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.
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.
The demand for analyzing and extracting insights from narrative text and vast amounts of healthcare data is growing.
Inadequacies in neural network-based NLP technology limit its use for cloud-based services.
Require huge investment
The rise of cognitive computing is expected to increase the demand for NLP solutions for precision medicine.
Improvement in technologies
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.
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 Deployment Mode
By Organization Size
Summarization and Categorization
Pattern and Image Recognition
Predictive Risk Analytics
Text and Speech Analytics
Reporting and Visualization
By End User
NLP for Physician
NLP for Clinical Operators
NLP for Patients
NLP for Researchers
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|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|
|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
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
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
9. NLP in Healthcare and Life Sciences Market Segmentation, by Deployment Mode type
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
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
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14. Company Profiles
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.
14.5 Cerner Corporation
14.9 Microsoft Corporation.
15. Competitive Landscape
15.1 Competitive Benchmark
15.2 Market Share analysis
15.3 Recent Developments
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.
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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.
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.
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Step 3: Data Bank Validation
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Step 4: QA/QC Process
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