Natural Language Processing (NLP) in Healthcare and Life Sci
CHICAGO, April 20, 2020 /PRNewswire/ -- According to the new market research report "Natural Language Processing (NLP) in Healthcare and Life Sciences Market by Component, NLP Type, Application (Pattern and Image Recognition, and Auto Coding), Deployment Mode, Organization Size, End User, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market size to grow from USD 1.5 billion in 2020 to USD 3.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.5% during the forecast period.
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The major growth factors of the market include the rising urge of predictive analytics to reduce risks and improve significant health concerns, and growing demand for improving Electronic Health Record (EHR) data usability to enhance patient care. The proliferation of data amounting in healthcare companies has forced vendors to adopt NLP solutions and help clinicians, researchers, and physicians to simplify and manage their decision-making process. NLP solutions enable healthcare providers to gain access to social media data from clinical reports, search engines and sites, such as Facebook, Twitter that enable organizations to fine tune their service experiences for patients.
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Large enterprises segment to hold a larger market size during the forecast period
The NLP in Healthcare and Life Sciences Market by organization size is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs). The large enterprises segment is expected to have a larger market size during the forecast period, due to the access of large enterprises to the large volume of data being generated from various sources that demand for real-time data insights. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs are growing at a rapid rate and are keen to implement NLP on the cloud that will help them analyze huge volumes of data and make faster decisions for offering optimum patient care.
By end user, the NLP for researchers segment to grow at the highest CAGR during the forecast period
The NLP in Healthcare and Life Sciences Market by end user is segmented into four categories: NLP for physicians, NLP for researchers, NLP for patients, and NLP for clinical operators. The NLP for researchers segment is expected to grow at the highest CAGR during the forecast period. The NLP for researchers segment is the most affected by Artificial Intelligence (AI) trends and possibilities due to the nature and amount of data that is produced by healthcare companies. Researchers are increasingly adopting NLP solutions for qualitative research purposes. The development of NLP-enabled qualitative methods could therefore provide clinical investigators new tools for exploring research questions that may not have been pursued otherwise. Medical researchers are using NLP and Machine Learning (ML) to improve care coordination by analyzing large sets of unstructured health data and drawing actionable insights from them.
North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global NLP in Healthcare and Life Sciences Market. The region is witnessing significant developments in the NLP in Healthcare and Life Sciences Market. NLP solutions are gaining traction in the pattern and image recognition in North America. These solutions offer more flexible, scalable, and cost-effective storage solutions, along with offering improved analytics capacities. Several NLP solution providers in North America are experimenting in the market by integrating AI technologies, such as ML and NLP with their existing EHRs. The rising advancements in technology in these industries and growing usage of patient health record systems. are leading to the growth of the NLP in Healthcare and Life Sciences Market. Major North American vendors in the NLP in Healthcare and Life Sciences Market are 3M (US), Cerner (US), Nuance (US), Health Fidelity (US), Dolbey (US), Microsoft (US), IBM (US), Google (US), AWS (US), Apixio (US), Inovalon (US), and Lexalytics (US).
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The report includes the study of the key players offering NLP solutions and services in healthcare and life sciences industry. The major vendors includes 3M (US), Cerner (US), Nuance (US), Health Fidelity (US), Dolbey (US), Microsoft (US), IBM (US), Google (US), AWS (US), Apixio (US), Averbis (Germany), Linguamatics (UK), Clinithink (Georgia), Wave Health Technologies (Georgia), Inovalon (US), and Lexalytics (US). It also includes an in-depth competitive analysis of the key players in the NLP in Healthcare and Life Sciences Market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
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