HOME › Research Insight › The explosive growth of clinical data and increase in utilization of the internet are the major factors driving the Natural Language Processing (NLP) market for healthcare and life sciences industry.
The explosive growth of clinical data and increase in utilization of the internet are the major factors driving the Natural Language Processing (NLP) market for healthcare and life sciences industry.
With increase in demand for structured data derived from unstructured clinical data, the NLP technologies are gaining traction in the healthcare and life sciences industry. Electronic Health Records (EHRs) contains huge chunks of data and if analyzed properly this database can be used to determine various medical results which would help the providers of medical solutions to take efficient decisions. Nowadays, many EHRs are getting online to provide quick and real-time access to clinical data. Hence, the increase in usage of internet is one of the major factors driving the market for NLP for healthcare and life sciences industry. Moreover, NLP technologies in healthcare and life sciences industry are proven to be efficient not only for providers but for patients, payers, and physicians as well.
There are many leading vendors that are providing NLP solutions across healthcare and life sciences vertical. Besides the huge product portfolio of NLP solution vendors, there are basically three broad types of NLP solutions, namely, rule-based NLP, statistical/machine learning NLP, and hybrid NLP. The prominent players in this market are 3M, IBM Corp, Microsoft Corp., Cerner Corp. Nuance Communication, Health Fidelity, Apixio, Dolbey Systems, Optum Inc., and Linguamatics.
The purpose of the report is to segment this market in the best possible manner, covering this market comprehensively to provide the closest approximations of the market numbers for the different sub-segments and to allow the readers to have a clear understanding of this vast market. The NLP market for healthcare and life sciences research report analyzes global adoption trends, future growth potentials, key drivers, competitive outlook, restraints, opportunities, key challenges, market ecosystem, and value chain in this market. The growing need for “personalized medicine” and the need to raise disease awareness are few of the major opportunities which the NLP vendors in healthcare and life sciences industry are finding quite lucrative.
North America and Europe are expected to be the highest revenue generating regional segments for the NLP market. In terms of Compound Annual Growth Rate (CAGR), Middle East and Africa (MEA), Latin America, and Asia-Pacific (APAC) are forecast to have high growth rates. Substantial market growth is also expected to be seen in the MEA NLP market.
NLP Health Care Market by Type (Rule-Based, Statistical, & Hybrid NLP Solutions), Region (North America, Europe, Asia-Pacific, Middle East And Africa, Latin America) - Global Forecast to 2020
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