The Global Natural Language Processing (NLP) In Healthcare And Life Sciences Market size is valued at USD 1.46 Billion in 2022 and is projected to reach USD 5.90 Billion by 2030, growing at a CAGR of 19.03% from 2022 to 2030.
Market Overview
The research firm Contrive Datum Insights has just recently added to its database a report with the heading global Natural Language Processing (NLP) in Healthcare and Life Sciences Market .Both primary and secondary research methodologies have been utilised in order to conduct an analysis of the worldwide Natural Language Processing (NLP) in Healthcare and Life Sciences Market . In order to provide a comprehensive comprehension of the topic at hand, it has been summed up using appropriate and accurate market insights. According to Contrive Datum Insights, this worldwide comprehensive report is broken up into several categories in order to present the data in a way that is understandable, succinct, and presented in a professional manner. By analyzing human-computer interactions, natural language processing (NLP), a revolutionary technological advancement, enables robots to comprehend both written and spoken human language. Huge volumes of clinical data are analyzed using NLP approaches to extract data and improve actionability for improved planning and evaluation. Customers are increasingly requesting electronic health records that can acquire, examine, and separate pertinent descriptive information as well as confusing data obtained from NLP tools. Likewise, as consumer expectations for better healthcare services rise, the healthcare and life sciences industries are seeing considerable technology breakthroughs. Patients are also employing predictive analytics to lower health risks and improve medical conditions as they become more aware of their health.
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Segment Analysis
It encompasses the most important key players in the world’s various regions and contains them. In this research report, several different techniques that high-level industries have utilised to achieve their goals are discussed. In order to obtain a more in-depth analysis of a number of different businesses, player profiles of the most important top players have been developed. It is beneficial to have an understanding of the worldwide competition on both the domestic and international platforms.
It provides a detailed description of the drivers and opportunities in the Natural Language Processing (NLP) in Healthcare and Life Sciences Market , which assists current customers and potential customers in gaining a clear vision and making decisions that are most effective for them. In order to discover the desired facts regarding the target market, various types of analysis models, such as Natural Language Processing (NLP) in Healthcare and Life Sciences Market , are utilised. In addition to this, it includes a variety of different techniques for strategic planning, which encourages the way to define and develop the framework of the various industries. The market can be divided into standalone solutions and services in terms of components. Support & maintenance and professional services are examples of services. When discussing components, it is important to keep in mind that the service sector is thought to control the market. The market can be divided into rule-based natural language processing, statistical natural language processing, and hybrid natural language processing based on the types of NLP used. Interactive voice response (IVR), pattern and picture recognition, auto coding, classification and categorization, text and speech analytics, and others can all be classified as applications in the industry. The market can be divided into two categories based on the deployment method: cloud and on-premise. The market is probably going to be dominated by the cloud deployment paradigm. The market for NLP for doctors, researchers, patients, and clinical operators can be divided based on the end-user. It is assumed that the researchers’ section will control the market.
Based on types, the Natural Language Processing (NLP) in Healthcare and Life Sciences Market is segmented into:
- Technology
- Services
By Deployment Mode:
- Cloud
- On-premises
Based on application, the Natural Language Processing (NLP) in Healthcare and Life Sciences Market is segmented into:
- Machine Translation
- Question Answering
- Automated Information Extraction
- Others
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Recent Development
IBM Corporation and Gratitude teamed in May 2021 to integrate Gratitude with IBM Watson Health. With the use of this integration, life sciences firms will be able to solve difficulties in rare disease research, such as recruiting participants for clinical trials, creating external controls, and receiving payment for treatment.
In May 2021, Google and HCA Healthcare teamed together to create a new data analytics platform using information from the 32 million patient visits that the hospital system receives annually.
Regional Analysis
North America (the US, Canada, and Mexico), Asia Pacific (India, China, Japan, Malaysia, Singapore, and the Rest of Asia Pacific), Europe (Germany, United Kingdom, Italy, France, Spain, Netherlands, and Rest of Europe), Middle East & Africa, and Central & South America can all be categorized under this market. The main source of revenue in this market comes from North America. In the healthcare and life sciences sectors, the region is experiencing great NLP industry breakthroughs. NLP technologies are becoming more and more popular in North America for pattern and image recognition. These innovations offer storage alternatives that are more flexible, adaptable, and affordable as well as improved analytics capabilities. By fusing AI technologies like machine learning and natural language processing with their preexisting EHRs, many North American NLP solution companies are examining the market. The growth of the NLP market in the healthcare and life sciences industries is being driven by evolving technology advancements in these fields as well as an increase in the use of patient medical records solutions. Since most healthcare organizations seek to profit from NLP approaches, which will enable them to create personalised client experiences and boost processing efficiency, the Asia Pacific area is predicted to develop at the fastest rate.
Regional Natural Language Processing (NLP) in Healthcare and Life Sciences Market coverage (Regional Status, Demand Forecast, Country Trends, etc.):
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- North America, Europe, China, Japan, Southeast Asia, India.
- North America (USA, Canada, and Mexico).
- Europe (Germany, France, UK, Russia and, Italy).
- Asia-Pacific (China, Japan, Korea, India and, Southeast Asia).
Key segments covered in Natural Language Processing (NLP) in Healthcare and Life Sciences Market include:
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- Natural Language Processing (NLP) in Healthcare and Life Sciences Market Growth Drivers and Barriers.
- Market Trends, Market Opportunities, Porter’s Five Forces Analysis.
- Market Overview, Industry Development, Market Maturity, Value Chain Analysis.
- Regional and Country Level Analysis.
- Trends and Forecasts for Market Segments.
- Market Analysis and Various Recommendations.
- Key market forces.
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Key Market Participants in the Natural Language Processing (NLP) in Healthcare and Life Sciences Market :
IBM Corporation, Google, Hewlett Packard Enterprise Company, Fidelity, 3M, Apixio, Nuance Communications, Inc., Linguamatics, Microsoft Corporation, Dolbey Systems, Inc., Modal IP PLC, Clinithink Inc., Cerner Corporation
Recent Development
IBM Corporation and Gratitude teamed in May 2021 to integrate Gratitude with IBM Watson Health. With the use of this integration, life sciences firms will be able to solve difficulties in rare disease research, such as recruiting participants for clinical trials, creating external controls, and receiving payment for treatment.
In May 2021, Google and HCA Healthcare teamed together to create a new data analytics platform using information from the 32 million patient visits that the hospital system receives annually.
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