The Global Life Sciences Market is forecast to reach USD 4,799.6 Million by 2028, according to a new report by Reports and Data. NLP can be referred to as a discipline of computer science that requires skills in computational linguistics, artificial intelligence, and other machine learning disciplines. The Life Sciences market is projected to witness significant growth during the forecast period, which is resultant of the combination of different market factors. One of the significant factors in this regards is the diverse applications of this technology in the health sector. As an instance, it contributes to the enhancement of patient health literacy, along with minimizing the issues of EHR processing on the part of care providers.
NLP tools may contribute to effective interactions between care users and health IT tools. The mentioned effectiveness of interactions between health IT tools and care users would allow them to access health data and make informed decisions easily. Another essential benefit of NLP tools for healthcare organizations is that it contributes to improving the quality of care as these tools offer effective ways to assess the quality of care and develop it accordingly. In regards to region, Europe occupies a prominent market position. The market position held by Europe is resultant of the growing healthcare sector, increasing geriatric population, and resultant elevated demand for NLP tools.
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Further key findings from the report suggest
- The Life Sciences market held a market share of USD 1,805.5 Million in the year 2020 and forecasted to witness a CAGR of 13.5% during the forecast period.
- In context to Component, the Technology segment generated a higher revenue of USD 0.91 Billion in 2020, with a faster CAGR of 13.9% during the forecast period. High demand for Optical Character Recognition, Interactive Voice Response, Text Analytics technologies among care providing organizations for enhancing their EHR processing contributes to the revenue generated by the Technology segment.
- In regards to Type, the Rule-Based NLP segment generated the highest revenue of USD 0.67 Billion in 2020, with second-highest CAGR of 13.8% during the forecast period. This type of NLP focuses on pattern-matching, a trait beneficial for the healthcare sector in enhancing the EHR process by assisting in finding arbitrary words and increase the efficiency of data maintenance that results in its increased demand, which contributes to the revenue generated by the Rule-Based NLP segment.
- In context to Application, the Machine Translation [MT] segment held the largest market share of 40.0% in 2020, with a CAGR of 13.7% during the forecast period. The market share occupied by the MT segment is attributed to its extensive application in the healthcare sector for translating source content into target languages and help patients make informed decisions.
- In regards to region, Asia Pacific is forecasted to witness the fastest growth rate of 14.6% during the forecast period, which occupied 24.0% of the market in 2020. The increasing expenditure in the healthcare sector and technological advancements contributes to the growth of the market in this region.
Competitive Outlook of the Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market
The globla Natural Language Processing (NLP) in Healthcare and Life Sciences market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Natural Language Processing (NLP) in Healthcare and Life Sciences market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
Cerner Corporation, 3M, Nuance Communications, Inc., IBM Corporation, Heath Fidelity, Microsoft Corporation, Linguamatics, Apixio, Clinithink Inc., and Mmodal IP PLC.
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The report is inclusive of product type outlook, application spectrum, end-use outlook, technology landscape, regional market analysis, and competitive overview.
Natural Language Processing (NLP) in Healthcare and Life Sciences Market Segmentation:
Component Type Outlook (Revenue, USD Billion; 2018-2028)
- Service
- Support and Maintenance Services
- Professional Services
- Technology
- Optical Character Recognition
- Auto Coding
- Interactive Voice Response
- Pattern and Image Recognition
- Text Analytics
- Classification and Categorization
- Speech Analytics
Type Outlook (Revenue, USD Billion; 2018-2028)
- Statistical NLP
- Rule-Based NLP
- Hybrid NLP
Deployment Mode Type Outlook (Revenue, USD Billion; 2018-2028)
- On-Premise
- Cloud
Application Type Outlook (Revenue, USD Billion; 2018-2028)
- Machine Translation
- Predictive Risk Analytics
- Report Generation
- Automated Information Extraction
- Others
Geographic Segment Covered in the Report:
The Natural Language Processing (NLP) in Healthcare and Life Sciences report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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