Natural Language Processing (NLP) in Healthcare and Life Sciences Market, by Component Type ((Technology (Interactive Voice Response, Pattern and Image Recognition, Text Analytics, and Speech Analytics) and Services)), by Application (Predictive Risk Analytics, Machine Translation, Information Extraction, and Report Generation), by Deployment Mode (On-premise and Cloud), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018 - 2026

  • Published On : Jul 2019 |
  • Pages : 176 Pages |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

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

Integrating Natural Language Processing (NLP) platform helps both customer as well as service provider to easy the workflow. Voice assistants and messaging platforms used by consumers help in reducing time required for different services as patient documentation. NLP is the ability of a computer program to understand human languages and promotes human-machine interaction. Increasing adoption of digital technology in the healthcare industry and customer demand for better healthcare services is expected to drive growth of the market.

The global natural language processing (NLP) in healthcare and life sciences market size was valued at US$ 1,497.89 million in 2018, and is expected to witness a CAGR of 26.8% over the forecast period (2019 – 2026).

Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market Share (%) Analysis, By Product Type, 2018 and 2026

      

Source: Coherent Market Insights Analysis (2019)

Increasing data operations and use of smart devices is expected to drive growth of the Natural Language Processing (NLP) in healthcare and life sciences market

Healthcare and life sciences industry generates large amount of data, which is driven by compliance & regulatory requirements, record keeping, and patient care. Growing trend of digitization and data driven solutions to improve healthcare delivery system is driving growth of the market. Therefore, increasing data-driven operations and decision-making is a major factor driving growth of the market. For instance, in May 2018, Google AI collaborated with University of California, San Francisco, Stanford Medicine, and The University of Chicago Medical Center to integrate Machine Learning in Electronic Health Records (EHR) in order to achieve scalable and accurate results and develop a data processing pipeline for transforming EHR files into a standardized format.

Furthermore, several physicians prefer voice notes instead of handwritten or typed ones. Therefore, NLP platform can be used to easily interpret speech and update records accurately.

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

NLP implementation is a major challenge in the healthcare and life sciences sector, which is expected to hamper the market growth over the forecast period. There are many countries in the world where healthcare facilities have a very little access for the general population along with lack of healthcare expenditure expected to hamper the NLP in healthcare and life sciences market. For instance, according to April 2017 World Health Organization’s (WHO) report, the ranking data reveals Malawi’s health system as number 185 out of 190 due to lack of manpower, lack of skills and scarcity of appropriate equipment and technology.

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

On the basis of region, the global Natural Language Processing (NLP) in healthcare and life sciences market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the global Natural Language Processing (NLP) in healthcare and life sciences market during the forecast period, owing to increasing demand for NLP platforms for data extraction and generation in clinical research in the healthcare and life sciences sector. For instance, in March 2017, Optra Systems announced the launch of its computational platform iMaven Knowledge Automation for clinical genomics using proprietary advanced NLP algorithms and Deep Machine Learning during the ACMG Clinical Genetics Annual Meeting in Arizona, U.S.

Europe is expected to witness rapid growth in the Natural Language Processing (NLP) in healthcare and life sciences market. This is owing to increasing adoption of AI tools by healthcare providers in the region. For instance, according to Healthcare Information and Management Systems Society (HIMSS) Europe report of May 2018, around 16% of the healthcare facilities in Europe are use AI tools and it is expected to reach 21% by 2023.

Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2026

   

 Source: Coherent Market Insights Analysis (2019)

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

Key players operating in the global Natural Language Processing (NLP) in healthcare and life sciences market include, 3M, Cerner Corporation, IBM Corporation, Microsoft Corporation, Heath Fidelity, Linguamatics, Dolbey Systems Inc., and Apixio Inc.

Adoption of Natural Language Processing (NLP) is increasing in the specific areas of healthcare sector, which include risk management, clinical documentation, and electronic health records. Apart from these applications, healthcare and life sciences include several applications, where companies need to focus and develop solutions using NLP. Increasing medical research, pharmaceutical drug development, and healthcare needs are creating various opportunities for NLP technology implementation. The life science and diagnostics research field includes computational phenotyping and Machine Translation. The unstructured data of clinicians with the complexities of phenotyping patients for analysis is major field in which companies have scope to develop and offer solutions based on NLP.

