Report Scope & Overview:
The NLP in Healthcare and Life Sciences Market Size was valued at USD 2.35 billion in 2022 and is expected to reach USD 9.54 billion by 2030, and grow at a CAGR of 19.1% over the forecast period 2023-2030.
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.
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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.
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
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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
Cerner Corporation-Company Financial Analysis
|Market Size in 2022||US$ 2.35 Billion|
|Market Size by 2030||US$ 9.54 Billion|
|CAGR||CAGR of 19.1% From 2023 to 2030|
|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
Ans:- The NLP in Healthcare and Life Sciences Market size is to reach US$ 9.54 billion by 2030.
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.
Ans:- The NLP In Healthcare And Life Sciences Market is to grow at a CAGR of 19.1% over the forecast period 2023-2030.
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- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
18.104.22.168 United Kingdom
22.214.171.124 South Korea
126.96.36.199 Rest of the World
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
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The 5 steps process:
Step 1: Secondary Research:
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Step 2: Primary Research
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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
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