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

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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 healthcare and life sciences market

Global NLP in healthcare and life sciences market

Dublin, Nov. 23, 2022 (GLOBE NEWSWIRE) — The “NLP in Healthcare and Life Sciences, Market by Component (Solutions and Services), NLP Type (Statistical, Hybrid), NLP Technique (IVR, OCR), Application (Clinical Trail Matching, Drug Discovery), End Users and Region – Global forecast for 2027” report added ResearchAndMarkets.coms offer.

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

Several factors, such as the growing need to analyze narrative text and vast amounts of clinical data and extract insights, and the rising demand for improving the usability of EHR data to improve care delivery and outcomes, are driving NLP adoption in the healthcare and life sciences and services markets around the world.

COVID-19 is disrupting the world, businesses and economies, impacting people’s livelihoods, how they interact and how they conduct their businesses. The ability to survive has become the new normal for enterprises as they shift their focus from growth opportunities and focus on implementing drastic measures to mitigate the impact of the COVID-19 pandemic.

In the ongoing battle against COVID-19, pharmaceutical and healthcare organizations, governments and the wider scientific communities around the world are working to assess the impact of the virus and rapidly develop rapid, accurate solutions. Few vendors in the market testify that NLP technology would enable rapid, systematic, and comprehensive insight to be generated from unstructured text.

Sources may include scientific literature, clinical trial reports, preprints, internal resources, medical records, social media, and news reports. Capturing key information from these many sources and compiling it into one Evidence Hub deepens user understanding, which will accelerate results. NLP has been widely used in various organizations to categorize sentiments, implement recommendations, summarize information, and subject modeling.

As the novel coronavirus has spread around the world, it has created major disruptions in communities, patients and clinicians, the way they work and how they engage in supporting stakeholders across the ecosystem. Pharmaceutical and life sciences companies are front and center, delivering extremely essential medical products to support patients in times of need, while also garnering widespread attention as the industry sprints to develop new therapies and vaccines for COVID-19 .

The cloud segment has the larger market size during the forecast period

By deployment mode, the NLP in healthcare and life sciences market has been segmented into on-premises and cloud. The market size of the cloud deployment mode is estimated 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 easy availability and flexibility for business owners. Healthcare companies are turning to cloud-based infrastructure to manage and monitor employees and facilities working remotely.

The SMB segment will maintain a higher CAGR over the forecast period

The NLP market in healthcare and life sciences is segmented by organization size into large enterprises and SMBs. The SMB market is expected to register a higher CAGR over the forecast period as cloud-based software and services help them improve business performance and increase productivity.

While the large enterprise segment is expected to hold higher market share in the NLP market for healthcare and life sciences during the forecast period due to the affordability and adoption of new emerging technologies such as AI, Big data and blockchain by the healthcare companies.

Among the regions, APAC will maintain a higher CAGR over the forecast period

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

In addition, governments in the region are spending heavily on AI and ML technologies to increase digitization and NLP awareness among healthcare companies.

Report attribute

Details

Number of pages

348

Forecast period

2022 – 2027

Estimated market value (USD) in 2022

$2.2 billion

Expected market value (USD) by 2027

$7.2 billion

Compound annual growth rate

27.1%

Regions Covered

Global

Premium insights

  • Growing demand to improve the usability of electronic healthcare data for better healthcare delivery and business outcomes to drive market growth

  • Pattern and Image Recognition segment is growing at the highest CAGR during the forecast period

  • Solutions Segment and Interactive Voice Response Segment to maintain the largest market shares in North America in 2021

  • North America will have the largest market share in 2021

Market dynamics

Drivers

  • The increasing need for predictive analytics technology to reduce risk and improve significant health problems

  • Growing demand for improving the usability of EHR data to improve healthcare delivery and outcomes

  • Growing need to analyze narrative text and a vast amount of clinical data and extract insights

limits

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

  • Inadequacy in the advancement of NLP technology using neural networks limiting its use for cloud-based services

Possibilities

  • Ensemble NLP systems to increase phenotyping capabilities

  • Rising demand for NLP systems programmed to understand the context of medical records

  • The emergence of cognitive computers to drive demand for NLP solutions for precision medicine applications

Challenges

  • Growing regulatory compliance and privacy concerns over data security during COVID-19 are slowing researchers’ progress

  • Interoperability and reliability issues when implementing NLP algorithms

  • Cumulative growth analysis

Case study analysis

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

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

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

  • Leading renal care providers deploy Citiustech solution to predict high-risk chronic kidney disease

  • Health System applies the Linguamatics NLP platform to improve patient care and gain insights from public health data

  • Leading healthcare payers deployed Linguamatics NLp solutions to gain insight into the unstructured data

  • Medtronic is building a mobile personal assistant app for diabetes management

  • Primary Medical Care Group engaged Foresee Medical for the ESP risk adjustment software to improve profitability

  • Flagler Health improves the clinical documentation experience for radiologists

Technology analysis: NLP in healthcare and life sciences market

Mentioned companies

  • 3M

  • Apixio

  • Averbis

  • Aws

  • Babylon

  • Biofourmis

  • Caption Health

  • Cerner

  • Clinithink

  • Cloudmedx

  • Corti

  • Dolbey

  • Iron

  • Provide Medical

  • Gnani.Ai

  • Google

  • Health faithfully

  • IBM

  • Inovalone

  • Lexalytics

  • Linguistics

  • Microsoft

  • remarkable

  • Oncora Medical

  • Press Ganey

  • Suki

  • Wave Health Technologies

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

Appendix

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