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Global NLP in Healthcare and Life Sciences Market

NLP in Healthcare and Life Sciences Market Size, Share & Segment by Component Type (Solution, Services), By Deployment Mode (Cloud, On-premises), By Organization Size (Large enterprises, SMEs), By NLP (Rule-based, Hybrid, Statistical), By Application (IVR, Summarization and Categorization, Pattern and Image Recognition, Predictive Risk Analytics, Text and Speech Analytics, Reporting and Visualization, Other), By End User (NLP for Physician, NLP for Clinical Operators, NLP for Patients, NLP for Researchers), and by Regions | Global Market Forecast 2022-2028

Report Id: SNS/HC/1194 | May 2022 | Region: Global | 125 Pages

Report Scope & Overview:

The NLP in Healthcare and Life Sciences Market Size was valued at USD 1.98 billion in 2021 and is expected to reach USD 6.75 billion by 2028, and grow at a CAGR of 19.1% over the forecast period 2022-2028.

The rising trend of implementing artificial intelligence in natural language processing in the healthcare industry, which helps healthcare specialists extract exact information from reliable sources in real-time, thereby assisting healthcare specialists in performing critical tasks, combined with the growing use of natural language processing for machine translation and information extraction, is fueling the growth of the NLP in healthcare and life sciences market.

NLP in Healthcare and Life Sciences Market

By eliminating the language barrier, machine translation aids physicians inefficiently speaking with their patients, allowing them to clarify the patient's health past data, which they can then analyze for a clinical diagnosis or prescribe a treatment plan.

MARKET DYNAMICS

DRIVERS

  • The demand for analyzing and extracting insights from narrative text and vast amounts of healthcare data is growing.

RESTRAINTS

  • Inadequacies in neural network-based NLP technology limit its use for cloud-based services.

  • Highly expensive  

  • Require huge investment

OPPORTUNITIES

  • The rise of cognitive computing is expected to increase the demand for NLP solutions for precision medicine.

  • Improvement in technologies

CHALLENGES

  • During COVID-19, researchers' work is slowed by increasing regulatory compliance and privacy worries about data security.

IMPACT OF COVID-19

COVID-19 is causing havoc in the world, businesses, and economies, affecting people's lives, interactions, and the way they run their companies. As businesses turn their focus away from development prospects and toward implementing extraordinary steps to limit the impact of the COVID-19 pandemic, the ability to sustain has become the new normal. Pharmaceutical and healthcare organizations, governments, and the larger scientific community are all attempting to assess the virus's impact and provide speedy, precise treatments in the ongoing fight against COVID-19.

NLP technology, according to a few suppliers in the market, will enable fast, systematic, and complete insight production from unstructured text. Scientific literature, clinical trial records, preprints, internal sources, medical records, social media, and news reporting are all possible sources. Capturing crucial information from these various sources and combining it into a single Evidence Hub allows users to have a better understanding of the situation, resulting in faster results. NLP has been widely utilized in a variety of companies to identify feelings, make suggestions, summarize data, and model topics.

COMPETITIVE LANDSCAPE

There are some of the major key players are IBM, 3M, Health Fidelity, Inc., Linguamatics, Cerner Corporation, Dolbey, Apixio, Amazon.com, Microsoft Corporation, and other players.

KEY MARKET SEGMENTS:

By Component

  • Solution

  • Services

By Deployment Mode

  • Cloud

  • On-premises

By Organization Size

  • Large enterprises
  • Small and medium-sized enterprises (SMEs)

By NLP

  • Rule-based

  • Hybrid

  • Statistical

By Application

  • IVR

  • Summarization and Categorization

  • Pattern and Image Recognition

  • Predictive Risk Analytics

  • Text and Speech Analytics

  • Reporting and Visualization

  • Other

By End User

  • NLP for Physician

  • NLP for Clinical Operators

  • NLP for Patients

  • NLP for Researchers

NLP in Healthcare and Life Sciences Market

REGIONAL ANALYSIS

In the NLP in healthcare and life sciences industry, North America is predicted to have the greatest market share. The success of main suppliers in the market in North America is due to the early implementation of NLP solutions and quick improvements in IT infrastructure across healthcare sectors. Because of the favorable stance of government laws, startup funding, established player presence, and enthusiasm from enterprises to deploy ML and NLP-based solutions, the region has seen excellent conditions for the expansion of NLP in the healthcare and life sciences market.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