Market Dynamics

The NLP in healthcare and life sciences market is expected to witness significant growth during the forecast period, owing to increasing adoption of Artificial Intelligence (AI) in the healthcare and life sciences industry. The use of NLP platform in the industry is primarily attributed to the need to generate valuable insights from unstructured clinical data. The healthcare industry is focused on better customer experience, cost reduction through use of NLP in information extraction, and unstructured data conversion and summarization. Furthermore, NLP also helps for efficient billing by extracting relevant information from unstructured physician notes and appropriately assigns medical codes to facilitate billing process.

However, increasing cybercrime is one of the major restraining factor for NLP in healthcare and life sciences market growth. To overcome this several governments are focused on introducing new laws. For instance, in May 2018, India’s health ministry introduced a law for security purpose in the healthcare sector. This law gives individuals complete ownership of their health data. Individuals have the absolute right to refuse or allow data to be generated, collected, accessed, transmitted or used. Data collecting organizations such as hospitals are prohibited from refusing treatment to those individual that do not want their data to be collected or used.

Key features of the study:

  • This report provides in-depth analysis of the natural language processing in healthcare and life sciences market, market size (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the forecast period: 2018 – 2026, considering 2017 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new component launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global natural language processing in healthcare and life sciences market based on the following parameters – company overview, financial performance, component portfolio, geographical presence, distribution strategies, key developments, and strategies
  • Key players covered as a part of this study include, 3M, Cerner Corporation, IBM Corporation, Microsoft Corporation, Heath Fidelity, Linguamatics, Dolbey Systems Inc., and Apixio Inc.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision with respect to their future component launch, governmental initiatives, technological up-gradation, market expansion, and marketing tactics
  • The global natural language processing in healthcare and life sciences market report caters to various stakeholders in this industry, including investors, component manufacturers, distributors, and suppliers for natural language processing in healthcare and life sciences market, research and consulting firms, new entrants, and financial analysts

 

Detailed Segmentation:

  • Global Natural Language Processing in Healthcare and Life Sciences Market, By Component Type:
    • Technology
      • Interactive Voice Response
      • Pattern and Image Recognition
      • Text Analytics
      • Speech Analytics
    • Services
  • Global Natural Language Processing in Healthcare and Life Sciences Market, By Application:
    • Predictive Risk Analytics
    • Machine Translation
    • Information Extraction
    • Report Generation
  • Global Natural Language Processing in Healthcare and Life Sciences Market, By Deployment Mode:
    • On-premise
    • Cloud
  • Global Natural Language Processing in Healthcare and Life Sciences Market, By Region:
    • North America
      • By Country:
        • U.S.
        • Canada
      • By Component Type:
        • Technology
          • Interactive Voice Response
          • Pattern and Image Recognition
          • Text Analytics
          • Speech Analytics
        • Services         
      • By Application:
        • Predictive Risk Analytics
        • Machine Translation
        • Information Extraction
        • Report Generation
      • By Deployment Mode:
        • On-premise
        • Cloud
    • Europe
      • By Country:
        • U.K.
        • Germany
        • Italy
        • Spain
        • France
        • Russia
        • Rest of Europe
      • By Component Type:
        • Technology
          • Interactive Voice Response
          • Pattern and Image Recognition
          • Text Analytics
          • Speech Analytics
        • Services         
      • By Application:
        • Predictive Risk Analytics
        • Machine Translation
        • Information Extraction
        • Report Generation
      • By Deployment Mode:
        • On-premise
        • Cloud
    • Asia Pacific
      • By Country:
        • Australia
        • India
        • China
        • Japan
        • ASEAN
        • South Korea
        • Rest of Asia Pacific
      • By Component Type:
        • Technology
          • Interactive Voice Response
          • Pattern and Image Recognition
          • Text Analytics
          • Speech Analytics
        • Services         
      • By Application:
        • Predictive Risk Analytics
        • Machine Translation
        • Information Extraction
        • Report Generation
      • By Deployment Mode:
        • On-premise
        • Cloud
    • Latin America
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
      • By Component Type:
        • Technology
          • Interactive Voice Response
          • Pattern and Image Recognition
          • Text Analytics
          • Speech Analytics
        • Services         
      • By Application:
        • Predictive Risk Analytics
        • Machine Translation
        • Information Extraction
        • Report Generation
      • By Deployment Mode:
        • On-premise
        • Cloud
    • Middle East
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
      • By Component Type:
        • Technology
          • Interactive Voice Response
          • Pattern and Image Recognition
          • Text Analytics
          • Speech Analytics
        • Services         
      • By Application:
        • Predictive Risk Analytics
        • Machine Translation
        • Information Extraction
        • Report Generation
      • By Deployment Mode:
        • On-premise
        • Cloud
    • Africa
      • By Country/Region:
        • South Africa
        • Central Africa
        • North Africa
      • By Component Type:
        • Technology
          • Interactive Voice Response
          • Pattern and Image Recognition
          • Text Analytics
          • Speech Analytics
        • Services         
      • By Application:
        • Predictive Risk Analytics
        • Machine Translation
        • Information Extraction
        • Report Generation
      • By Deployment Mode:
        • On-premise
        • Cloud
  • Company Profiles
    • 3M*
      • Company Overview
      • Component Portfolio
      • Financial Performance
      • Recent Highlights
      • Strategies
  • Cerner Corporation
  • IBM Corporation
  • Microsoft Corporation
  • Heath Fidelity
  • Linguamatics
  • Dolbey Systems, Inc.
  • Apixio Inc.

