Natural Language Processing (NLP) in Healthcare and Life Sciences Market

Many Players Adopted the Strategy of Mergers, Acquisitions, and Partnerships to Increase Their Geographic Presence in Natural Language Processing Market in Healthcare and Life Science Market

Natural Language Processing (NLP) refers to the branch of artificial intelligence which deals with analyzing, understanding, and stimulating the languages that humans use naturally to interface with computers and other communication devices in both written and spoken contexts using natural human languages instead of machine languages. MarketsandMarkets forecasts the market size to grow from USD 1.03 Billion in 2016 to USD 2.65 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 20.8%. The evolving customer needs and massive surge in clinical data are the factors driving the natural language processing market significantly.

The prominent players in this market are 3M (Minnesota, U.S.), Cerner Corporation (Missouri, U.S.), Dolbey Systems (Ohio, U.S.), Inc., IBM Corporation (New York, U.S.), Microsoft Corporation (Washington, U.S.), M*Modal (Tennessee, U.S.), Nuance Communications, Inc. (Massachusetts, U.S.), Health Fidelity (California, U.S.), Linguamatics (Cambridge, U.K.), and Apixio (San Mateo, U.S.).  Players in this market have adopted numerous approaches to expand their global presence and achieve growth in the NLP in healthcare and life science market.

Many players adopted the strategy of mergers, acquisitions, and partnerships to increase their geographic presence and expand their product portfolio to untapped markets. For Instance, in 2016, 3M acquired Semfinder, a medical coding solution provider. This acquisition was done to boost up 3M offerings for healthcare and life science industry. In June 2016, IBM Watson Health partnered with American Diabetes Association to serve the healthcare industry by leveraging its IBM Watson’s computing technology.

3M was founded in 1902 and headquartered in Minnesota, U.S. It was formerly known as Minnesota Mining and Manufacturing Company. It is a known provider of products such as adhesives, laminates, dental products, orthodontic products, abrasives, and medical appliances. It has operations throughout the globe and caters to more than 65 nations. The company has a strong presence in the healthcare industry for its NLP solutions. Apart from the U.S., the company has operations in Latin America, APAC, and EMEA. The company follows the strategy of acquisitions for evolution of its expertise in coding, reimbursement, and patient classification. It acquired various healthcare products and solutions providers and medical coding solution providers such as Treo Solutions LLC, and Ivera Medical Corporation. These acquisitions have helped the company offer business intelligence and analytics solutions to various healthcare industry players as well as to expand its product portfolio with unique technology in the NLP market.

Nuance Communications, Inc. was founded in 1992 and is headquartered in Massachusetts, U.S. The company is a known player in voice recognition, dialog management, biometric speaker identification, and natural language solutions domain. It offers solutions for speech recognition, text-to-speech, character recognition, and natural language understanding. The company has approximately 13,500 employees, and it has sales presence in more than 65 nations and operates in over 45 countries.

Nuance has deployed a robust network consisting of resellers, software & hardware vendors, value-added resellers, and system integrators to sell and market its solutions to customers. The company is a leader in voice and language solutions and also offers automated speech recognition solutions. Its clinical documentation solutions majorly focus on advanced transcription solutions. In 2016, the company launched a new suite of Dragon professional productivity solutions, leveraging on Nuance’s Deep Learning Technology, designed for PC and Mac.

Related Reports:

Natural Language Processing (NLP) in Healthcare and Life Sciences Market by Component (Technology and Services), Type (Rule-based, Statistical and Hybrid), Application, Deployment Mode (Cloud and On Premise) and Region - Global Forecast to 2021

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Report Code
TC 3660
Published ON
Oct, 2016
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