This research study on the NLP in healthcare & life sciences market involved extensive secondary sources, directories, IEEE Communication-efficient Algorithms and Systems, International Journal of Innovation and Technology Management, and paid databases. Primary sources were mainly industry experts from the core and related industries, preferred NLP in healthcare & life sciences providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews with primary respondents, including key industry participants and subject matter experts, were conducted to obtain and verify critical qualitative and quantitative information and assess the market’s prospects.
Secondary Research
In the secondary research process, various sources were referred to identify and collect information for this study. Secondary sources included annual reports, press releases, and investor presentations of companies; white papers, journals, and certified publications; and articles from recognized authors, directories, and databases. The data was also collected from other secondary sources, such as journals, government websites, blogs, and vendors’ websites. Additionally, the NLP in healthcare & life sciences spending of various countries was extracted from the respective sources.
Primary Research
In the primary research process, various sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, such as Chief Experience Officers (CXOs), Vice Presidents (VPs), and directors specializing in business development, marketing, and NLP in healthcare & life sciences providers. It also included key executives from NLP in healthcare & life sciences solution vendors, system integrators (SIs), professional service providers, industry associations, and other key opinion leaders.
Note: Tier 1 companies’ revenues are more than USD 10 billion; tier 2 companies’ revenues range between USD
1 and 10 billion; and tier 3 companies’ revenues range between USD 500 million and USD 1 billion. Other designations include sales managers,
marketing managers, and product managers.
Source: Industry Experts
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Multiple approaches were adopted to estimate and forecast the NLP in healthcare & life sciences market. The first approach involved estimating the market size by companies’ revenue generated through the sale of NLP in healthcare & life sciences products.
Market Size Estimation Methodology: Top-down Approach
In the top-down approach, an exhaustive list of all the vendors offering products in the NLP in the healthcare & life sciences market was prepared. The revenue contribution of the market vendors was estimated through annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. Each vendor’s offerings were evaluated based on platform, degree of customization, type, application, end user, and region. The markets were triangulated through primary and secondary research. The primary procedure included extensive interviews for key insights from industry leaders, such as CIOs, CEOs, VPs, directors, and marketing executives. The market numbers were further triangulated with the existing MarketsandMarkets’ repository for validation.
Market Size Estimation Methodology: Bottom-up Approach
In the bottom-up approach, the adoption rate of NLP in healthcare & life sciences products among different verticals in key countries concerning their regions contributing the most to the market share was identified. Cross-validation revealed the adoption of NLP in healthcare and life sciences products among enterprises, along with various use cases by region. Weightage was given to use cases identified in different regions for the market size calculation.
Based on the market numbers, the regional split was determined by primary and secondary sources. The procedure included analyzing the NLP in the healthcare & life sciences market’s regional penetration. Based on secondary research, the regional spending on Information and Communications Technology (ICT), socio-economic analysis of each country, strategic vendor analysis of major NLP in healthcare & life sciences providers, and organic and inorganic business development activities of regional and global players were estimated.
NLP in Healthcare & Life Sciences Market : Top-Down and Bottom-Up Approach
Data Triangulation
After determining the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and determine the exact statistics of each market segment and subsegment, data triangulation and market breakup procedures were employed, wherever applicable. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.
Market Definition
NLP is the ability of computers to understand the latest human speech and text. It is used in current technology to support spam email privacy, personal voice assistants, and language translation applications. The adoption of NLP in healthcare & life sciences is rising due to its recognized potential to search, analyze, and interpret a mammoth amount of patient datasets. Using advanced NLP-based algorithms, healthcare & life sciences firms harness the relevant insights and concepts from the clinical data previously hidden in the text form.
Stakeholders
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NLP in healthcare & life sciences solution providers
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NLP in healthcare & life sciences service providers
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Independent software vendors (ISVs)
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NLP service providers
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Managed service providers
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Hospitals and clinics
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Government councils
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Health information exchanges
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Health information service providers (HISPs)
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Pharmaceutical companies
Report Objectives
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To define, describe, and predict the NLP in the healthcare & life sciences market by offering, deployment mode, NLP type, NLP technique, application, end user, and region
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To provide detailed information about major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing market growth
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To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
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To forecast the market size of segments for North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
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To profile key players and comprehensively analyze their market rankings and core competencies
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To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the NLP in the healthcare & life sciences market
Available Customizations
With the given market data, MarketsandMarkets offers customizations to meet the company’s specific needs. The following customization options are available for the report:
Product Analysis
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The product matrix provides a detailed comparison of each company's product portfolio.
Geographic Analysis as per Feasibility
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Further breakup of the North American NLP in healthcare & life sciences market
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Further breakup of the European NLP in healthcare & life sciences market
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Further breakup of the Asia Pacific NLP in healthcare & life sciences market
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Further breakup of the Middle East & Africa NLP in healthcare & life sciences market
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Further breakup of the Latin American NLP in healthcare & life sciences market
Company Information
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Detailed analysis and profiling of additional market players (up to five)
Kerri
Nov, 2018
Understand the application of NLP in Healthcare..
Andres
Jul, 2017
Detailed understanding of the Artificial Intelligence (Data Scientist, Machine Learning, NLP, Sentiment Analysis, Recommender Systems)..