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nlp in healthcare and life sciences market

NLP in Healthcare and Life Sciences Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Services); By NLP Type; By End-Use (Physician, Patients, Researchers, Clinical Operators); By Application; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Feb 2022
  • Pages: 115
  • Format: PDF
  • Report ID: PM2249
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global NLP in healthcare and life sciences market was valued at USD 1.88 billion in 2021 and is expected to grow at a CAGR of 19.3% during the forecast period. NLP is a technique that analyses human-computer collaboration to assist machines in understanding both written and spoken human language.

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NLP is frequently utilized in the healthcare and life sciences as it can extract data from enormous amounts of clinical data and refine it for better physician preparation and assessment. Doctors may spend as much time with their patients and give them their full attention due to the natural language processing platform.

Several clinicians prefer printed or typed voice notes. As a result, the natural language processing platform may be utilized to analyze speech and update data accurately. Unstructured data in real-world data sources like EHRs, patient forums, and other sources make extracting usable insights from the data challenging and time-consuming. This issue is alleviated by AI-powered natural language processing technology. Healthcare and life sciences companies use natural language processing in drug discovery, text mining EHR data, and utilizing data to produce future insights for commercial advantages, resulting in actionable insights that improve care and efficacy.

The NLP in healthcare and life sciences market is driven by the rising public and private R&D investment in the natural language processing platforms. For instance, in August 2021, the Denmark government focused on strengthening research and development for natural language processing in healthcare and life sciences. NLP is a branch of linguistics and computer sciences concerned with the interactions of systems, and human language is a key component in the development and application of artificial intelligence (AI). However, because only about six million people understand Danish, solutions based solely on the danish language are ineffective.

Industry Dynamics

Growth Drivers
The natural language processing in healthcare and life sciences market has observed extensive developments in the last few decades, supported by factors such as the rising market demand for enhanced customer services. Customer's market demand for better healthcare and life sciences services is expected to drive natural language processing in healthcare and life sciences market expansion.

The leading players in the global NLP in healthcare and life sciences market are focused on expanding digital technologies in the healthcare industry. Natural language processing is a subset of artificial intelligence (AI) that fosters human-machine interaction. For instance, in September 2021, Mercury natural language processing was launched by Melax Tech, an AI-powered software provider of natural language processing technology. The new software includes clinical NLP pipelines for extracting useful unstructured textual medical data for quantitative analytics in medicine and pharmaceuticals.

Mercury NLP provides quick and easy access to text data in various forms, and the program can be used in a HIPAA-compliant cloud environment or on-premise. Mercury NLP software by Melax Tech extracts text data from diagnoses, recommended medications, tests, lab results, discharge plans, and more in real-time. The technique can also be used to improve public health by analyzing social determinants of health data. These abrasive solutions reduce the number of workers needed in the healthcare and life science industry while increasing productivity in the back office and clinical environments.

Report Segmentation

The market is primarily segmented based on application, component, NLP type, end-use, and region.

By Component

By NLP Type

By Application

By End-Use

By Region

  • Solution
    • Clinical Variation Management
    • Population Health Management
    • Counter Fraud Management
    • Other Solutions
  • Services
    • Professional Services
    • Managed Services
  • Rule-based
  • Statistical
  • Hybrid
  • IVR
  • Pattern and Image Recognition
  • Summarization and Categorization
  • Text and Speech Analytics
  • Predictive Risk Analytics
  • Reporting and Visualization,
  • Other Applications
  • Physician
  • Patients
  • Researchers
  • Clinical Operators
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Component

Based on the component segment, the service segment is expected to be the most significant revenue contributor in the global natural language processing in healthcare and life sciences market in 2021 and is expected to retain its dominance in the foreseen period. The services are classified into professional services and managed services. Professional service providers provide in-depth product knowledge, allowing clients to focus on their primary business, whereas MSPs assist healthcare organizations in improving their business processes and lowering total costs.

Geographic Overview

In terms of geography, North America had the highest share in 2021. The market for the North American region is anticipated to grow significantly as a result of the presence of major players and the market demand for NLP. The surge in AI tools used in enterprises throughout the life sciences has boosted the prospects. Extensive research in creating AI technologies and methodologies for quality control in clinical sciences research, population health management, and patient safety has broadened the horizon for competitors in the region to expand their market shares. Furthermore, the U.S. has been at the forefront of using natural language processing platforms and big data to improve public health.

Moreover, Asia Pacific natural language processing in healthcare and life sciences market is anticipated to grow at a considerable pace over the forecast period. This increase can be attributed to the digital infrastructure and the role of government in advancing technologies across the various sectors. For instance, according to MeiTy, “Digital India” is a large-scale initiative by the Indian government aimed to prepare the nation for a knowledge-based economy and empower its citizens with emerging technologies.

Competitive Insight

Some of the major players operating in the global NLP in healthcare and life sciences market include 3M Company, Alphabet Inc., Amazon.com, Inc., Averbis GmbH, Cerner Corporation, Clinithink, Conversica Inc., Dolbey Systems, Inc., Health Fidelity, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Inovalon, IQVIA Holdings Inc., Lexalytics, Microsoft Corporation, SparkCognition, and Wave Health Technologies.

NLP in Healthcare and Life Sciences Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 1.88 billion

Revenue forecast in 2030

USD 8.18 billion

CAGR

19.3% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Segments covered

By Component, By NLP Type, By Application, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies

3M Company, Alphabet Inc., Amazon.com, Inc., Averbis GmbH, Cerner Corporation, Clinithink, Conversica Inc., Dolbey Systems, Inc., Health Fidelity, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Inovalon, IQVIA Holdings Inc., Lexalytics, Microsoft Corporation, SparkCognition, and Wave Health Technologies.

 

Key Take-Away
Polaris Market Research
NLP in Healthcare and Life Sciences Market Size Global Report, 2022 - 2030