$7.2 Billion NLP in Healthcare and Life Sciences Markets, 2027 - Growing Demand to Improve Electronic Health Data Usability and Significant Health Concerns

DUBLIN, Jan. 10, 2023 /PRNewswire/ -- 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 to 2027" report has been added to  ResearchAndMarkets.com's offering.

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%

Various factors such as the increasing demand of predictive analytics technology to reduce risks and improve significant health concerns, and need for improving EHR data usability are expected to drive the adoption of NLP solutions in healthcare and life sciences market.

NLP solutions in healthcare contribute to effective interactions between care users and healthcare-related IT tools. Additionally, this makes it simple for various healthcare professionals to obtain health data and make defensible decisions.

The contribution that NLP makes to the quality of care for healthcare organizations is another crucial advantage because these solutions provide efficient ways to gauge the quality of care and develop it accordingly. The primary drivers of the growth of the NLP in healthcare and life sciences industry are the enormous expansion in healthcare data and the steadily rising number of mobile apps and loT devices.

The emergence of cognitive computing also helps boost the demand for NLP in the healthcare and life sciences market for precision medicine applications. Additionally, this is anticipated to open up potential prospects for the NLP in the healthcare and life sciences industry as a whole.

The overall expansion of the NLP in the healthcare and life sciences market is nevertheless constrained by the ongoing rise in regulatory compliance, privacy issues, and data security concerns, particularly during COVID-19. Due to the benefit of processing clinical records in bulk, clinical NLP has enormous potential. Due to the stringent data access regulations for academics, this potential has, however, mostly gone unrealized. Data privacy has continued to be a significant barrier to Al adoption by organizations.

The solutions segment is to register for the largest market size during the forecast period.

Based on component, the NLP in healthcare and life sciences market is segmented into solutions and services. The market size of the solutions segment is estimated to be the largest during the forecast period. These solutions can be further bifurcated into clinical variation management, population health management, counter fraud management, and other solutions including risk & compliance management, claim management, and patient care & safety software.

NLP solutions enable healthcare companies to find hidden insights and connections to boost innovation, improve patient outcomes, increase efficiency, and reduce costs. NLP solution providers compete to increase their market coverage and expand their presence in newer markets.

The sentiment analysis application to account for the largest market size during the forecast period.

Based on applications, the NLP in healthcare and life sciences market is segmented into sentiment analysis, drug discovery, clinical trial matching, dictation & EMR implications, automated registry reporting, AI chatbots & virtual scribes, and other applications including review management, question answering, spell correction, and email filtration.

The sentiment analysis segment to lead NLP in healthcare and life sciences market in 2022. Sentiment analysis means identifying the sentiments among several posts or in the same post where emotions are not always explicitly expressed. Companies use NLP applications to identify opinions and sentiments online to help them understand what customers think about their products & services and overall indicators of their reputation.

Asia Pacific to hold the highest CAGR during the forecast period.

The Asia Pacific NLP in healthcare and life sciences market is expected to grow at the highest CAGR during the forecast period, due to growing industrialization in this region. This market is also expected to account for the significant adoption of NLP solutions in healthcare and life sciences.

Countries such as China, Japan, and India are leveraging information-intensive AI technologies, and implementing NLP solutions in healthcare is an important need in this region. IBM, Google, and AWS are the vendors operating in the market in the region, along with several other significant NLP solution providers. The need to reduce risks and improve significant health concerns is expected to contribute to the growth of the NLP in healthcare and life sciences market in the Asia Pacific.

Premium Insights

• Growing Demand to Improve Electronic Health Data Usability and Significant Health Concerns
• Ai Chatbots & Virtual Scribe Segment to Grow at Highest CAGR During Forecast Period
• Solutions Segment and Public Health & Government Agencies to Hold Largest Market Shares in North America 2022
• North America to Hold Largest Market Share in 2022

Market Overview and Industry Trends

Drivers

• Rising Urge for Predictive Analytics to Improve Significant Health Concerns
• Growing Demand to Improve Ehr Data Usability
• Growing Need to Analyze and Extract Insights from Narrative Text

Restraints

• Specific Medical Sub-Languages and Poor Input Data Quality
• Inadequacy in Advancements of NLP Technology

Opportunities

• Assembling NLP Systems to Boost Phenotyping Capabilities
• Rising Demand for NLP Systems to Understand Context of Medical Records
• Emergence of Cognitive Computing for Medicine Applications

Challenges

• Growing Regulatory Compliance and Privacy Concerns Over Data Security
• Interoperability and Reliability Issues while Deploying NLP Algorithms

Case Study Analysis

• Case Study 1: Csl Behring Uses NLP to Improve Meddra Coding and Enhance Quality
• Case Study 2: Supporting Value-Based Care at Atrius Health
• Case Study 3: Humana Reduced Costly Pre-Service Calls and Improved Provider Experience with Watson
• Case Study 4: Biopharmaceutical Company Gains a Comprehensive Competitive Analysis for Their Oncology Products
• Case Study 5: Philips Uses Ai and Ml to Improve Medical Imaging Diagnostics for Philips Healthsuite Built on Aws
• Case Study 6: Athena Breast Health Network Improves Women's Healthcare by Giving Patients Access to Their Records
• Case Study 7: Healthplix Empowers Doctors in India with an Ai-Powered Electronic Medical Records Platform on Aws
• Case Study 8: Strengthening the Fight Against Antimicrobial Resistance Via Data Visualization
• Case Study 9: Securely Enabling Agile World-Class Medical and Patient Care while Boosting Sustainability
• Case Study 10: See-Mode Improves Stroke Detection and Prevention with Ml on Aws
• Case Study 11: Cdphp Modernizes Infrastructure and Improves Ability to Extract Valuable Medical Data on Aws

Technology Analysis: Market

• Healthcare Trackers, Wearables, and Sensors
• Virtual Reality
• Augmented Reality
• 3D Printing
• Robotics
• Nanotechnology
• Big Data
• Blockchain
• IoT

Regulatory Implications

• General Data Protection Regulation
• Health Insurance Portability and Accountability Act
• Health Level Seven
• Health Insurance Portability and Accountability Act of 1996
• Cen Iso/Ieee 11073
• Hipaa Security Rule
• Hipaa Privacy Rule

Company Profiles

Key Players

• IBM
• Microsoft
• Google
• Aws
• Iqvia
• Oracle
• Inovalon
• Dolbey
• Averbis
• Sas Institute

Other Key Players

• Press Ganey
• Ellipsis Health
• Health Fidelity
• Lexalytics
• Centene
• Caption Health
• Clinithink
• Hpe
• Oncora Medical
• Flatiron Health
• Apixio

Startup or SMEs

• Foresee Medical
• Gnani.Ai
• Notable
• Biofourmis
• Suki
• Wave Health Technologies
• Corti
• Cloudmedx
• Medinreal
• Emtelligent

For more information about this report visit https://www.researchandmarkets.com/r/ykjq9

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