Natural Language Processing (NLP) in Healthcare and Life Sciences Market to Surpass US$ 21,347 Million by 2026 - Coherent Market Insights

Published On : Jul 03, 2019

Global 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) was valued at US$ 1,497.89 million in 2018, and is projected to exhibit a CAGR of 26.8% over the forecast period (2018 - 2026) as highlighted in a new report published by Coherent Market Insights.

Major factors contributing to growth of the natural language processing in healthcare and life sciences market is increasing demand focus on improving customer services in the healthcare and life sciences sector. Major companies are also focused on adopting acquisition strategies, which is contributing to growth of the natural language processing in healthcare and life sciences market. For instance, in February 2019, 3M acquired M*Modal company. This acquisition was focused on expanding the capabilities of 3M’s Health Information Systems business. The total investment in this acquisition was around US$ 1.0 billion. Furthermore, in February 2015, Cerner acquired the Health Services business from Siemens AG, which offered a portfolio of enterprise level clinical and financial healthcare information technology solutions as well as departmental, connectivity, population health, and care coordination solutions worldwide.

Major organizations are focused on implementing Big Data Analytics, which provides insight from large data sets and improvise outcomes while reducing costs. The data of medical research and disease population is used to predict and prevent various diseases. For instance, eClinicalWorks is expected to launch its electronic health record (EHR), which is expected to be available in February 2019. It will include different panels for pop Health (an open source reference implementation software tool to automate population health reporting), telemedicine, voice interactions, and machine learning-based clinical decision support.

Browse 34 Market Data Tables and 34 Figures spread through 176 Pages and in-depth TOC on "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) - Global Forecast to 2026"

To know the latest trends and insights related to Natural Language Processing (NLP) in Healthcare and Life Sciences market, click the link below:

https://www.coherentmarketinsights.com/market-insight/natural-language-processing-nlp-in-healthcare-and-life-sciences-market-2798

Increasing customer awareness about connected health has made great impact on adoption of smart devices. Increasing adoption of smart devices for healthcare and clinical data management is a key factor driving growth of the natural language processing in healthcare and life sciences market. As technology enabled care involve m-health, digital health, and e-health services which increases the productivity, information access and communication. Increasing usage of mobile and connected health devices has made implementation of NLP platform in healthcare systems easy.

Key Takeaways of the Natural Language Processing (NLP) in Healthcare and Life Sciences Market:

  • The global Natural Language Processing (NLP) in healthcare and life sciences market is expected to witness a CAGR of 26.8% during the forecast period (2018–2026)
  • The market is expected to witness significant growth, owing increasing focus on improving customer services in the healthcare and life sciences sector
  • Among component type, the technology segment is expected to account for major revenue share in 2026, owing to increasing collection of unstructured data, which needs to be structured for data extraction with the help of NLP. For instance, according to a study published by Manchester Institute of Biotechnology in 2016, only 15% clinical data is structured and organized and remaining 85% is unstructured or semi-structured information.
  •  Major 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.

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