Natural Language Processing (NLP) in Healthcare and Life Sciences Market, by NLP Type, Deployment Mode, Organization Size, Application, End-Use Industry, Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026

Natural Language Processing in Healthcare and Life Sciences Market Analysis:

Natural language processing in healthcare and life sciences is the branch of artificial intelligence and computer science which enables computers to understand human language and writing. It helps the healthcare industry to create a  portfolio that contains the patient’s complete past and present medical history. This has significantly reduced time efforts required to create records and cost to maintain these records, facilitating smooth communication between healthcare workers and patients over devices using the NLP software. Newly developed voice assistants, speech recognition, and messaging applications technologies in natural language processing have also contributed in saving time and are capable of storing these data for future purposes.

Predictive analytics to reduce risks and growing demand for electronic health record are the key factors for natural language processing in healthcare and life sciences market’s growth

There is significant rise in customers’ demands to maintain an electronic health record that is capable of storing, analyzing, and separating meaningful narrative data as well as unclear data which were recorded using Natural language processing apps. Moreover, healthcare and life sciences sectors are going under a major technological advancement due to increased customer demands for better healthcare services. In addition, patients become extremely aware of their health and are taking predictive analytics measures to reduce health-related risks and also to improve health conditions. Furthermore, natural language processing apps provide healthcare workers with social media information related to patients from websites, search engines, and social media platforms which enables the healthcare workers to improve customer experience and alter according to the customer’s preferences. All these factors have significantly contributed to the growth of  Natural language processing in the healthcare and life sciences market.

Underdeveloped healthcare sector and poor input data quality are the major restraints of Natural language processing in healthcare and life science market

Countries with underdeveloped healthcare and life sciences sectors with less investments inflow are unable to opt for natural language processing technologies as they aren’t capable of purchasing everyday medical equipment and technology. Further poor input data quality either due to unclear commands are also causing problems. For example, natural language processing software sometimes misunderstands the extremely specific medical sub-languages and save wrong data. These factors may restrain the growth of the global NLP in healthcare and life science market, over the forecast period.

Upgradation of NLP systems that are capable of understanding medical records are expected to create huge opportunities in the global market

Natural language processing systems are going under a major transformation for the healthcare and life sciences sector as the key players are in the process of developing NLP systems that are capable of understanding medical records and medical sub-languages. Moreover, the key players involved in this project such as Microsoft Corporation and IBM are also heavily investing in this field. Old NLP systems often make mistakes in recording data in medical terms, but the new developments have created a lucrative opportunity for NLP in Healthcare and life sciences market. 

Natural Language Processing (NLP) in Healthcare and Life Sciences Market, by Deployment mode:

The cloud segment will grow exponentially, during the forecast period.

Cloud deployment has become the most favorable mode of deployment in the NLP in Healthcare and life sciences market as it has various benefits like it is cost-effective and low capital expenditure easy to operate, low maintenance, and can be customized according to its user’s requirement. Also, the cloud platform provides the facility to provide data across the globe as it is an on-internet platform and can be used from anywhere with the help of translating data into any language. Furthermore, established companies are highly preferring for cloud mode because in unforeseen cases of natural calamities cloud provides safety of data and ensures that no data loss occurs.

Natural Language Processing (NLP) in Healthcare and Life Sciences Market, by Organization Size:

Large enterprise segment to hold maximum market share during the forecast period

The large enterprise segment will have maximum share in natural language processing in Healthcare and life sciences market. Large enterprises have various healthcare institutions across the globe and also have a huge amount of information/data generated from various locations, which require fast processing of data for further analysis. Large enterprises use Natural language processing extensively to save time in decision making and offer better patient services.

Natural Language Processing (NLP) in Healthcare and Life Sciences Market, by Application:

Pattern and Image Recognition segment will be most lucrative till 2026

Pattern and Image Recognition segment will have the fastest growth in the global market and they are expected to register a significant revenue during the forecast timeframe. The development in machine learning algorithms and computer vision has made the detection and imaging of precancerous tissues extremely accurate as they are capable of capturing the minutest details. Further development in Artificial Intelligence (AI) has made the machinery capable of analyzing images and to perform a biopsy on specimens of a cancer patient. These techniques help to understand how their skin tissues are changing and further using natural language processing systems it is possible to interpret results and store the data. This way a doctor can understand the patient’s condition very quickly and further take decisions regarding the best available treatment. Healthcare professionals are incorporating such technologies related to NLP which are giving better outcomes in decision making as well as offering better customer service.

Natural Language Processing (NLP) in Healthcare and Life Sciences Market, by End-Use Industry :

Natural language processing for Researchers segment will grow significantly, in the global marketplace

Natural language processing for researchers will be the most lucrative segment during the forecast period. Researchers are using NLP extensively due to the complex nature of data that is released by Healthcare and life sciences firms. The new developments in NLP have provided a platform for researchers to study and analyze the qualitative data and further to perform research work on the unexplored topics. Also, researchers are using NLP to carry out a deep study of the improper health data which is helping in finding new possible cures and treatment methods. This may lead to drive global market growth, over the forecast period.

Natural Language Processing (NLP) in Healthcare and Life Sciences Market, by Region:

North America region holds the largest market share globally

North America region has the highest market share in natural language processing in Healthcare and life sciences market globally. The region has some of the best healthcare facilities as per WHO and also the highest-ranked country in terms of best healthcare facilities Canada is a part of the North America region. The region has the most technologically advanced healthcare system and uses Natural language processing systems extensively to keep a track of patients due to the rise in usage of digital technology. Also, the presence of market leaders such as Microsoft Corporation, IBM, and Hewlett Packard Enterprise Development LP has made the region more advanced in Natural language processing systems used in Healthcare facilities.

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Key Participants in the Global Natural Language Processing in Healthcare and Life Sciences Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Some of the significant natural language processing in healthcare and life sciences market players include INTERNATIONAL BUSINESS MACHINES CORPORATION, Hewlett Packard Enterprise Development LP, Dolbey, Nuance Communications, Inc., Google, 3M, Linguamatics, Health Fidelity, Inc., Apixio, Microsoft.

Natural Language Processing in Healthcare and Life Sciences market players are focusing more on merger & acquisition technology advancement and product development. These are the strategies followed by market players. To emphasize more on the competitor analysis of market players, the porter’s five force model is explained in the report.

Source: Research Dive Analysis