Overview and Scope
Natural language processing (NLP) in healthcare and life sciences refers to a field of Artificial Intelligence (AI) that enables machines to comprehend and communicate in human speech. It is used to discover data patterns and perform automated healthcare and life sciences tasks.
Sizing and Forecast
The natural language processing (nlp) in healthcare and life sciences market size has grown exponentially in recent years. It will grow from $2.56 billion in 2023 to $3.13 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. The growth in the historic period can be attributed to electronic health records (ehr) adoption, clinical documentation improvement, medical literature mining, demand for clinical decision support, rising healthcare costs.
The natural language processing (nlp) in healthcare and life sciences market size is expected to see exponential growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 22.3%. The growth in the forecast period can be attributed to ai-driven personalized medicine, expanding telemedicine, regulatory compliance and coding, genomics and precision medicine, healthcare data interoperability. Major trends in the forecast period include conversational ai in patient care, semantic search and knowledge graphs, ethical nlp use, real-time clinical nlp, narrative data processing.
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Segmentation & Regional Insights
The natural language processing (nlp) in healthcare and life sciences market covered in this report is segmented –
1) By NLP Type: Rule-Based NLP, Statistical NLP, Hybrid NLP
2) By Component: Solutions, Services,
3) By Organization Size: Large Enterprises, Small And Midsize Enterprises (SMEs)
4) By Application: Sentiment Analysis, Drug Discovery, Clinical Trail Matching, Risk And Compliance Management, Dictation And EMR Implication, Automated Registry Reporting, AI Chatbots And Virtual Scribe, Other Applications
5) By End-User: Public Health And Government Agencies, Medical Devices, Healthcare Insurance, Pharmaceuticals, Other End-Users
North America was the largest region in the NLP in healthcare and life sciences market in 2023. The regions covered in the natural language processing (nlp) in healthcare and life sciences market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing adoption of digital technology in the healthcare industry is driving the growth of NLP in the healthcare and life sciences market. Digital technology in healthcare refers to using information and communication technologies in medicine and other health professions to treat patients, reduce health risks, and promote wellness. Natural language processing (NLP) is used as digital healthcare technology to analyze unstructured data and derive valuable medical insights. For instance, in August 2021, according to Accenture PLC, a US-based provider of innovative and comprehensive services and solutions, the US virtual consultation provider increased from 7% in 2020 to 32% in 2021, and there was an increase of 31% in the use of electronic health records in 2021. Further, in September 2022, according to American Medical Association, a US-based professional association organized into local and regional societies, the adoption of the average number of digital tools by physicians increased to 3.8% in 2022 in the US. Therefore, the increasing adoption of digital technology in the healthcare industry is expected to propel the growth of the NLP in the healthcare and life sciences market.
Key Industry Players
Major companies operating in the natural language processing (nlp) in healthcare and life sciences market report are Google LLC, Microsoft Corporation, Optum Inc., Amazon Web Services Inc., International Business Machines Corporation, 3M Company, IQVIA Holdings Inc., Cerner Corporation, Inovalon Holdings Inc., NextGen Healthcare Inc., Welltok Inc., SparkCognition Inc., HealthFusion Inc., Syapse Inc., Apixio Inc., Conversica Inc., Infermedica, Rasa Technologies, Health Fidelity Inc., Linguamatics Ltd., Dolbey Systems Inc., SparkBeyond, Lexalytics Inc., Clinithink Ltd., Semedy AG, Sentient Technologies LLC, Zyla Health, Anumana Inc., Heath Fidelity Inc., Averbis GmbH
The natural language processing (nlp) in healthcare and life sciences market report table of contents includes:
1. Executive Summary
2. NLP In Healthcare And Life Sciences Market Characteristics
3. NLP In Healthcare And Life Sciences Market Trends And Strategies
4. NLP In Healthcare And Life Sciences Market – Macro Economic Scenario
5. Global NLP In Healthcare And Life Sciences Market Size and Growth
…
32. Global Fintech as a Service (FaaS) Market Competitive Benchmarking
33. Global Fintech as a Service (FaaS) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fintech as a Service (FaaS) Market
35. Fintech as a Service (FaaS) Market Future Outlook and Potential Analysis
36. Appendix
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