SEATTLE, May 24, 2021, (MEDGADGET) — Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market – Insights
Integration of natural language processing (NLP) platform is beneficial for both consumer and service providers for bringing ease to the workflow. Messaging platforms and voice assistants operated by consumers help to decrease the required time for various services including documentation of patient. NLP is a computer program’s ability for understanding human languages along with promoting interaction between human and machine. Rising acceptance of digital advancements in healthcare industry along with consumer demand for improved medical services is expected to drive global natural language processing (NLP) in healthcare and life sciences market growth during the forecast period.
The global natural language processing (NLP) in healthcare and life sciences market size accounted for US$ 1,497.89 million in 2018, and is projected to exhibit a CAGR of 26.8% over the forecast period (2019 – 2026).
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Rising data operations along with smart devices usage is expected to drive global natural language processing (NLP) in healthcare and life sciences market growth.
Industry of life sciences and healthcare produce large amounts of data, driven by requirements of compliance & regulation, patient care and record keeping. Growing trends of data based solutions and digitization for improving healthcare delivery systems is driving the global natural language processing (NLP) in healthcare and life sciences market growth. Hence, rising operations that are data-driven, along with decision-making is vital factor driving the global natural language processing (NLP) in healthcare and life sciences market growth. For instance, Google AI, in May 2018, collaborated with University of California, Stanford Medicine, San Francisco, and The University of Chicago Medical Center to integrate Machine Learning in Electronic Health Records (EHR) for achieving accurate a scalable results along with developing a pipeline for data processing to transform EHR files in standardized format.
Moreover, various physicians instead of typed or handwritten notes, prefer voice notes. Hence, NLP platforms can be useful for easy interpreting speech and updating records accurately.
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Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market – Restraints
A key challenge in life sciences and healthcare field is NLP implementation; this is expected to hinder growth of global Natural Language Processing (NLP) in healthcare and life sciences market over the forecast period. There exist several countries around the globe whose general population have very limited access to healthcare services along with shortage of healthcare expenses, which is expected to impede global Natural Language Processing (NLP) in healthcare and life sciences market growth, over the forecast period. For instance, as per ranking data from the report by the World Health Organization (WHO), in April 2017, Malawi’s healthcare system was ranked 185th from 190 owing to lacking skills, lack in manpower and shortage of adequate technology and equipment..
Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market – Regional Insights
Based on region, global Natural Language Processing (NLP) in healthcare and life sciences market is divided in North America, Europe, Latin America, Asia Pacific, Africa and Middle East. It is expected that North America will gain the largest share in the global Natural Language Processing (NLP) in healthcare and life sciences market during the forecast period, due to rising demand of NLP platforms for generating and extracting data in medical research in life sciences and healthcare field. For instance, Optra Systems, in March 2017, declared the launch of iMaven Knowledge Automation, a computational platform for clinical genomics with use of Deep Machine Learning and proprietary advanced NLP algorithms during ACMG Clinical Genetics Annual Meeting in Arizona, U.S.
Europe is expected to register robust growth in global Natural Language Processing (NLP) in healthcare and life sciences market, owing to healthcare providers increasingly adopting AI tools in this region. For instance, as per the May 2018 report of Healthcare Information and Management Systems Society (HIMSS) Europe, around16% of healthcare centers from Europe are using AI devices and are expected to outreach 21% till 2023.
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Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market – Competitive Landscape
Major players functioning in the global Natural Language Processing (NLP) in healthcare and life sciences market consists, 3M, IBM Corporation, Cerner Corporation, Microsoft Corporation, Heath Fidelity, Apixio Inc., Linguamatics, and Dolbey Systems Inc.
Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Overview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Component Type
- Market Snippet, By Application
- Market Snippet, By Deployment Mode
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Industry Trends
- Transformation to e-Health
- PEST Analysis
- Market Dynamics
- Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market, By Component Type, 2018 – 2026, (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Y-o-Y Growth Analysis, 2017 – 2026
- Segment Trends
- Technology
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
- Interactive Voice Response
- Pattern and Image Recognition
- Text Analytics
- Speech Analytics
- Services
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
- Introduction
- Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market, By Application, 2018 – 2026, (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Y-o-Y Growth Analysis, 2017 – 2026
- Segment Trends
- Predictive Risk Analytics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
- Machine Translation
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
- Information Extraction
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
- Report Generation
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
- Introduction
- Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market, By Deployment Mode, 2018 – 2026, (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Y-o-Y Growth Analysis, 2017 – 2026
- Segment Trends
- On-premise
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
- Cloud
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
- Introduction
- Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market, By Region, 2018 – 2026, (US$ Million)
- Introduction
- Market Share Analysis, By Region, 2018 and 2026 (%)
- Y-o-Y Growth Analysis, By Region, 2017 – 2026
- Regional Trends
- North America
- Market Size and Forecast, By Component Type, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Country, 2018 – 2026, (US$ Million)
- U.S.
- Canada
- Europe
- Market Size and Forecast, By Component Type, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Country, 2018 – 2026, (US$ Million)
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Market Size and Forecast, By Component Type, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Country, 2018 – 2026, (US$ Million)
- China
- Japan
- India
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast, By Component Type, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Country, 2018 – 2026, (US$ Million)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Africa
- Market Size and Forecast, By Component Type, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Country/Region, 2018 – 2026, (US$ Million)
- North Africa
- Central Africa
- South Africa
- Middle East
- Market Size and Forecast, By Product Type, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
- Market Size and Forecast, By Country, 2018 – 2026, (US$ Million)
- GCC Countries
- Israel
- Rest of Middle East
- North America
- Introduction
- Competitive Landscape
- Company Profiles
- Analyst Views
- Section
-
- References
- Research Methodology
- About Us and Sales Contact
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