The Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market was valued at USD 1.12 billion in 2016 and is projected to reach USD 6.24 billion by 2025, growing at a CAGR of 21.02% from 2017 to 2025.
Natural language processing for healthcare and life sciences is a field of computer science, artificial intelligence, and computational linguistics which gives computers the ability to understand human speech as it is spoken. It enables clinical and research medical community to create, manage and use a wide variety of semi-structured and unstructured textual documents. Applications of NLP for healthcare and life sciences include processing of enormous amounts of data by utilizing high-end NLP technologies for information extraction, automatic speech recognition, machine translation, and dialogue systems.
Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Proper government policies and increasing initiatives
1.2 Integration of social media for assessing population health
1.3 Rising consumer needs
1.4 Growing usage of connected devices
1.5 Increasing surge in clinical data
2. Market Restraints
2.1 Unstructured clinical notes and texts
2.2 Poor institutional commitment
2.3 Limited access to clinical data
Market Segmentation:
The Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market is segmented on the type, component, deployment model, application, and region.
1. Type:
1.1 Statistical
1.2 Rule-based
1.3 Hybrid
2. By Component:
2.1 Technology
2.2 Services
2.2.1 Managed services
2.2.2 Professional services
2.2.2.1 Support and maintenance services
2.2.2.2 Consulting services
3. By Deployment Mode:
3.1 Cloud
3.2 On-premises
4. By Application:
4.1 Machine Translation
4.2 Question Answering
4.3 Automated Information Extraction
4.4 Email Filtering
4.5 Report Generation
4.6 Spelling Correction
4.7 Predictive Risk Analytics
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. IBM Corporation
2. Google
3. Hewlett Packard Enterprise Company
4. Heath Fidelity
5. 3M
6. Apixio
7. Nuance Communications, Inc.
8. Linguamatics
9. Microsoft Corporation
10. Dolbey Systems, Inc.
11. Mmodal IP PLC
12. Clinithink Inc.
13. Cerner Corporation
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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