as the ‘COVID-19 Open Research Dataset (CORD19)’ and COVID-19 full-text papers stored in the Linguamatics NLP cloud platform with ClinicalTrials.gov, MEDLINE, FDA Drug labels, and PubMed Central.
The report also provides an in-depth analysis of key trends in NLP in the healthcare and life sciences market
|1||The trend of storing unstructured text to extract and analyze the data for better learning is driving the growth of the market||Positive|
|2||The increasing usage of NLP-based chatbots is propelling the market||Positive|
|3||The rising demand for enhanced customer services and provide better healthcare services is considerably boosting the market growth||Positive|
The report also provides an in-depth analysis of recent news developments and investments for market.
The unique insight provided by this report also includes the following:
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