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