The global Natural Language Processing (NLP) in healthcare and life sciences market to grow from $ 1.03 billion in 2016 to $ 2.65 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 20.8%. The market is growing rapidly because of the huge surge in clinical data, increasing use of connected devices, and evolving consumer needs. Limited access to clinical data and lack of institutional commitment are restraining the growth of the NLP market in healthcare and life sciences industry.
“Pattern and image recognition is expected to grow at a higher CAGR”
The NLP in healthcare and life sciences market by technology consists of Interactive Voice Response (IVR), Optical Character Recognition (OCR), pattern and image recognition, auto coding, classification & categorization, text analytics, and speech analytics. Pattern and image recognition is expected to witness the highest CAGR. The technology is helpful in detecting images, pattern analysis, and gesture recognition. In the healthcare industry, it is used to interpret numerical data, such as blood test results. This technique is also used in processing non-numeric data, such as patient history.
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The demand for signal conditioning modules (SCM) technology has increased owing to its various functionalities and use in oil and gas and mining and forestry applications for removing toxins or pollutants from the environment. For this, various technologies such as bioremediation, soil vapor extraction, pump and treat, and so on are widely used to provide remediation services for contaminated groundwater and soil. The refined oil can then be resold, thus generating more revenue from waste resources. These factors are likely to propel the growth of the Natural Language Processing (NLP) In Healthcare & Life Sciences in the oil and gas application.
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Natural Language Processing (NLP) In Healthcare & Life Sciences Drivers
- Huge surge in clinical data
- Increase in the use of connected devices
- Evolving consumer needs
Natural Language Processing (NLP) In Healthcare & Life Sciences Opportunities
- Government policies and initiatives
- Integration of social media for assessing population health
Natural Language Processing (NLP) In Healthcare & Life Sciences Restraints
- Limited access to clinical data
- Lack of institutional commitment
Natural Language Processing (NLP) In Healthcare & Life Sciences Challenges
- Unstructured clinical notes and text
The SCM market for process control applications is expected to grow at the highest rate during the forecast period. Signal conditioners in process control applications separate the supply voltage from the input and output circuits and enable the analog circuit to operate with one operating voltage. Moreover, signal conditioners electrically separate input as well as output signals from each other. This eliminates the differences caused by common reference points and provides protection against irrevocable damage caused by overvoltages.
The key players in the Natural Language Processing (NLP) In Healthcare & Life Sciences profiled in this report are
- Clean Harbors, Inc. (U.S.)
- Golder Associates Corporation (Canada)
- Brisea Group, Inc. (U.S.)
- Entact LLC (U.S.)
- Dredging, Environmental and Marine Engineering NV (Belgium)
- Terra Systems, Inc. (U.S.)
- Signal conditioning modules (SCM) Resources Pty Ltd. (Australia)
- GEO Inc. (U.S.), newterra Ltd. (Canada)
- Weber Ambiental (Mexico)
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Natural Language Processing (NLP) In Healthcare & Life Sciences Market Regions
- NORTH AMERICA
- REST OF EUROPE
- ASIA-PACIFIC (APAC)
- REST OF ASIA-PACIFIC
The overall NLP in healthcare and life sciences market has been segmented by component (technology and service), type, application, deployment mode, and region. The market by technology is segmented into IVR, OCR, pattern & image recognition, auto coding, classification & categorization, text analytics, and speech analytics. The services have been segmented into professional services and support & maintenance services. The market by type includes rule-based NLP, statistical NLP, and hybrid NLP. Applications include predictive risk analytics, automated information extraction, report generation, machine translation, and others. The NLP solutions can be deployed in cloud or on premise. The regional analysis includes the study of five regions namely North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.
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- This report includes the market statistics pertaining to environmental medium, technology, application, and geography, along with their respective market size.
- The Porter’s five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the Natural Language Processing (NLP) In Healthcare & Life Sciences.
- Major drivers, restraints, challenges, and opportunities for the growth of the Natural Language Processing (NLP) In Healthcare & Life Sciences have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for the market based on environmental medium, technology, application, and geography have been conducted to give an overall view of the Natural Language Processing (NLP) In Healthcare & Life Sciences.
- A detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.
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