 “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Overview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Component Type
      • Market Snippet, By Application
      • Market Snippet, By Deployment Mode
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Industry Trends
    • Transformation to e-Health
    • PEST Analysis
  4. Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market, By Component Type, 2018 – 2026, (US$ Million)
    • Introduction
      • Market Share Analysis, 2018 and 2026 (%)
      • Y-o-Y Growth Analysis, 2017 – 2026
      • Segment Trends
    • Technology
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
        • Interactive Voice Response
        • Pattern and Image Recognition
        • Text Analytics
        • Speech Analytics
    • Services
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
  5. Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market, By Application, 2018 – 2026, (US$ Million)
    • Introduction
      • Market Share Analysis, 2018 and 2026 (%)
      • Y-o-Y Growth Analysis, 2017 – 2026
      • Segment Trends
    • Predictive Risk Analytics
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
    • Machine Translation
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
    • Information Extraction
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
    • Report Generation
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
  6. Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market, By Deployment Mode, 2018 – 2026, (US$ Million)
    • Introduction
      • Market Share Analysis, 2018 and 2026 (%)
      • Y-o-Y Growth Analysis, 2017 – 2026
      • Segment Trends
    • On-premise
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
    • Cloud
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2018 – 2026, (US$ Million)
  7. Global Natural Language Processing (NLP) in Healthcare and Life Sciences Market, By Region, 2018 – 2026, (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2018 and 2026 (%)
      • Y-o-Y Growth Analysis, By Region, 2017 – 2026
    • Regional Trends
      • North America
        • Market Size and Forecast, By Component Type, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Country, 2018 – 2026, (US$ Million)
          • U.S.
          • Canada
      • Europe
        • Market Size and Forecast, By Component Type, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Country, 2018 – 2026, (US$ Million)
          • U.K.
          • Germany
          • Italy
          • France
          • Spain
          • Russia
          • Rest of Europe
      • Asia Pacific
        • Market Size and Forecast, By Component Type, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Country, 2018 – 2026, (US$ Million)
          • China
          • Japan
          • India
          • ASEAN
          • Australia
          • South Korea
          • Rest of Asia Pacific
      • Latin America
        • Market Size and Forecast, By Component Type, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Country, 2018 – 2026, (US$ Million)
          • Brazil
          • Mexico
          • Argentina
          • Rest of Latin America
      • Africa
        • Market Size and Forecast, By Component Type, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Country/Region, 2018 – 2026, (US$ Million)
          • North Africa
          • Central Africa
          • South Africa
      • Middle East
        • Market Size and Forecast, By Product Type, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Application, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Deployment Mode, 2018 – 2026, (US$ Million)
        • Market Size and Forecast, By Country, 2018 – 2026, (US$ Million)
          • GCC Countries
          • Israel
          • Rest of Middle East
  8. Competitive Landscape
    • Company Profiles
      • 3M
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Highlights
        • Strategies
      • Cerner Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Highlights
        • Strategies
      • IBM Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Highlights
        • Strategies
      • Microsoft Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Highlights
        • Strategies
      • Heath Fidelity
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Highlights
        • Strategies
      • Linguamatics
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Highlights
        • Strategies
      • Dolbey Systems, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Highlights
        • Strategies
      • Apixio Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Highlights
        • Strategies
    • Analyst Views
  9. Section
  •  
    • References
    • Research Methodology
    • About Us and Sales Contact

*Browse 34 market data tables and 34 figures on "Natural Language Processing (NLP) in Healthcare and Life Sciences Market” - Global forecast to 2026”

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Smiley face

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Smiley face

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

Choose License Type

"How Can I Help You" ?

Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.

[email protected]

Key Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.