Summary

Global NLP in Healthcare and Life Sciences Market is valued approximately at USD 1.5 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 19% over the forecast period 2021-2027. Natural language processing for health and life sciences is an area that provides computers the capacity to interpret human speech, artificial intelligence, and computer linguistics as they communicate. It enables a range of semi-structured and unstructured textual documents to be created, managed and used for clinical and medical research. NLP applications for healthcare and life sciences cover huge data processing, using advanced IT technology, automated voice recognition, machine translation and dialogue systems. The market is driven by rising demand of predictive analytics technology and growing demand for improving EHR data usability. For instance, as per Statista, the predictive analytics technology market was over USD 6 billion in total revenue. Furthermore, by 2022, the annual revenues of the market are anticipated to reach about $11 billion as more and more organizations utilize predictive analysis techniques for everything from fraud detection to medical diagnostics. Also, increasing private players initiatives in the NLP in healthcare and life sciences boost the market growth in the forecasting years. For instance, Google collaborated with HCA Healthcare in May 2021, establishing a new data analysis platform which will utilize data from 32 million monthly conference with patients within the health system. However, specific medical sub-languages and poor input data quality may impede market growth over the forecast period of 2021-2027.

Geographically, North America is dominating the market owing to rapid developments in IT infrastructure across healthcare sectors, favorable approach of government laws, start-up financing, a well-established player presence and the willingness from companies to deploy solutions based on ML and NLP, the area has seen ideal conditions for the NLP growth in healthcare and life sciences.

Major market player included in this report are:
Wave Health Technologies
Caption Health
Oncora Medical
ForeSee Medical
CloudMedx
Google Inc.
Gnani.ai
IBM
IQVIA Company
Press Ganey


The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:
Solution
Services
By Deployment mode:
Cloud
On-premises
By Organization size:
Large enterprises
Small and medium-sized enterprises
By NLP type:
Rule-based
Statistical
Hybrid
By Application:
IVR
Pattern and Image Recognition
Summarization and Categorization
Text and Speech Analytics
Predictive Risk Analytics
Reporting and Visualization
Other Applications
By End use:
NLP for Physician
NLP for Patients
NLP for Researchers
NLP for Clinical Operators
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.

Target Audience of the Global NLP in Healthcare and Life Sciences Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors