New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- “As per the SNS Insider research, The NLP in Healthcare and Life Sciences Market size was valued at US$ 2.35 billion in 2022, and is projected to reach US$ 9.54 billion by 2030, with a growing CAGR of 19.1% during the forecast period 2023-2030.”
By examining human-computer interaction, the artificial intelligence field of natural language processing (NLP) enables robots to comprehend both spoken and written human language. Its ultimate goal is essentially to read, decode, comprehend, and make sense of human languages in a useful way. In order to better preparation and testing, NLP procedures extract data from the vast amount of clinical information and enhance it effectively.
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Key Company Profiles Included in NLP in Healthcare and Life Sciences Market are:
- IBM
- 3M
- Health Fidelity, Inc.
- Linguamatics
- Cerner Corporation
- Dolbey
- Apixio
- Amazon.com
- Microsoft Corporation
The market is predicted to increase as a result of increased research and development in the natural language processing platforms utilised in the healthcare sector.
The leading players are concentrating on research and development in the natural language processing platforms used in the healthcare industry, which is likely to result in a large increase in the global NLP in the health sector and life sciences industry.
For instance, Lexalytics stated in February 2019 that the entirety of its text analytics and natural language processing (NLP) product suite is now available for deployment on-premises, in the cloud (private, public, or hybrid), or on lone workstations.
Market Report Scope:
| Report Attributes | Details |
| 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 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • 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) |
| Key Regional Coverage | North America, Europe, Asia-Pacific, Asia-Pacific, & Latin America |
Artificial intelligence (AI) has a subset called "natural language processing" that promotes communication between humans and machines. For instance, Melax Tech, an AI-powered software provider of natural language processing technology, introduced Mercury natural language processing in September 2021. For the purpose of retrieving valuable unstructured textual medical data for quantitative analysis in medicine and pharmaceuticals, the new software contains clinical NLP pipelines.
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Key dominating regional partners in the market
Five key regions have been identified for the NLP in Healthcare and Life Sciences Market: North America, Asia Pacific, Europe, Africa, Latin America, and the Middle East. The future is expected to have the highest CAGR in Asia Pacific. Due to the arrival of the major multinational companies, the region is expanding quickly, and many new business ventures are implementing cloud-based NLP solutions. By using these solutions, healthcare and life sciences companies can extract the pertinent concepts and insights from clinical data that were previously thought to be hidden in the text form. There are several potential for growth in the market for NLP in healthcare and life sciences in China, Japan, and India.
Key Market Segmentation of NLP in Healthcare and Life Sciences Market:
Segment by Component
- Solution
- Services
Segment by Deployment Mode
- Cloud
- On-premises
Segment by Organization Size
- Large enterprises
- Small and medium-sized enterprises (SMEs)
Segment by NLP
- Rule-based
- Hybrid
- Statistical
Segment by Application
- IVR
- Summarization and Categorization
- Pattern and Image Recognition
- Predictive Risk Analytics
- Text and Speech Analytics
- Reporting and Visualization
- Other
Segment by End User
- NLP for Physician
- NLP for Clinical Operators
- NLP for Patients
- NLP for Researchers
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
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
11. NLP In Healthcare And Life Sciences Market Segmentation, By NLP Type
12. NLP In Healthcare And Life Sciences Market Segmentation, By End User
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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