NLP (Natural Language Processing) in Healthcare and Life Sciences Markets: Statistical, Hybrid, IVR, OCR, Clinical Trail Matching, Drug Discovery

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Global NLP in the Health and Life Sciences Market

Global NLP in the Health and Life Sciences Market

Global NLP in the Health and Life Sciences Market

Dublin, Nov. 23, 2022 (GLOBE NEWSWIRE) — “NLP in Healthcare and Life Sciences Market by Component (Solutions and Services), NLP Type (Statistical, Hybrid), NLP Technique (IVR, OCR), Application (Clinical Pathway) Matching, Drug discovery), end users and region – Global forecast to 2027” report added. at ResearchAndMarkets.com offer

The global healthcare and life sciences NLP market size will grow from USD 1.8 billion in 2021 to USD 4.3 billion by 2026, at a CAGR of 19.0%.

Several factors, such as the growing need to analyze and extract insights from narrative text and large amounts of clinical data, and increasing demands to improve the usability of EHR data to improve healthcare delivery and outcomes are driving the adoption of NLP in healthcare and life sciences and in services worldwide market.

COVID-19 is disrupting the world, businesses and economies, thus affecting the way people live, interact and conduct business. Resiliency has become the new normal for businesses as they shift their focus from growth opportunities to implementing drastic measures to mitigate the impact of the COVID-19 pandemic.

In the fight against COVID-19, pharmaceutical and healthcare organizations, governments, and the wider scientific community around the world are moving rapidly to assess the impact of the virus and develop fast and accurate solutions. Few vendors in the market see that NLP technology will enable the creation of fast, systematic and comprehensive insights from unstructured text.

Sources may include scientific literature, clinical trial records, preprints, internal sources, medical records, social media, and news. Capturing key information from these many sources and synthesizing it into an Evidence Hub deepens user understanding, which will accelerate results. NLP has been widely used in various organizations to categorize sentiment, make recommendations, summarize information, and create topic models.

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As the novel coronavirus has spread around the world, it has created major disruptions in communities, patients and clinicians, the way we work and support ecosystem actors. Pharmaceutical and life sciences companies have found themselves front and center, providing essential medical products to help patients in their time of need, while garnering widespread attention in the industry’s sprint to develop new therapeutics and vaccines for COVID-19.

The cloud segment is expected to increase the market size during the forecast period

Based on the mode of implementation, NLP in the healthcare and life sciences market has been segmented into on-premise and cloud. The cloud deployment mode market size is expected to increase during the forecast period due to the availability of easy deployment options and minimal capital and time requirements.

The cloud deployment model holds a large share of the market due to its ease of use and ease of use for business owners. Healthcare companies are opting for cloud-based infrastructure to manage and monitor staff and facilities working remotely.

The SME segment will witness a higher CAGR during the forecast period

NLP in the health and life sciences market has been segmented by organization size into large enterprises and SMEs. The SME market is expected to register a higher CAGR during the forecast period as cloud-based software and services help them improve business performance and improve productivity.

The large enterprise segment is expected to hold a higher market share in NLP in the healthcare and life sciences market over the forecast period due to adoption and adoption of new technologies such as AI, Big data and blockchain by healthcare enterprises.

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Among regions, APAC will have the highest CAGR during the forecast period

APAC is expected to grow at a good pace during the forecast period. Healthcare companies in APAC continue to improve their business operations to drive market competitiveness and revenue growth. China, India and Singapore have shown significant growth opportunities in NLP in the healthcare and life sciences market.

Additionally, regional governments are spending heavily on AI and ML technologies to increase digitization and awareness of NLP among healthcare companies.

Report attribute

The details

Number of pages

348

Announcement Period

2022 – 2027

Estimated market value (USD) in 2022

2.2 billion dollars

Estimated market value by 2027 (USD).

7.2 billion dollars

Compound Annual Growth Rate

27.1%

Regions covered

global

Premium Insights

  • There is a growing demand to improve the availability of e-health data, achieve better healthcare delivery and business results to drive market growth.

  • The pattern and image recognition segment will grow at the highest CAGR during the Forecast Period

  • Solutions Segment and Interactive Voice Response Segment to Hold Largest Market Shares in North America 2021

  • North America will hold the largest market share in 2021

Market Dynamics

The drivers

  • The Rise of Predictive Analytics Technology to Reduce Risks and Improve Significant Health Concerns

  • There is a growing demand to improve the availability of EHR data to improve health care delivery and outcomes

  • The growing need to analyze and extract insights from narrative texts and large amounts of clinical data

Restrictions

  • Specific medical sub-languages ​​and poor input data quality

  • Inadequate in Nlp technology advancements using neural networks limiting its use to cloud based services

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The options

  • Ensemble Nlp Systems to increase phenotyping capabilities

  • Increasing demand for Nlp systems programmed to understand the context of medical records

  • Emergence of cognitive computing to increase demand for Nlp solutions for precision medicine applications

the challenges

  • Growing compliance and privacy concerns about data security during COVID-19 slow researchers’ progress

  • Interoperability and reliability issues in deploying Nlp algorithms

  • Cumulative growth analysis

Case Study

  • Drexel University used Linguamatics I2E to improve HIV and hepatitis C cohort selection

  • A healthcare company used Axtria to provide a comprehensive view of patient reports and provide critical insights to both healthcare providers and the company.

  • Create a database and medical knowledge base to build anamnesis for an online clinic chatbot

  • Leading Kidney Care Provider Implements Citiustech Solution to Predict High-Risk Chronic Kidney Disease

  • The Health System applies the Linguamatics Nlp Platform to improve patient care and gain insight from population health data

  • Leading healthcare payers implemented Linguamatics Nlp solutions to gain insights from unstructured data

  • Medtronic Builds Mobile Personal Assistant App for Diabetes Management

  • Primary Care Team Engaged Physician Predict Esp Risk Adjustment Software To Improve Profitability

  • Flagler Health improves the clinical documentation experience for Radiologists

Technology Analysis: Nlp in the Healthcare and Life Sciences Market

The aforementioned companies

  • 3M

  • Apixio

  • Aberbia

  • Wow

  • Babylon

  • Biofourmis

  • Health heading

  • Cerner

  • think about it

  • Cloudmedx

  • Corti

  • Dolby

  • Flatiron

  • Predict the Doctor

  • Gnani. Oh

  • google

  • Health fidelity

  • IBM

  • Inovalon

  • Lexalitic

  • Linguistics

  • Microsoft

  • Remarkable

  • Oncora Doctor

  • Click on Ganey

  • Suki

  • Wave Health Technologies

For more information on this report, visit https://www.researchandmarkets.com/r/cp0mip

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