Dublin, April 22, 2024 (GLOBE NEWSWIRE) -- The "Natural Language Processing (NLP) in Healthcare and Life Sciences Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global Natural Language Processing (NLP) market in healthcare and life sciences continues to witness a remarkable growth trajectory, with projections estimating an increase from $3.26 billion in 2023 to $4.17 billion in 2024 at an impressive compound annual growth rate (CAGR) of 27.8%. This substantial growth is fueled by the critical need for precise processing of extensive volumes of unstructured data, efforts to enhance clinical decision support systems, and the increasing demand for predictive analytics to improve healthcare outcomes significantly.
Forecasted to reach $11.06 billion by 2028, the NLP market in healthcare and life sciences is expected to grow at a CAGR of 27.6%. Key factors driving this growth include heightened consumer demand for improved healthcare services, bolstered by supportive government policies, and the expanding adoption of connected devices. Advanced patient-centric NLP applications, collaboration between key players, innovative service introductions, continuous technological advancements, and the integration of voice-based NLP platforms, chatbots, and virtual assistants are among the major trends steering the market toward customized and accessible healthcare solutions.
Enhanced Healthcare Services Demand:
The anticipated increase in demand for superior healthcare services is catalyzing growth within the NLP market. Healthcare professionals stand to benefit from NLP's ability to harness patient data to support vital decisions regarding diagnoses, treatment recommendations, and predicting patient outcomes. The integration of AI and machine learning in NLP applications within healthcare further solidifies its role in efficient and precise language data processing.
Strategic Industry Movements:
In recent developments, market players are engaging in strategic acquisitions and introducing AI and ML-powered platforms to deliver enhanced healthcare solutions. Such technological enhancements facilitate rapid access to real-time insights and bolster data optimization for healthcare professional outreach, among other capabilities. These developments underline the industry's dedication to refining healthcare data solutions and overall patient care.
Regional Market Insights:
Hotspots for NLP growth include North America, the largest market in 2023, and Asia-Pacific, which is expected to be the fastest-growing region in the forecast period. The comprehensive market coverage provides insights across various regions including Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The NLP landscape in healthcare and life sciences comprises a myriad of applications, from clinical documentation processing to medical imaging and beyond, employed by a diverse range of end-users. Future projections indicate a sustaining momentum as these technologies continue to evolve to meet the industry's burgeoning needs. The substantial investment and usage of NLP underline its vital role in transforming healthcare and life sciences to offer more targeted, efficient, and insightful patient care.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $4.17 Billion |
| Forecasted Market Value (USD) by 2028 | $11.06 Billion |
| Compound Annual Growth Rate | 27.6% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Google LLC
- Microsoft Corporation
- Amazon Web Services Inc.
- International Business Machines Corporation
- 3M Company
- Hewlett Packard Enterprise
- IQVIA Inc.
- Cerner Corporation
- Plasticity Inc.
- Oncora Medical
- Inovalon Holdings Inc.
- Nuance Communications Inc.
- Press Ganey Associates
- Mutuo Health Solutions
- SparkCognition Inc.
- Apixio Inc.
- Linguamatics Ltd.
- Health Fidelity Inc.
- Wave Health Technologies
- Dolbey Systems Inc.
- Ellipsis Health Inc.
- Lexalytics Inc.
- Averbis GmbH
- CloudMedx Inc.
- Clinithink Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/3gtm8r
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