NLP in Healthcare and Life Sciences Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2027
The NLP in healthcare and life sciences market size to grow from USD 2.2 billion in 2022 to USD 7.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 27.1% during the forecast period. Various factors such as rise in the need of predictive analytics technology to reduce risks and improve significant health concerns, and demand for improving EHR data usability are expected to drive the adoption of NLP solutions in healthcare and life sciences market.
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According to Lexalytics, NLP is a computing technique that analyzes text to determine its meaning, enabling computer applications that can communicate effectively with humans. Healthcare providers, pharmaceutical companies, and biotechnology firms all use text analytics and NLP technology to improve patient outcomes, streamline operations, and manage regulatory compliances.
Automated Registry Reporting segment to register the highest CAGR during the forecast period
The segmentation of the NLP in healthcare and life sciences market by the application segment includes sentiment analysis, drug discovery, clinical trial matching, dictation & EMR implications, automated registry reporting, AI chatbots & virtual scribe, and other applications (review management, question answering, spell correction, and email filtration). The automated registry reporting segment is developing rapidly due to many major technological advancements resulting in enhancing the efficiency of the overall industry. Health systems will need to recognize when an ejection percent is recorded as part of a note and preserve each number in a format that can be used by the organization’s analytics platform for automated registry reporting to implement automated reporting.
Large Enterprises segment to register for the highest market size during the forecast period
Based on organization size, the NLP in healthcare and life sciences market is segmented into large enterprises and SMEs. Currently, the market share of large enterprises is higher; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period. These organizations generate a large volume of data, which must be implemented in their work through collaboration among different teams. The data generated from these large enterprises can then be stored at a lower cost without compromising safety and agility through NLP solutions.
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Some major players in the NLP in healthcare and life sciences market include IBM (US), Microsoft (US), Google (US), AWS (US), IQVIA (US), Oracle (US), Inovalon(US), Dolbey (US), Averbis (Germany), SAS Institute (US), Press Ganey (US), Ellipsis Health (US), Health Fidelity (US), Centene (US), Caption Health (US), Clinithink (US), HPE (US), Oncora Medical (US), Flatiron Health (US), Apixio (US), Forsee Medical (US), Gnani.ai (India), Notable (US), Biofourmis (US), Suki (US), Wave Health Technologies (US), Corti (Denmark), CloudMedx (US), MedlnReal (US), Emtelligent (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global NLP in healthcare and life sciences market.
IBM is a multinational technology corporation offering infrastructure hosting and other technology services. The company operates through five major business segments: cloud and cognitive software, global business services, global technology services, systems, and global financing. With this powerful cloud platform, the company can cater to the requirements of different businesses worldwide. IBM caters to various verticals, including aerospace & defense, education, healthcare, oil & gas, automotive, electronics, insurance, retail & consumer products, banking & finance, energy & utility, life sciences, telecommunication, media & entertainment, chemical, government, manufacturing, travel & transportation, construction, and metals & mining.
In the NLP in the healthcare and life sciences market, the company offers IBM Watson Health. IBM launched the new Watson Health business unit to help patients, physicians, researchers, and insurers use data to achieve better health and wellness for all. IBM Watson Health’s importance is growing due to its voracious appetite for academic literature and its growing expertise in Clinical Decision Support (CDS) for precision. Large and growing enterprises support the use of Watson in the healthcare industry.
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Microsoft is a prominent leader in the globe and provides software products along with diverse licensing suites. The company develops and supports software, services, devices, and solutions. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices, such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It offers a range of services, which includes solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. The company also offers online advertising. It is a global leader in building analytics platforms and provides production services for the AI-infused intelligent cloud.
In the NLP in the healthcare and life sciences market, Microsoft provides innovative solutions and services that empower organizations to accomplish in the healthcare sector. It offers the Healthcare Bot service, which is a Software as a Service (SaaS) solution. The Health Bot Service implements NLP and AI technologies to understand the users’ intent and provide accurate information. The company’s partners use the Microsoft Health Bot Service to build health Bot instances that address a wide range of healthcare-specific use cases.
Amazon Web Services (AWS) is a subsidiary of Amazon and primarily offers cloud computing services in the form of web services. It offers a wide range of products and services to customers present in 190 countries. AWS’ product portfolio comprises segments, such as compute, storage, database, migration, network, and content delivery, developer tools, management tools, media services, ML, and analytics. The solutions segment offers websites and web apps, mobile services, back-up, storage and archive, financial services, and digital media. The company caters to various industry verticals, including media and entertainment, automotive, education, BFSI, game tech, government, healthcare, and life sciences, manufacturing, retail, telecommunications, oil and gas, and power utilities.
In the NLP in healthcare & life sciences market, AWS offers Amazon Comprehend Medical a HIPAA-eligible NLP service that can quickly and accurately extract information such as medical conditions, medications, dosages, tests, treatments and procedures, and protected health information while retaining the context of the information. An important feature behind Amazon Comprehend Medical is that users can use it with a simple API call and users don’t have to be a machine learning practitioner to take advantage of it. Amazon Comprehend Medical comes with several built-in features, such as identifying tests, treatments, and procedures as well as many other identities.
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