NLP in Healthcare and Life Sciences Market worth $4.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 6, 2021 /PRNewswire/ -- According to a research report "NLP in Healthcare and Life Sciences Market by Component (Solutions and Services), NLP Type (Rule-based, Statistical, and Hybrid), Application (IVR, Predictive Risk Analytics), Organization Size, End User, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global NLP in Healthcare and Life Sciences Market size to grow from USD 1.8 billion in 2021 to USD 4.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period.
Factors such as growing need to analyze and extract insights from narrative text and huge amount of clinical data, increasing demand for improving EHR data usability to improve healthcare delivery and outcomes and the rising urge of predictive analytics technology to reduce risks and improve significant health concerns are driving the adoption of the NLP in Healthcare and Life Sciences Market across the globe.
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In the constant fight against COVID-19, pharmaceutical and healthcare organizations, government bodies, and the broader scientific communities worldwide are working to assess the impact of the COVID-19 virus and quickly develop accurate solutions. Few vendors in the market have observed that NLP provides faster, more systematic, and more comprehensive insight generation from unstructured text. Gaining key information from sources such as scientific literature, clinical trial records, pre-prints, internal sources, medical records, and social media and news reports, and synthesizing it into one evidence hub deepens the understanding for users, help accelerate outcomes. NLP is extensively used in different organizations to categorize sentiments, provide recommendations, and summarize information and topic. With the spread of COVID-19, communities, patients, and clinicians across the globe have all witnessed major disruptions in the way they work and how they engage with stakeholders across the ecosystem. Pharmaceutical and life science companies face immense pressure to provide essential medical products to support needy patients and ensure the development of new therapeutics and vaccines for COVID-19.
The services segment to hold higher CAGR during the forecast period
Based on components, the NLP in Healthcare and Life Sciences Market is segmented into solutions and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of NLP in healthcare and life sciences, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of NLP technology is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help healthcare firms to improve their business operations and reduce overall expenses.
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The cloud segmet to hold the larger market size during the forecast period
Deployment mode segment for the NLP in Healthcare and Life Sciences Market are segmented into cloud and on-premises. Cloud deployment mode segment to hold larger market share during the forecast period, owing to the rising availability of ease in deployment options and minimal requirements of capital and time. Cloud-based solutions enable various healthcare workers to access the Internet to share clinical data. Healthcare organizations are moving quickly towards cloud-based NLP solutions owing to its various advantages, including optimization, expense-effectiveness, user-friendliness, and streamlined access of vital patient data.
Statistical segment to account for highest CAGR during the forecast period
The NLP in Healthcare and Life Sciences Market is bifurcated on the basis of NLP type such as rule-based NLP, statistical NLP, and hybrid NLP. The statistical NLP segment to gain traction in coming years owing to the rising demand for translating EHRs and providing relevant results in the structured data form. The healthcare and life sciences sectors utilizes statistical NLP-based solutions to react faster to changing business needs. This type of NLP allows medical researchers and practitioners to analyze the trends and patterns to research for statistically relevant findings after extracting the repository of unstructured clinical data. This approach is widely implemented in applications such as eCRM, sentiment analysis, and information extraction.
The large enterprises segment to hold a larger market size during the forecast period
The NLP in Healthcare and Life Sciences Market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period as cloud-based solutions and services help them improve business performance and enhance productivity. Whereas the large enterprises segment is expected to hold a larger market share in the NLP in Healthcare and Life Sciences Market during the forecast period. Large enterprises are adopting NLP solutions in the healthcare and life sciences market at a faster pace due to their ability to store all types of structured, semi-structured, and unstructured data, from multiple sources, such as EHRs to social media posts.
IVR segment to have the largest market size during the forecast period
The NLP in Healthcare and Life Sciences Market by application has been categorized into IVR, summarization and categorization, reporting and visualization, predictive risk analytics, pattern and image recognition, text and speech analytics, and other applications (question answering, spelling correction, email filtration, and sentiment analysis). The IVR segment is expected to have the largest market size during the forecast period. IVR serves as an effective telehealth application that improves access to healthcare by continuing care beyond the hospital setting. IVR is curated with specially tailored programs that are easily accessible to patients around the clock leading to its higher adoption in the healthcare and life sciences market.
APAC to hold higher CAGR during the forecast period
APAC is expected to grow at a good pace during the forecast period due to the rising awareness of and increasing investments in AI across healthcare and life sciences vertical. Healthcare organizations are moving quickly toward cloud-based NLP technology deployment. The demand for cloud-based NLP techniques is growing due to various advantages like optimization, cost-effectiveness, user-friendliness, and streamlined access. Companies operating in APAC continue to focus on improving healthcare services to drive market competitiveness and revenue growth. China, Japan, and South Korea have displayed ample growth opportunities in the NLP in Healthcare and Life Sciences Market.
Market Players:
Major vendors in the global NLP in Healthcare and Life Sciences Market Microsoft (US), Google (US), IBM (US), Cerner (US), 3M (US), AWS (US), Inovalon (US), Dolbey (US), Averbis (Germany), Linguamatics (an IQVIA Company) (UK), Apixio (US), Clinithink (US), Lexalytics (US), Apixio (US), Clinithink (US), Lexalytics (US), Health Fidelity (US), Wave Health Technologies (US), Corti (US), CloudMedx (US), Oncora Medical (US), Caption Health (US), ForeSee Medical (US), Press Ganey (US), Gnani.ai (India), Notable (US), Biofourmis (US), Babylon (UK), Flatiron (US), and Suki (US).
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