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The Global Natural Language Processing (NLP) In Healthcare And Life Sciences Market, by Component Type (Technology (Interactive Voice Response, Optical Character Recognition, Pattern and Image Recognition, Auto Coding, Text Analytics, Speech Analytics) and Services), by Application (Drug Discovery, EHRs, Clinical Trial Analytics, Adverse Event Reporting, and Others), by Deployment Mode (On-premise and Cloud), and by Region (North America, Europe, Asia Pacific, Middle East, Africa, and Latin America), was valued at US$ 3,071.9 Million in 2021 and is projected to exhibit a CAGR of 27.4% during the forecast period (2021-2028).

Compliance and regulatory needs, record keeping, and patient care drive the production of vast amount of data in the healthcare and life sciences industries. The growing trend of digitization and data driven solutions to improve healthcare delivery system is driving the growth of this market. Major organizations are focused on implementing big data analytics, which provides insight from large data sets and also reduce costs. The data of medical research and disease population are used to predict and prevent various diseases. For instance, in 2018, eClinicalWorks, a technology driven company, announced the launch of new cloud-based services for acute care EHR settings and revenue cycle management in the healthcare industry. This platform is intended to produce a structured or unified Electronic Health Record with a wide range of functions, including Claiming Partner of Record (CPOR) data, infection control, and referral management.

Global Natural Language Processing (NLP) In Healthcare and Life Sciences Market– Impact of Coronavirus (COVID-19) Pandemic

COVID-19 pandemic has affected various industries globally. The players operating in the global natural language processing (NLP) in healthcare and life sciences market are facing major challenges on various fronts due to the COVID-19 pandemic. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, the number of COVID-19 cases reported globally, as of August 18, 2021, are approximately 209,201,939 confirmed cases with 4,390,467 deaths.

Moreover, various key players in the market are focusing on strategic partnerships with the governments of countries to provide valuable information on the ongoing COVID-19 pandemic. For instance, in 2020, Accenture, a technology solution provider company, and Microsoft, a technological company, announced the partnership with India’s Digital India Corporation (MyGov) sponsored by Government of India. With the support of the Microsoft Azure natural language platform, the firms developed the ‘MyGov Saathi’, which can manage up to 300,000 users per day and 20,000 concurrent users per minute. The MyGov Saathi program has been upgraded to include all of the most recent data about COVID-19, including patients with the disease, treatments for COVID-19, and others.

Browse 35 Market Data Tables and 37 Figures spread through 253 Pages and in-depth TOC on “Global Natural Language Processing (NLP) In Healthcare And Life Sciences Market - by Component Type (Technology (Interactive Voice Response, Optical Character Recognition, Pattern and Image Recognition, Auto Coding, Text Analytics, Speech Analytics) and Services), by Application (Drug Discovery, EHRs, Clinical Trial Analytics, Adverse Event Reporting, and Others), by Deployment Mode (On-premise and Cloud), and by Region (North America, Europe, Asia Pacific, Middle East, Africa, and Latin America) - Forecast to 2028”

To know the latest trends and insights prevalent in the Global Natural Language Processing (NLP) In Healthcare And Life Sciences Market, click the link below:

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

The key players operating in the market are focusing on increasing data driven operations and improve decision making abilities in physicians due to NLP to drive the growth of the market. For instance, in May 2018, Google AI collaborated with the University of California, San Francisco, Stanford Medicine, and The University of Chicago Medicine to incorporate machine learning in Electronic Health Records (EHR) to achieve configurable and accurate results, as well as develop a data processing pipeline for converting EHR files into a standardized format.

Key Takeaways of the Global 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 exhibit a CAGR of 27.4% during the forecast period, owing to the launch of new healthcare technologies by research organizations and corporations, as NLP technology makers have potential to give solutions to AI-based solution users. For instance, in October 2017, China's National Clinical Research Center for Cancer (NCRCC) signed an agreement with the Chinese Academy of Sciences' Institute of Computing Technology to apply artificial intelligence in medical imaging.
  • Among component type, technology segment is expected to lead the natural language processing (NLP) in healthcare and life sciences market. Technologies used in natural language processing (NLP) have high potential to enhance the market growth over the forecast period. For instance, the NLP technology from Mckiney is used to organize unstructured data, categorize diagnosis codes in the ICD-10 (International Classification of Diseases), and lastly aggregate the data. It reduces the amount of time needed to synthesize clinical guidelines by 60%.
  • Among application, EHRs segment is estimated to account for 29.5% market share in 2021, owing to innovation in natural language processing for electronic health records. For instance, in 2019, Fujitsu Laboratories, a medical technology company, announced the release of new (artificial intelligence) AI technology that combines NLP with Deep Learning to evaluate medical notes and extract important data from electronic health records (EHRs).
  • Major players operating in the global natural language processing (NLP) in healthcare and life sciences market are 3M, Cerner Corporation, IBM Corporation, Microsoft Corporation, Health Fidelity, Inc., IQVIA Holdings Inc., Dolbey Systems, Inc., Centene Corporation, Alphabet Inc., Amazon.com, Inc., Averbis GmbH, Clinithink, Wave Health Technologies, Inovalon, Lexalytics, Conversica Inc., SparkCognition, and Hewlett Packard Enterprise Development LP
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