NLP In Healthcare And Life Sciences Market is Segmented By Component Type (Technology, Services), By Application (Drug Discovery, EHRs, Clinical Trial Analytics, Adverse Event Reporting, Others), By Deployment Mode (On-premise, Cloud), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Report Overview
NLP in healthcare and life sciences market growing at a CAGR 20.4% during the forecast period (2023-2030).
Natural language processing (NLP) is an area of artificial intelligence that analyses human-computer collaboration to assist machines in comprehending both written and spoken language. Its ultimate goal is to read, interpret, grasp, and make sense of human languages in a useful way. NLP is a technique for extracting data from a vast volume of clinical data and enhancing it for better preparation and assessment. Moreover, NLP has a wide range of applications in the pharmaceutical industry, including drug development, clinical trials, regulatory insights, market insights, real-world data, pharmacovigilance, and more.
NLP In Healthcare And Life Sciences Market Scope
| Metrics | Details |
| Market CAGR | 20.4% |
| Segments Covered | By Component Type, By Application, By Deployment Mode, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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NLP in healthcare and life sciences Market Dynamics
Advancing demand for enhanced customer services by market players is expected to drive market growth.
The key market players are focused on expanding the acceptance of digital technologies in the healthcare industry. NLP is a subset of artificial intelligence (AI) that fosters human-machine interaction. For instance, Google announced Healthcare Natural Language API and AutoML Entity Extraction for healthcare in November 2020. These tools can aid healthcare professionals in conducting a systematic and repeatable evaluation and analysis of medical documents. These cutting-edge solutions reduce the number of workers needed in the healthcare industry while increasing productivity in the back office and clinical environments.
Moreover, in collaboration with technology businesses, several healthcare organizations are developing NLP programmes to assist the healthcare and life sciences sectors, which is boosting the worldwide NLP market in healthcare and life sciences. For instance, in August 2019, UCHealth, a not-for-profit health care system based in the United States, unveiled 'Livi,' a new Virtual Assistant powered by conversational Artificial Intelligence (AI) and available on smart speaker devices. Livi is a patient's smart helper. The tool is anticipated to safeguard messaging with physicians, provide customised support, manage appointments, and provide test results. Thus, the market is expected to drive in the forecast period from the above statements.
COVID-19 Impact Analysis On NLP in healthcare and life sciences Market
The COVID-19 pandemic has moderately impacted healthcare systems and the market. Policymakers are employing social distancing and isolation regulations to decrease the risk of COVID-19 transmission and spread, while antiviral medicines and vaccinations are still being researched, developed, and tested. In-person healthcare delivery has been curtailed or discontinued as part of these isolation rules to reduce the risk of COVID-19 infection in high-risk and vulnerable populations, notably those with comorbidities. Artificial intelligence (AI) and machine learning (ML) approaches can be used to support healthcare professionals and healthcare delivery when healthcare resources are being stressed because of the epidemic.
Moreover, these technologies can also provide continuity of care when in-person appointments are too risky due to subsequent waves of the COVID-19 epidemic. Also, beyond the pandemic's urgent needs, the implementation of these devices will continue to be beneficial for providing care to isolated and rural populations. Additionally, due to the COVID-19 pandemic, businesses in the worldwide natural language processing (NLP) in healthcare and life sciences markets are experiencing severe hurdles. The supply of raw materials required for instrument fabrication is a serious difficulty because of transportation facility inconsistencies. Thus, the COVID-19 pandemic has affected the market.
NLP in healthcare and life sciences Market Segment Analysis
Technology segment is expected to hold the largest market share in NLP in healthcare and life sciences market
The technology segment is expected to dominate in 2020. The segment benefits because data from various sources can be analyzed using technology to gain relevant insights and make data-driven health decisions. NLP in the healthcare industry can enhance the quality and completeness of EHRs by turning free text into standardized data. Because NLP translates unstructured language into structured data, it may also make documentation easier by allowing care providers to dictate notes, which is a business benefit. Thus, the market segment is expected to drive in the forecast period from the above statements.
NLP in healthcare and life sciences Market Geographical Share
North America region holds the largest market share in the global NLP in healthcare and life sciences market
In 2020, North America accounted for the highest revenue share. Rising research and development activities and investments, technological advancements, the large presence of key market players and their roduct launches, acquisition and collaborations in the region are the factors the region is expected to boost in the forecast period. For instance, Centene Corporation, a publicly listed managed care firm based in the United States, announced the successful acquisition of Apixio Inc., a computing solution for healthcare payers and providers, in November 2020. Clinical data from medical records, physician notes, and other documents will be extracted and converted into clinical and administrative guidelines as part of the acquisition. Moreover, Yext, a New York-based technology business that specializes in online brand management, announced the debut of a new AI-powered doctor finder service in September 2021. By comprehending the meaning behind what people are searching for online, the technological solution is supposed to help healthcare providers link patients to the correct healthcare practitioner. Therefore, it has increased the capital of NLP in healthcare and life sciences, due to which the North American region is expected to hold the largest market share in the forecast period.
NLP in healthcare and life sciences Market Companies and Competitive Landscape
Major key players in the NLP in healthcare and life sciences market are Google LLC., Apixio, Microsoft Corporation, 3M India Ltd, IBM Corporation, Amazon Web Services Inc., Health Fidelity Gnani.ai, CloudMedx, Inovalon Lexalytics and Conversica Inc.
Google LLC.:
Overview:
Google LLC is a multinational technology firm based in the United States specializing in Internet-related services and products such as search engines, online advertising technologies, cloud computing, software, and hardware. Due to its market dominance, data collection, and technological advantages in artificial intelligence, it has been referred to as the most powerful firm in the world and one of the most valuable brands in the world.
Product Portfolio:
Healthcare Natural Language API: The Healthcare Natural Language API parses unstructured medical text such as medical records or insurance claims. It then generates a structured data representation of the medical knowledge entities stored in these data sources for downstream analysis and automation.