 

NLP in Healthcare and Life Sciences Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 1.98 Billion
Market Size by 2028 US$ 6.75 Billion
CAGR CAGR of 19.1% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Component Type (Solution, Services)
• By Deployment Mode (Cloud, On-premises)
• By Organization Size (Large enterprises, SMEs)
• By NLP (Rule-based, Hybrid, Statistical)
• By Application (IVR, Summarization and Categorization, Pattern and Image Recognition, Predictive Risk Analytics, Text and Speech Analytics, Reporting and Visualization, Other)
• By End User (NLP for Physician, NLP for Clinical Operators, NLP for Patients, NLP for Researchers)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles IBM, 3M, Health Fidelity, Inc., Linguamatics, Cerner Corporation, Dolbey, Apixio, Amazon.com, Microsoft Corporation, and other players.
DRIVERS • The demand for analyzing and extracting insights from narrative text and vast amounts of healthcare data is growing.
RESTRAINTS • Inadequacies in neural network-based NLP technology limit its use for cloud-based services.
• Highly expensive 
• Require huge investment


Frequently Asked Questions (FAQ) :

NLP in Healthcare and Life Sciences Market is expected to reach USD 6.75 billion by 2028.

The main players in the NLP in Healthcare and Life Sciences market are IBM, 3M, Health Fidelity, Inc., Linguamatics, Cerner Corporation, Dolbey, Apixio, Amazon.com, Microsoft Corporation.

Solution and Services are the sub-segments of component type.

Manufacturer and service provider, research institutes, universities, and private libraries, suppliers, and distributors.

 Highly expensive, and Requiring hug investment is the restraint of the NLP in Healthcare and Life Sciences


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of Ukraine ware

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. NLP in Healthcare and Life Sciences Market Segmentation, by Component type

8.1 Solution

8.2 Services

 

9. NLP in Healthcare and Life Sciences Market Segmentation, by Deployment Mode type

9.1 Cloud

9.2 On-premises

 

10 NLP in Healthcare and Life Sciences Market Segmentation, By Organization Size type

10.1 Large enterprises

10.2 Small and medium-sized enterprises (SMEs)

 

11. NLP in Healthcare and Life Sciences Market Segmentation, By NLP Type

11.1 Rule-based

11.2 Hybrid

11.3 Statistical

 

12. NLP in Healthcare and Life Sciences Market Segmentation, End User

12.1 NLP for Physician

12.2 NLP for Clinical Operators

12.3 NLP for Patients

12.4 NLP for Researchers

 

13. Regional Analysis

13.1 Introduction

13.2 North America

13.2.1 USA

13.2.2 Canada

13.2.3 Mexico

13.3   Europe

13.3.1 Germany

13.3.2 UK

13.3.3 France

13.3.4 Italy

13.3.5 Spain

13.3.6 The Netherlands

13.3.7 Rest of Europe

13.4   Asia-Pacific

13.4.1 Japan

13.4.2 South Korea

13.4.3 China

13.4.4 India

13.4.5 Australia

13.4.6 Rest of Asia-Pacific

13.5   The Middle East & Africa

13.5.1 Israel

13.5.2 UAE

13.5.3 South Africa

13.5.4 Rest

13.6   Latin America

13.6.1 Brazil

13.6.2 Argentina

13.6.3 Rest of Latin America

 

14. Company Profiles

14.1 IBM

            14.1.1 Financial

14.1.2 Products/ Services Offered

14.1.3 SWOT Analysis

14.1.4 The SNS view

14.2 3M Company

            14.3 Health Fidelity, Inc.

14.4 Linguamatics

14.5 Cerner Corporation

14.6 Dolbey

14.7 Apixio

14.8 Amazon.com

14.9 Microsoft Corporation.

 

15. Competitive Landscape

15.1 Competitive Benchmark

15.2 Market Share analysis

15.3 Recent Developments

 

16. Conclusion

 

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.

Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence center, our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real-time.

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but is not limited to getting rid of the many typos, duplication of numbers, or missing any important information. The people involved in this process include technical content writers, research heads, and graphics people. Once this process is completed the title gets uploaded on our platform for our clients to read it.

Step 5: Final QC/QA Process:

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